21 Billion ZkSync Tokens to Hit Market: What to Know

others

Matter Labs’ ZK Trademark Tussle Clashes With Ethereum’s Core Principles, Here’s All – Crypto News

Published

2 years ago

May 31, 2024

Dripp

The recent trademark application by Matter Labs for “ZK,” the abbreviation commonly used to denote zero knowledge in the cryptographic community, has ignited a debate within the Ethereum ecosystem. Matter Labs, known for its work on zkSync, a Layer 2 scaling solution for Ethereum, seeks to assert exclusive ownership over this fundamental concept.

However, the move has raised eyebrows among Ethereum enthusiasts, as zero knowledge proofs are not proprietary inventions but rather a collaborative effort developed over years by researchers globally.

Challenge to Ethereum’s Principles & ZK Trademark Dilemma

At the heart of the controversy lies a fundamental clash between the principles upon which Ethereum was founded and the assertion of proprietary rights over a critical aspect of its technology stack. Ethereum’s ethos revolves around decentralization, permissionlessness, and openness, aiming to create a platform that is censorship-resistant and empowers individuals worldwide.

By attempting to trademark a concept deeply intertwined with Ethereum’s scalability solutions, Matter Labs has sparked concerns about the project’s adherence to its core principles. Critics argue that such actions not only undermine the collaborative spirit of the Ethereum community but also pose a threat to innovation and progress within the ecosystem.

Also Read: Cardano’s Charles Hoskinson Draws Interest From Argentina President Amid Crypto Talks

zkSync Update & Community Backlash Amid Call for Trademark Withdrawal

zkSync had earlier confirmed that its decentralization process is complete, with the final protocol upgrade, v24, set to be released. zkSync has been concentrating on the complete decentralization since it supported EIP-4844 in March. The forthcoming release of v24 will be the last in a row protocol upgrade that is required for the transfer of network governance to the community.

This modification is a step towards the delegation of network administration to the people and it also points out at the upcoming token launch.

In response to Matter Labs’ trademark application, voices within the Ethereum community have been quick to express their disapproval and call for a reevaluation of the decision. StarkwareLTD, a key player in the space, has issued a statement condemning Matter Labs’ move and urging them to withdraw the trademark application.

The sentiment is echoed by many community members who believe that Matter Labs should align its actions with the broader goals of advancing Ethereum’s technology in a collaborative and inclusive manner. Ultimately, the trademark tussle serves as a reminder of the importance of upholding the principles of decentralization and openness upon which Ethereum was built, and the need for all stakeholders to work together towards a common vision of a more decentralized and equitable future.

Also Read: Dogecoin Price: Whales Move 1.5B DOGE Sparking Speculations, What’s Next?

<!–

–>