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WEMIX Launches Kanvas to Boost Transaction Efficiency

WEMIX, a major blockchain-based ecosystem developer has just introduced WEMIX Kanvas, an improvement on Ethereum Layer 2 based on EVM-equivalent ZK Rollup. The new platform is a crucial part of the giant blockchain ecosystem that WEMIX has focused on creating. When applied to Ethereum, WEMIX Kanvas will make a significant contribution to the resolution of the network’s scalability problem.

What benefits does WEMIX Kanvas bring?

The latest update is an open-source protocol that uses the SPoA (Stake-Based Proof of Authority) consensus mechanism that is backward-compatible with EVM. Also, it’s protected by the on-chain community DAO and a network of 40 decentralised authority nodes run by operators all around the world. New decentralised applications (dApps) can be quickly and easily integrated into the system thanks to its hybrid design, which incorporates the best features of both Optimistic and ZK rollup.

With WEMIX Kanvas, the rollout will occur in two stages: first, Optimistic Rollup, one of the two key approaches with proven utility will be used to launch the Testnet. Later on, the Testnet will be improved by integrating a zkEVM Fault Proof into the Optimistic Rollup phase.

Phase two of WEMIX Kanvas will make it EVM-compatible, and will support the onboarding and migration of additional dApps, with minimal effort. WEMIX Kanvas employs the rollup technique for posting transactions toL1,which reduces transaction fees. Withdrawal times, which could take up to 7 days with an Optimistic Rollup will drop to as little as 60 minutes.

Programs that were originally built for the Ethereum blockchain can easily be easily ported over to WEMIX Kanvas with minimal coding changes. It is easy to transition to EMIX Kanvas and create interconnectivity with other dApps , thanks to WEMIX 3.0 and the services that have been running successfully on WEMIX. Examples of these services include KLEVA, and those that are in development, like Kurrency, Konverter and WESHLIST.