WEMIX Unveils WEMIX Kanvas EVM-Equivalent ZK Rollup

 WEMIX Kanvas will make onboarding dApps easier and faster

SINGAPORE, Feb. 17, 2023 /CNW/ -- Leading blockchain-based ecosystem developer WEMIX today unveiled WEMIX Kanvas, its next-gen Ethereum Layer 2 based on EVM-Equivalent ZK Rollup - and a key component of the mega blockchain ecosystem which WEMIX is committed to building.

WEMIX Kanvas Project Timeline

"As a global leader with great success in blockchain gaming, WEMIX had launched our own mainnet to create a bigger ecosystem, not just in the blockchain gaming sector," said Shane Kim, CEO of WEMIX PTE., LTD. "WEMIX Kanvas will expand WEMIX to Ethereum which has the world's largest blockchain ecosystem, and help contribute to solving Ethereum's scaling issue."

Starting from Q1 2023, WEMIX Kanvas will deploy using a two-phase process beginning with an Optimistic Rollup with ZK Fault Proof before evolving to the EVM-Equivalent ZK Rollup. The Testnet of WEMIX Kanvas will first launch using Optimistic Rollup, one of the two major methods with proven utility before further improvement by incorporating zkEVM Fault Proof in the Optimistic Rollup phase. This lays the groundwork to bypass the limitations and technical difficulties inherent in universal purpose ZK Rollups in their current state, for a seamless completion of phase one.

Following this, WEMIX Kanvas will fully transition to EVM-equivalent ZK Rollup to pursue the twin goals of EVM compatibility & fast finality. WEMIX Kanvas will be EVM-equivalent in phase two, enabling near effortless onboarding and migration of other dApps. The speed of withdrawals will also become much faster compared with an Optimistic Rollup, from as long as 7 days to just 60 minutes.

WEMIX Kanvas will offer:

Lower Transaction Fees

• WEMIX Kanvas uses the Rollup method to compress transactions and post them to L1, thereby lowering transaction fees

○  Therefore, dApps which previously had difficulty using the Ethereum blockchain due to high gas fees can participate in the Ethereum ecosystem utilizing WEMIX Kanvas

Faster Withdrawals from Ethereum

• In the existing Optimistic Rollup, due to late finality, users' withdrawals from L1 were delayed for up to one week
• WEMIX Kanvas uses zkEVM for ZK Rollup to ensure fast finality with fast proof generation, solving the problems of slow withdrawals

Seamless Onboarding for Developers

• WEMIX Kanvas, from the beginning, is designed as a hybrid system which combines the advantages of Optimistic and ZK rollup, ensuring easy onboarding for new dApps
• dApps which previously were on the Ethereum blockchain can be directly onboarded to WEMIX Kanvas without major code updates
• When the EVM-Equivalent ZK Rollup is reached, finality can be drawn up within a few hours and withdrawal can be done quickly

Interconnectedness with the WEMIX mega-ecosystem

WEMIX Kanvas is designed to enhance the interconnectivity of L2 with the broader WEMIX ecosystem in the following ways:

• Being the bridge that connects all the components of the mega ecosystem, WEMIX coin will be the governance coin of both WEMIX Kanvas and WEMIX 3.0
• This means that dApps on WEMIX 3.0 and services that have been successfully running on WEMIX like KLEVA, and those under development (Kurrency, Konverter and WESHLIST) can easily migrate and build interconnectivity with dApps that are already on WEMIX Kanvas
• WEMIX coin will be more widely used and it all leads to expansion of WEMIX ecosystem

WEMIX plans to deploy the project starting with the launch of the testnet for its Optimistic Rollup with ZK Fault Proof in Q2 2023.

Note to editors:

• Aiming to become the main branch of Ethereum execution layer, WEMIX Kanvas will launch and expand the ecosystem based on technical leadership and service capabilities.
• WEMIX 3.0 is a high-performance EVM-compatible open-source protocol powered by SPoA(Stake-Based Proof of Authority) consensus algorithm which is secured by 40 decentralized authority nodes operated by highly-qualified global partners as well as on-chain community DAO(Decentralized Autonomous Organization).
• There are two main types of rollups, Optimistic and Zero-Knowledge (ZK) and ZK rollups offer greater speed and security, but are also more complex and challenging to implement.

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About WEMIX

WEMIX is a blockchain gaming platform developed by WEMIX Pte. Ltd, providing services that include a cryptocurrency wallet, decentralised exchange, NFT marketplace, WEMIX token staking programme and the game gateway. WEMIX Pte. Ltd. is a subsidiary of Wemade, the developer and owner of "The Legend of Mir" IP, a highly successful game with over 500 million users. For more information, visit www.WEMIXnetwork.com 

SOURCE WEMIX