Web3 gaming platform, Immutable has started public testing of its latest Ethereum-compatible, Immutable zkEVM. Developed in collaboration with Polygon Labs, the zkEVM employs zero-knowledge proofs to secure transfers between itself and Sepolia Ethereum, giving game developers lower development costs, bolstered security, and the network benefits of the Ethereum ecosystem.
Over 20 well-known gaming companies such as GameStop and TokenTrove marketplace have expressed support for the latest launch. This cutting-edge canvas for creativity has enticed dozens of games within the Web3 sphere, including MetalCore and Galaxy Commanders, to start creating their titles.
Safe to say, zkEVM is expected to drive up ownership rights for Web3 gamers. However, a word of cautious optimism is necessary here, as the adoption of a new technology brings with it a set of challenges. According to Ethereum’s founder, Vitalik Buterin, the use of zkEVMs might cause data inefficiency and potential latency issues, despite presenting opportunities to enhance the scalability of Ethereum.
Immutable’s chief technology officer and co-founder, Alex Connolly, is brimming with confidence regarding the new network, describing it as “an irresistible force” for developers. Indeed, the network stands to become the first end-to-end EVM solution exclusively dedicated to game success. In his view, a surge of incoming games, players, and partners will make the Immutable ecosystem irresistible for the next generation of web3 games.
In other news, customers of the bankrupt crypto lender Celsius will be voting on a proposed settlement plan that seeks to launch a new company, backed by a consortium known as Fahrenheit, to distribute Celsius’ assets and equity. A favourable vote on the settlement will likely see $2 billion worth of assets distributed. However, it is noteworthy that Celsius ceased withdrawals in June 2022 following the collapse of the Terra ecosystem, with former CEO Alex Mashinsky later arrested for fraud.
The developments in the crypto sphere, as exciting as they seem, also highlight the unpredictable landscape of this innovative sector and the caution required when navigating it. As we celebrate positive advancements, such as Immutable’s zkEVM launch, it’s necessary to stress both the potential challenges and the need for safer crypto practices.