Loopring Launches zkRollup-Based Smart Contract Wallet for Android Users
Loopring, a protocol for secure, scalable exchange and payment on Ethereum, is launching the beta version of a mobile smart contract Loopring wallet with baked-in zkRollup as per an update on Nov 24.
The wallet is currently available for Android users.
The Loopring Smart Contract Wallet
Loopring developers have been working on the wallet for the last one year.
It shall enable users to trade on the same order book present on the Loopring exchange only without the inconvenience of high transaction fees or delays.
Additionally, through the wallet, users can send funds through Loopring Pay for free.
The announcement also comes two days before the deployment of the Loopring 3.6, an upgrade that revamps the base protocol, before a subsequent campaign, dubbed Withdrawal Mining encouraging users to withdraw their assets from centralized platforms.
Focus on Layer-2 Solutions: zkRollup
Ahead of Eth2, developers are also working on alternative scaling solutions.
While sidechains, state channels, Optimistic Rollups are all present, the focus is on zkRollup and its benefits. The layer-2, or off-chain, the solution already has the backing of Vitalik Buterin.
The scaling option, zkRollup does batch hundreds of transactions off-chain before confirming them on the main layer. However, unlike Optimistic Rollup (ORU)—which supports smart contracts, it is a tad-bit sophisticated and may take a little longer to research and fully deploy.
In Alex Gluchowski’s assessment, it may even take longer for solutions that efficiently wrap EVM in zero-knowledge proofs to be discovered.
Scaling Ethereum Layer-1
Still, according to Vitalik Buterin, the Layer-2 option can significantly scale the base layer by several folds.
Although complicated, the announcement from Loopring is a shot in the arm and may spark further refinement considering the untenable high transaction fees bloating the development of other critical Ethereum sub-sectors outside of DeFi.
The off-chain solution comprises transactors and relayers. The work of relayers is to shift user funds to a smart contract for SNARK proof to be created for transaction verification in the base layer. At the moment, zkRollup is suitable for token transfers.
As BTCManager reported, the first stage of Eth2 is set for launch on Dec 1.