BitDAO launches $200M zkDAO to advance Ethereum scaling via zkSync

On Thursday, a proposal to fund decentralized autonomous group zkDAO handed by way of treasury protocol BitDAO with near 200 million votes forged. The proposal was authored by Matter Labs — the group behind Ethereum scaling protocol zkSync — and Mirana Ventures.

Using zk-Rollups, zkSync and its household of applied sciences will construct layer-2 infrastructure able to returning succinct proofs to the Ethereum community with out sending your complete information. The outcome, if applied, would imply a vastly speedier community. Zero-knowledge-based options have attracted a lot consideration in latest months resulting from recurrently excessive ranges of congestion on Ethereum, in addition to exuberant gasoline charges. For instance, Polygon is committing $1 billion to zero-knowledge tech corporations and protocols. Other than scaling, zero-knowledge proofs will also be used to obscure transactions and improve particular person privateness, akin to by way of the Panther protocol.

As for BitDAO, it’s presently one of many largest decentralized treasuries, with a steadiness of over $2.5 billion. In November 2021, the entity allotted $500 million to a decentralized blockchain gaming proposal. Jonathan Allen, head of Mirana Ventures and a BitDAO contributor, gave the next remarks relating to the event:

“This proposal is not going to solely profit the collective Ethereum scaling effort however will present super worth to the BitDAO ecosystem, which continues to behave as a number one drive throughout industries because it creates totally new purpose-built DAOs that additionally must scale successfully on-chain.”