QUICK TAKE:
- Taiko Labs has launched its
mainnet this morning.
- Ethereum's co-founder Vitalik Buterin proposed the very first block in
an Ethereum transaction.
- Vitalik expressed his excitement and anticipation for Taiko's
mainnet launch, praising it as the first based rollup and
emphasizing its innovative approach that benefits
Ethereum by exploring new possibilities for scaling
and decentralization.
- Taiko is introducing the Trailblazer incentive program with 10%
TKO total supply as participation incentives over the coming
years.
- Since its inception in 2022, Taiko has secured $37M in funding and developed the Based
Contestable Rollup (BCR), which minimizes costs, strengthens
decentralization and enhances security through a multi-proof
system.
- Taiko now has the largest Discord community in the blockchain
space.
NEW
YORK and LONDON and
SINGAPORE, May 27, 2024
/PRNewswire/ -- Taiko, a based rollup protocol designed to scale
Ethereum natively, is now live on mainnet. This
milestone was marked by Ethereum co-founder
Vitalik Buterin proposing the first
block, embedded with the names of all Taiko core contributors.
Quote from Ethereum's co-founder Vitalik Buterin:
Vitalik expressed his excitement and anticipation for Taiko's
mainnet launch with this quote:
"I'm excited to see that Taiko is launching as a based
rollup. Ethereum benefits from L2s taking a plurality
of different approaches, and I appreciate them being among the
first to go in this direction."
Taiko's launch on the Ethereum mainnet signifies a
significant advancement in blockchain scalability. By leveraging
the based rollup design, Ethereum block validators
sequence transactions and blocks for Taiko, ensuring robust
security and liveness guarantees from the base layer.
Quote from Ethereum Foundation's researcher
Justin Drake:
Justin also praised Taiko's mainnet launch, highlighting its
innovative solution to the centralized sequencing problem. He
said:
"Taiko is based. It is making a leap forward in the
decentralization, credible neutrality, and composability of
rollups. The L2 is trailblazing based sequencing, a form of
decentralized sequencing where L1 proposers are
enrolled for L2 transaction ordering.
Based sequencing is IMO the ultimate form of
decentralized sequencing. By reusing the
Ethereum base layer, based sequencing is the simplest
to deploy and the simplest to reason about.
Based sequencing also means credibly neutral shared
sequencing. This is key to synchronous composability across rollups
and ultimately key to fixing Ethereum
fragmentation."
Quote from Taiko Labs'
co-founder Daniel Wang:
After years of development, Daniel
Wang shares what the launch of the network means to him,
saying:
"We're thrilled to bring Taiko to the Ethereum
mainnet. After more than two years of extensive development and
testing, we are confident that Taiko offers a different rollup
design, a securer and more efficient [Ethereum]
scaling solution."
Trailblazers
To celebrate this momentous launch, and to thank the growing
community of over 1 million users, participants will be rewarded
for their engagement within the Taiko network and ecosystem. This
campaign is aptly named Trailblazers and will distribute
100M TKO tokens (10% of the total
supply). The campaign will be divided into seasons continually
allowing newcomers and long-term supporters alike to get a slice of
the large token allocation. More details on the campaign will be
released in the coming days.
Path to Decentralization
Since its inception in 2022, Taiko has secured $37M in funding and developed the Based
Contestable Rollup (BCR), which minimizes costs, strengthens
decentralization and enhances security through a multi-proof
system.
Taiko's development journey included seven testnets, each
offering permissionless interaction. Initially, Taiko will act as
the sole block proposer and prover for the first two weeks
post-launch to ensure network stability. This phased approach
prioritizes security and a smooth user experience.
After the network stabilizes, both proposing and proving blocks
will become permissionless. Node running, an activity as important
as proposing and proving, is already accessible to everyone.
"At this point, security and a smooth rollout is our top
priority," Daniel Wang emphasized.
"By stabilizing the network first, we ensure a reliable foundation
before opening it up to broader participation."
The Taiko token (TKO) is needed for block proving as bonds,
which means the token contract was deployed with the mainnet
launch, however, the token will not begin to circulate outside the
core nodes until the network has been deemed stable, which is
estimated within a couple of weeks.
Taiko will be in the "training wheel mode" for a couple of
years. Over this period, transferring ownership to a DAO and
revoking all privileges from Taiko
Labs and the core developers will be our primary goal.
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SOURCE Taiko