Blockchain ecosystem builder WEMIX unveiled WEMIX Knvas, its Ethereum Layer 2 with EVM-equivalent Zero Knowledge (ZK) rollups and its official teaser website and logo. The unveiling took place today at the ETHDubai 2023 event in Dubai, UAE. WEMIX CEO Taekyu Park and CTO Dongjoo Lee of Wemade subsidiary Lightscale introduced the new website during a presentation on WEMIX Kanvas.
The WEMIX Kanvas teaser website describes the project in detail, from its guiding principles and technologies to its strategy and ideology. As the number of users on Ethereum grows, the gas price rises because there is a constraint on the total number of transactions it can process. This is one of the major drawbacks of the otherwise popular Ethereum ecosystem.
Justification and need for WEMIX Kanvas
Limitations in scalability and rapidly increasing cost of processing transactions are two of the biggest obstacles to blockchain tech’s mainstream adoption. In an effort to make the Ethereum mainnet ecosystem accessible to a wider audience, WEMIX Kanvas intends to minimise the cost of transaction without compromising on the platform’s commitment to fast transactions, strong security or decentralised governance.
When compared to using the Ethereum mainnet directly, the transaction costs for using WEMIX Kanvas are much lower. This is because they are compressed and rolled up outside the Ethereum mainnet. WEMIX Kanvas is a hybrid system that uses a two-stage process, transitioning from an optimistic rollup with ZK fault proof in phase 1 to an equivalent ZK rollup in phase 2.
By the end of March, WEMIX plans to release WEMIX Kanvas Optimistic Rollup alongside ZK Fault Proof Testnet. The Mainnet is scheduled to launch in the third quarter of 2023, followed by the ZK Rollup Testnet in the fourth quarter of the year. The ZK Rollup Mainnet launch will take place in the first quarter of 2024 and the EVM-equivalent ZK Rollup Mainnet in Q4 of 2023.