A Green Solution to Ethereum’s Problems – An Australian Start-up Is Changing the Blockchain Mining Game
09 September 2021 - 8:42AM
NEWSBTC
In March of 2021, Elon Musk wiped out $300 billion in Bitcoin’s
value with a single tweet. In short, his message was that for
environmental reasons, Tesla will no longer accept bitcoin as
payment. He went further than just a tweet, and in May, Tesla
announced it would no longer accept Bitcoin as payment. Elon is not
alone, as many have expressed concerns over the amount of energy
required to mine Bitcoin and several other leading
cryptocurrencies, such as Ethereum, which facilitates 4,000+ DApps
on its platform. However, Australian start-up zkTube Labs is here
to change the impact mining has on the environment and, in the
process, solve some of Ethereum’s congestion and high gas fee
problems without compromising security. Melbourne-based zkTube is
ready for its official Mainnet launch on September 10th, and for
the crypto mining and overall Blockchain community, their solutions
cannot come fast enough. The initial concept for the zkTube
Protocol prototype originated in 2018 when Ethereum founder Vitalik
Buterin proposed a mining solution for anti-ASIC
(Application-Specific Integrated Circuit). At the time, Lance
Zhang, founder of zkTube, had participated in the “Ethereum
Scalability and New Ideas Exploration of POS Mining” and came up
with the innovative concept of a Layer 2 solution for crypto
mining. However, it wasn’t until October 2020 that Zhang and the
founding team officially started searching for solutions to
Ethereum’s growing congestion and escalating gas fees. Aside from
the obvious negative effects of these delays and costs there was an
additional, and arguably, more important problem: the impact that
mining for Ethereum is having on the environment. This last issue
is not negligible as studies, such as the one published by the
University of Cambridge in February of 2021, have indicated that
mining from cryptocurrencies burns the equivalent electricity
needed to power countries the size of Argentina and Norway. For the
zkTube Labs team, it was clear that there had to be a better way to
mine for cryptocurrencies. The result is their Layer 2
Zero-Knowledge platform and accompanying wallet, PayTube. In the
words of Daniel Puzny, zkTube’s CEO, “zkTube is a world-first Layer
2 mining protocol that adopts Zero-Knowledge proof, which enhances
scalability and transaction throughput, lowers gas fees, and
improves privacy for Ethereum, all whilst significantly reducing
energy consumption”. While the technology and backend of zkTube
might be complicated, the end result is not: zkTube has created a
platform that allows users to mine for cryptocurrencies, or perform
any of the typical blockchain transactions, for a fraction of the
price and at much higher speeds. In fact, zkTube is over 200 times
faster than Ethereum. Additionally, the Zero-knowledge technology
allows one party (the prover) to confirm to another (the verifier)
that something exists or is correct, like a password or an amount,
without having to reveal what that something is. The essence of
Zero-Knowledge proofs is that it is trivial to prove that one
possesses knowledge of certain information by simply revealing it.
Given this technological breakthrough, it is no surprise that
zkTube has had no shortage of interest from investors. In April
2021, the project raised $1.1 million in its seed round. Just two
months later, in June, the zkTube team raised an additional $4
million, and in August, another $2 million. Well funded and with
their technology optimized, zkTube Mainnet is ready for launch on
September 10th, 2021. “Aside from zkTube’s low-cost, low
environmental impact, and high-speed mining solution, the launch of
the PayTube wallet is incredibly exciting. The wallet will be first
of its kind, and the added layer of discretion achieved using
Zero-Knowledge technology, could not be more timely given the
all-too-common stories of NFT platforms and wallets getting hacked
nowadays”, said Raul Heraud, zkTube’s COO. Given the additional
encryption of the PayTube wallet, zkTube is well-positioned to
become a leader in the NFT world. In fact, the group is already in
talks with some of the largest players in the GameFi sector. The
zkTube community is strong. Despite the Mainnet not being launched
yet, zkTube community has over 200,000 members. The Mining test
network has been online for about a month and already has over
135,000 nodes in 81 countries performing 11,000 transactions on a
weekly basis. It is clear that early adopters see the value in
zkTube’s solutions and want to be part of what is expected to be
the first Layer 2 unicorn. zkTube is based in Melbourne, and it is
over 50-people strong, with more than 30 technical engineers and
consultants in the field of cryptography. Together, they make up
zkTube Labs and PayTube Explore, along with a leadership team that
looks after both business units and explores new ideas. Senior
management comes from International Blockchain Labs, a well-known
Australian fintech company, and world-renowned universities
including Deakin University, The Wharton School, and MIT Sloan.
Their previous work experience is varied and just as impressive,
including big names like JP Morgan, Merrill Lynch, Bain & Co.,
and NGS Crypto, Australia’s largest blockchain mining company. The
zkTube team is not stopping with these innovative solutions, as
plans for new products, partnerships, and even acquisitions are in
the books for the following twelve months. In the not-so-distant
future, the group has the ambitious goal of listing on NASDAQ. For
now, the focus will be on growing zkTube’s operations in Dubai and
Canada, where they already have strong alliances and are in the
process of co-building the country’s first official mining pool.
Given the results to date, there is little doubt that zkTube will
achieve its projected milestones and, likely, even more. About
zkTube Website: zktube.io
Twitter: https://twitter.com/zktubeofficial
Medium: https://zktube.medium.com/ Reddit:
https://www.reddit.com/r/zkTube_Official/
Facebook: https://www.facebook.com/zkTube.official/
Telegram: https://t.me/zkTubeProtocol
Discord: https://discord.com/invite/xtVdMCr54q Gitter:
https://gitter.im/zkTube-Labs/community
YouTube: https://www.youtube.com/channel/UCrEy7BBc9SbwpQ-a0Ix1oFw
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