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The current zero-knowledge (ZK) landscape, while innovative, faces significant challenges, as highlighted in a recent blog post from ZKFair, a new mainnet created by Lumoz.
Issues such as inflated valuations, the dominance of venture capital, and a lack of differentiation among existing Layer 2 solutions are causing disengagement and manipulation among users.
“ZK faces hurdles such as excessively high valuation, insurmountable barriers to user participation, and often monopolization by VCs,” the post reads, pointing to the need for more equitable and user-centric approaches in the blockchain space.
In response to the described issues, Lumoz announced that its ZKFair project will launch a fully community-owned Layer 2 solution as a testnet on Wednesday, December 6, and as a mainnet on January 20. ZKFair also announced that the launch will be accompanied by an airdrop to distribute 100% of the tokens to the community.
A closer look at ZKFair
ZKFair is a platform designed with the aim of ensuring active community participation and, according to the blog post, is “built on the foundation of fairness and justice.” Coins launching at super low initial valuations, rewards and gas fees that flow back into the community, and equal opportunity for all community ideas will be some of the features of the platform.
ZKFair plans to use the USDC stablecoin as a guest token as part of its effort to provide a transparent structure. It will support atomic cross-rollup communication, allowing interaction with dApps on Ethereum (ETH), and it will support a decentralized prover network.
Finally, it is the first ZK-Rollup based on the Polygon (MATIC) Chain Development Kit (CDK) and the Celestia (TIA) Data Availability (DA). Lumoz initially announced its plans to launch StableNet at the end of November.
Lumoz itself is a decentralized ZK-Rollup as a Service (ZKRaaS) that also facilitates Zero-Knowledge Proof mining (ZKP mining) and serves as a proof-of-work (PoW) network. It was previously known as Opside.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
