Ethereum based rollup project Taiko has been in development since 2022 and has launched on the mainnet after passing through seven test networks. Ethereum co-founder Vitalik Buterin shared his thoughts on the opening block of Taiko’s mainnet, which includes metadata with the names of everyone who contributed to Taiko. Taiko stands out as a type of rollup project that relies on Ethereum block validators to sequence transactions and leverages the liveness and security assurances provided by the base layer.
Taiko Completes Launch Process
In the initial phase, Taiko’s rollup protocol contracts on Ethereum are controlled by a multi-signature arrangement. The protocol initially requires SGX proofs and plans to transition to mandating that 50% of blocks use zero knowledge proofs as part of its long-term scaling and security strategy. Taiko Co-Founder and CEO Daniel Wang shared the following thoughts on the matter:
“We are very excited to finally launch Taiko on the Ethereum mainnet. It took a long time to build, and we are thrilled to offer what we believe is the most secure technology to scale Ethereum.”
The Taiko token is expected to be launched a few weeks after the mainnet release. Additionally, Taiko plans to introduce a points incentive program called Trailblazers to engage its community by rewarding them for completing tasks and interacting with the network. The project recently announced an airdrop for community members before the mainnet launch, set to distribute 5% of the 1 billion token supply as a genesis airdrop.
Noteworthy Details
Initially, Taiko will control block proposing and proving for the first two weeks post-launch to ensure network stability. Eventually, these processes will be decentralized and permissionless, allowing users to participate in running nodes, proposing, and proving blocks.
Once the network stabilizes, block proposing and proving will be permissionless for everyone. The team emphasized that running a node, which they consider as important as proposing and proving, is already accessible to the public, and shared the following statements:
“Security has always been the number one priority for Taiko. As with any new software deployment, especially in blockchain, there will be turbulence. Therefore, we want the network to be stable first, then open the doors to everyone. This is for everyone’s benefit.”
Since its inception in 2022, Taiko has raised $37 million in two financial rounds.
