What is Taiko zkEVM?
Taiko is a decentralized, Ethereum-equivalent ZK-Rollup (Type 1 ZK-EVM). While Type 2+ projects often have to trade off EVM compatibility against proof-of-concept costs, Taiko – as a Type 1 protocol doesn;’t change Ethereum architecture including hashrate, gas fees, and more.
Fully compatible with Ethereum
When using protocols that are partially compatible with EVM like zk-Rollups, developers usually need to modify hashrate or gas fees, which will affect the smart contract and security of the original Ethereum chain. With Type 1 Taiko, the top priority is full compatibility, so it inherits all the structures from this blockchain.
The protocol is designed to make it easy for developers to execute smart contracts on Ethereum while taking advantage of ZK-Rollups’ scalability. Full compatibility also makes it possible for the project to be continuously updated based on Ethereum.
Taiko is decentralized and permissionless so it ensures transparency and security.
Taiko’s code is open source and available on GitHub. Free to use and modify the source code with the permissive license.
How does it work?
When a block gets proposed, the block data is published on Ethereum, and the block is appended to the proposed blocks list stored in the TaikoL1 contract. Once registered, the protocol ensures that all block properties are immutable. This makes the block execution deterministic: the post-block state can now be calculated by anyone. As such, the block is immediately verified. This also ensures that no one knows more about the latest state than anyone else, which would create an unfair advantage.
All relevant inputs for the proof generation are verified on L1 directly or indirectly to achieve deterministic block transitions. As all proposed blocks are deterministic, they can be proven in parallel, because all intermediate states between blocks are known and unique. Once a proof is submitted for the block and its parent block, called the block on-chain verified.
A collection of smart contracts and dApps that allow users to send ETH tokens and ERC-20 testnets between Sepolia and Taiko.
Consists of 2 parts, taiko-geth and taiko-client that play the role of conducting transactions based on EVM.
Taiko’s first funding round took place in April 2023 with only one investor – Skyland Venture, however, the amount has not been disclosed. On June 8, 2023, the project successfully raised $22 million from various investment funds led by Sequoia Capital China and Generative Ventures.