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What Is Scroll?
Scroll is a Layer 2 scaling solution. It is designed to enhance the performance of the Ethereum blockchain using zkEVM (Zero-Knowledge Ethereum Virtual Machine) and ZK-Rollup technology. As Ethereum grows in popularity, its network faces challenges like high gas fees and slower transaction times due to its limited scalability. Scroll addresses these issues by processing transactions off-chain in a more efficient manner, bundling them together, and then validating the transactions on the Ethereum mainnet using cryptographic proofs. This allows for faster transaction speeds and significantly reduced costs, all while maintaining Ethereum’s security and decentralized infrastructure.
Scroll operates with the goal of enabling more scalable, efficient, and secure blockchain applications, especially for decentralized finance (DeFi), gaming, and NFT platforms. By leveraging zero-knowledge proofs, Scroll ensures that transaction data is verified without revealing sensitive information, thus maintaining the privacy and integrity of the network.
How Scroll Works
Scroll uses ZK-Rollups, a Layer 2 technology that bundles a large number of off-chain transactions into a single batch, creating a cryptographic proof to verify the validity of those transactions. These proofs are then sent to the Ethereum blockchain for verification without the need to re-execute every individual transaction. This significantly reduces the computational load on Ethereum, speeding up transaction processing and reducing gas fees by as much as 30 times compared to conducting transactions directly on Ethereum.
The Scroll architecture comprises three key components:
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Scroll Node: This generates Layer 2 blocks from user transactions and communicates with Ethereum's base layer (Layer 1), allowing for data exchange between both layers.
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Roller Network: This network is responsible for producing zkEVM validity proofs to verify transactions without compromising security.
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Rollup and Bridge Contracts: These enable data availability and resource exchange between Ethereum and Scroll, ensuring a seamless flow of assets between Layer 1 and Layer 2.
Scroll also employs zkSNARKS (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge) to ensure that transaction proofs are secure and verified efficiently. This helps maintain the security and decentralization of the Scroll network.
Who Founded Scroll?
Scroll was co-founded by Ye Zhang, a blockchain expert with a strong background in cryptography and zero-knowledge proofs, along with a skilled team of developers and engineers. Their goal was to create a Layer 2 solution that would make Ethereum faster and more scalable, without compromising its security. By using zkEVM technology, Scroll helps Ethereum handle more transactions efficiently.
The team behind Scroll has secured significant funding, raising $30 million in a Series A round led by Polychain Capital, followed by an additional $50 million from Bain Capital Crypto and IOSG Ventures. This funding has helped Scroll become a key player in improving Ethereum's scalability and performance.
Conclusion
In short, Scroll is a Layer 2 solution that helps make Ethereum faster and more affordable by processing transactions off-chain and verifying them with cryptographic proofs. This reduces gas fees and speeds up transactions without sacrificing security. With strong backing, Scroll aims to boost Ethereum's performance for DeFi, gaming, and NFTs.
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The current price of SCR is $0.3181, with a 24h price change of -3.64%. Traders can profit by either going long or short onSCR futures.
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Scroll Social Data
In the last 24 hours, the social media sentiment score for Scroll was 0, and the social media sentiment towards Scroll price trend was Bearish. The overall Scroll social media score was 0, which ranks 2468 among all cryptocurrencies.
According to LunarCrush, in the last 24 hours, cryptocurrencies were mentioned on social media a total of 1,058,120 times, with Scroll being mentioned with a frequency ratio of 0%, ranking 2468 among all cryptocurrencies.
In the last 24 hours, there were a total of 0 unique users discussing Scroll, with a total of Scroll mentions of 0. However, compared to the previous 24-hour period, the number of unique users decrease by 0%, and the total number of mentions has decrease by 0%.
On Twitter, there were a total of 0 tweets mentioning Scroll in the last 24 hours. Among them, 0% are bullish on Scroll, 0% are bearish on Scroll, and 100% are neutral on Scroll.
On Reddit, there were 0 posts mentioning Scroll in the last 24 hours. Compared to the previous 24-hour period, the number of mentions decrease by 0% .
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