Binance Labs, a project aimed at identifying and promoting new blockchain executives, communities, and startups, has invested in Zircuit, an Ethereum Layer2 network developer.
The exact amount invested is yet to be disclosed, but this investment is set to scale up the security of the Binance ecosystem along with steering the development of the Zircuit network.
Yi He, the head of Binance Labs and one of the creators of Binance, says, “At Binance Labs, we support projects that innovate on Web3 and accelerate the blockchain industry. Zircuit provides a more secure L2 solution with sequencer-level security integration, and we look forward to watching it grow and evolve further. We are waiting.”
Zircuit is a platform driven by AI that offers security at the sequencer level. The concerned authorities of Binance Labs said that the investment will help Zircuit grow and develop its network further.
This investment will have a significant influence on the finance market because Zircuit is planning to launch its mainnet shortly.
What is the Relevance of Zircuit Network?
Zircuit is an emerging AI-enabled, EVM-compatible, Zero Knowledge (ZK) roll-up that is supported by L2 research. It uses cutting-edge technology to perform and be secured at the sequencer level itself.
At present, Zircuit is at the Public Testnet stage and it will soon be launched at the mainnet stage. After the initial developer Mainnet stage, the network will be opened for everyone.
Features of Zircuit Network
The most relevant feature of Zircuit that distinguishes it from other networks is the sequencer-level security that it provides.
The network is always on the lookout for any malicious transactions and is quick in preventing such transactions from entering blocks before they are finally added to the Layer 2 blockchain.
The Zircuit Network has many unique features that make it a tool that most Web3 users look forward to. The circuit has been at the forefront of research in the field by conducting research on topics like rollup security tooling, roll-up compression, and scaling cryptography.
The platform has also received many research grants from the Ethereum Foundation to fund its research.
The Zircuit’s AI-enabled security measures protect all transactions on the chain from any kind of cyber attack.
The memory and pool (mempool), where the security nodes store data about unconfirmed transactions, is thoroughly monitored by the sequencer-level security providers.
This will prevent the smart contracts from being hacked as well as prevent any scams from being executed on the chain.
Another distinguishing feature of the Zircuit network is its native bridge infrastructure that bridges best-in-class security architecture and safety practices to seal any gaps in security. It is also easy to use.
Zircuit provides these benefits without any compromise on performance. It ensures greater efficiency at low cost. The circuits are decomposed into specialized parts and the proofs are aggregated to accelerate its processing.
The Zircuit network uses a hybrid architecture. It is built on Optimism, which is a leading rollup development framework. Moreover, it is EVM-compatible and supports various wallets.
Binance Labs
Binance Labs is Binance’s initiative to promote research and development in the field of blockchain technology.
Projects and entrepreneurs can determine their compliance with the asset market and make them better competent in the decentralized world. The Binance Labs have an incubation program where blockchain projects from all over the world can put forward propositions and suggestions.
The most lucrative projects will be chosen from the list by Binance Labs, which will also provide funding for them.
It will guide the project developers in all crucial matters such as regulatory compliance, technological implementation, advertising, product development, and recruiting.
The Bottom Line
Zircuit is one of the major investments of Binance Labs to date. Binance Labs sees this as a major step in incubating blockchain technology.
Zircuit will become a brand name in providing cutting-edge security services for the blockchain ecosystem as a whole.
It leverages the security features of Ethereum combined with ZK rollup and is a revolution in itself
