- After significant development that began in 2022 and involved seven testnets, Taiko was released on the mainnet.
- The first block on Taiko’s mainnet was proposed by Ethereum co-founder Vitalik Buterin.
Ethereum-driven rollup After seven testnet iterations and development beginning in 2022, Taiko has now made its mainnet debut.
On Taiko’s mainnet, Ethereum co-founder Vitalik Buterin proposed the first block, which included metadata with the names of all Taiko core contributors.
Taiko is a based rollup, which means it leverages the security and liveness assurances provided by the underlying layer and sequences transactions using Ethereum block validators.
The Ethereum contracts for Taiko’s rollup protocol are first managed by a multisig configuration. The protocol initially requires SGX proofs as part of its long-term scaling and security strategy, with a plan to move to needing 50% of blocks to apply ZK proofs.
Daniel Wang, the CEO and co-founder of Taiko, expressed his excitement at the official debut of the platform on the Ethereum mainnet. After much development, we are ecstatic to present what we think is the best secure technology to grow Ethereum.
Taiko also features a multi-proof proving mechanism and a type-1 zero-knowledge virtual machine that is intended to mimic the Ethereum architecture. By enabling the submission and contestation of several kinds of proofs, this method improves security.
The Taiko token is expected to launch a few weeks after the mainnet. Taiko also plans to introduce Trailblazers, a point incentive program that would compensate users for completing tasks and interacting with the network, in an effort to better involve its community.
Prior to the mainnet debut, the project recently announced an airdrop for its community members. It plans to offer a “genesis airdrop,” in which 5% of its 1 billion token supply will be distributed.
Later in the year, Taiko intends to introduce a DAO in order to gradually hand over protocol control to its community. The community will gain full control through a stepwise strategy that gradually removes the “training wheels” over time.
Stability of the network
For the first two weeks following launch, Taiko will oversee block proposing and proving in order to maintain network stability. Users will be able to participate in node operating, block proposing, and proving when these processes eventually become decentralized and permissionless.
After the network has stabilized, anyone will be able to propose and prove blocks without requiring authorization. The team announced that the general public can now access node running, which Taiko highlighted as being equally important as proposing and demonstrating.
Taiko has always placed security first, according to Wang. There will be turbulence, as with any new software rollout, particularly one involving a blockchain. Because of this, we want to wait until the network is stable before opening the gates to everyone. That’s advantageous to everyone.
Taiko was founded in 2022 and has raised $37 million in two rounds of funding so far.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
