The Taiko project for Ethereum has started its last test, called Katla. The main network is planned to start by the end of the first quarter of 2024.
Katla is a new testnet created by Taiko developers. It has a new rollup design called the multi-proof contestable rollup. This includes parts of optimistic and ZK-rollups. It will help decentralized apps that need to process a lot of transactions quickly and cheaply.
Taiko is like Ethereum, but it uses a different technology called ZK-EVM. It works the same way as the Ethereum mainnet.
We are happy to tell everyone about the new testnet we have created. It will make the Ethereum network faster and more secure. Taiko is the first Layer 2 to try out new ways to prove things in a public test network,” said Daniel Wang, CEO of Taiko Labs.
Taiko says it uses Ethereum validators to put transactions and blocks in order, which makes it more secure and harder for someone to stop. This is different from Layer 2 rollups that use centralized sequencers.
Taiko Labs, the group working on the Layer 2 network, got $22 million in funding from two rounds of investment. The first round of funding was $10 million from Sequoia China in 2022, and the second was a $12 million from Generative Ventures in 2023.
Other people who also invested money in the two rounds were IOSG Ventures, GSR, GGV Capital, and some other individuals like POAP founder Patricio Worthalter, Tim Beiko from the Ethereum Foundation, and Ethereum educator and investor Anthony Sassano.