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Alisa Davidson
Published: November 15, 2024 at 9:25 am Updated: November 15, 2024 at 9:25 am
Edited and fact-checked:
November 15, 2024 at 9:25 am
In Brief
Ink launches open-source, permissionless Fault Proofs in collaboration with Gelato, marking the first stage of decentralization.
Layer 2 network of the cryptocurrency exchange platform Kraken, Ink announced the launch of open-source, permissionless Fault Proofs in collaboration with Web3 cloud platform Gelato, marking the first stage of its decentralization process.
Fault Proofs are a critical component of the Optimistic Rollup system, such as the OP Stack. They allow users to withdraw ETH and tokens from OP Stack chains like OP Mainnet by submitting a proof that verifies the withdrawal was properly recorded on the OP Stack chain. These Fault Proofs enable users to submit and challenge the proposals about the state of an OP Stack chain, which are necessary to validate withdrawals.
The Fault Proofs are now live on Gelato’s OP Stack Rollups, enabling users, developers, and institutions to withdraw bridged assets such as ETH and ERC-20 tokens back to Ethereum without requiring Ink’s involvement. They can also review the rollup transactions on Ink and challenge them if deemed invalid.
By introducing Fault Proofs, Ink is decentralizing Layer 2 state validation and increasing community participation. With a fully operational security council and permissionless fault-proof system in place, the project is advancing toward a new era of securing rollups, with Stage 2 decentralization next in line.
What Is Ink And How Does It Work?
Kraken announced the launch of Ink last month, with plans for a full mainnet release in the first quarter of 2025. Ink is an advanced Layer 2 blockchain built on Optimism’s Superchain. As a natural extension of Kraken’s mission, Ink aims to provide a seamless bridge to decentralized finance (DeFi), enabling users to interact with blockchain networks efficiently and securely.
Ink is built on Optimism’s open-source, MIT-licensed OP Stack codebase, positioning it as a part of the broader Ethereum ecosystem. In addition to leveraging the security of Ethereum, the world’s largest blockchain platform, Ink will integrate into the Superchain—a unified network of blockchains that share common security, governance, and values. By adopting a standardized codebase, the Superchain seeks to scale Ethereum’s capabilities and foster greater interoperability among blockchain networks.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa Davidson
Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
More articles
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