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Taiko

Taiko is an open-source and permissionless network equivalent to . The network functions without centralized control, with all operations being community-driven and permissionless. [1][2][3]

Overview

Taiko scales in a manner that emulates Ethereum as closely as possible - both technically and non-technically. More specifically, Taiko is an Ethereum-equivalent ZK-Rollup, scaling Ethereum by supporting all EVM opcodes in a architecture that is decentralized, permissionless, and secure. The Taiko Protocol is a set of smart contracts deployed on Ethereum. [4]

enhance scalability by executing, aggregating, and verifying transactions off-chain while relying on Ethereum for data availability and validity-proof verification. Existing ZK-Rollups face limitations in supporting the generalized computation of the Ethereum Virtual Machine (EVM), often catering to specific applications, which hinders compatibility with L1 and (dApps). Ethereum-equivalent ZK-Rollups, or ZK-EVMs, aim to maintain security and compatibility without compromise. [4]

Funding

In June 2023, Taiko Labs raised $22 Million across two funding rounds and launched its  (Alpha-3) with a mission to build a decentralized and Ethereum-equivalent (Type 1) ZK-EVM. The rounds were led by Sequoia China and Generative Ventures respectively, with participation from BAI Capital, GGV Capital, GSR Markets, IOSG Ventures, Kucoin Ventures, Mirana Ventures, , Skyland Ventures, Token Bay Capital, Yunqi Partners, plus other investors and prominent contributors & community members from across the Ethereum ecosystem. [6]

“Thanks to recent advancements in zero-knowledge algorithms, hardware acceleration and leading industry research, we believe that we are now on the cusp of having a truly decentralized Ethereum-equivalent ZK-rollup. This is our core mission at Taiko and we are incredibly proud to partner with leading investors who share our uncompromising vision.” - Daniel Wang, CEO & Co-founder of Taiko[6]

On March 2, 2024, Taiko Labs announced a Series A raise of $15 Million led by Lightspeed Faction, , Generative Ventures, and Token Bay Capital, with participation from Wintermute Ventures, Presto Labs, Flow Traders, Amber Group, , GSR, WW Ventures, and more. This latest funding round brought Taiko's total capital raised to $37 million across three rounds. [9]

“Building the first Ethereum-equivalent-based rollup is something we knew was going to be a multi-year adventure,” Wang said. “Now, as we approach main net launch, we realize what a ride it has been. We’re determined to ship our products as soon as they’re ready and show the industry that what had been thought of as impossible, is indeed possible.” - Daniel Wang commented[9]

wiki

Technology

As a type-1 ZK-EVM, Taiko prioritizes EVM equivalence over proof generation speed. It comprises three key components: ZK-EVM circuits for proof generation, an L2 rollup node for managing the rollup chain, and a protocol on L1 for connecting these components for rollup protocol verification. [4]

ZK-EVM

The ZK-EVM within Taiko provides validity proofs for Ethereum Virtual Machine (EVM) computations on the rollup. Taiko enables the execution of Ethereum smart contract code without any modifications, facilitating the migration of existing contracts and dApps to its platform. Developers can effortlessly transition their solidity code to Taiko or develop new applications directly on the platform. With support for every EVM opcode, Taiko ensures effective compatibility with Ethereum L1 smart contracts and dApps, maintaining integration with Ethereum and solidity tooling without disrupting developers' workflows. [4]

Taiko L2 Rollup Node

Taiko nodes get transaction data from Ethereum and execute the transactions on Layer 2 (L2), ultimately progressing the state according to the transaction executions. Thus these nodes manage the rollup chain. Currently, the Taiko node is an Ethereum Geth fork. [4]

Taiko Protocol

The Taiko protocol defines and enforces the rollup rules and defines potential participants. The design upholds the core principles of security, decentralization, and permissionlessness. Smart contracts deployed on Ethereum L1 act as the data availability mechanism and verifier of the proofs. [4]

Network Participants

Proposers

Proposers construct roll-up blocks from users’ L2 transactions and propose them to L1; any willing participant can perform this block creation function. [4]

Provers

The Provers generate proofs asserting the validity of L2 transactions and blocks out of the aforementioned proposed blocks; any willing participant can perform this proving function. [4]

Node runners

The Node Runners execute transactions from on-chain data to stay in sync with the state of the chain. While both Proposers and Provers need to run nodes to fulfill their respective roles, other actors would also run nodes, such as those offering services like a , and node infrastructure providers. Any willing participant can run Taiko nodes. [4]

Taiko Organizations

Taiko Labs

Taiko Labs is a research & development group that works on the Taiko protocol. [5][11]

Taiko Treasury

This is a treasury that is funded by the income generated by the Taiko protocol (L2 EIP-1559 congestion MEV). [5]

Taiko DAO

Taiko (DAO) is a group of Taiko Token (TKO) holders that have the voting rights to govern various parts of the Taiko Protocol including upgrades, TKO parameters, and more. The Taiko DAO effectively controls everything. [5]

Taiko Foundation

This is an entity that stewards the growth and development of the Taiko protocol and the wider ecosystem. The foundation works solely for, and on behalf of, the Taiko DAO and token holders. Its responsibilities include, but are not limited to, financing of technical developments, ecosystem growth, and maintenance, partnerships with service providers, events management, etc — either through grants or other means. The foundation does so with full transparency to the Taiko community and DAO. [5]

Taiko Security Council

Taiko Security Council is an N-member council of individuals and entities elected by the Taiko DAO to undertake emergency actions on the Taiko protocol, as and when needed. The Security Council’s core responsibility is to ensure the safety and soundness of the Taiko protocol, and as such it has the power to implement upgrades or changes in pursuit of that objective. The Security Council also controls the Guardian Provers within the Taiko protocol. [5]

Founding Team

  • Daniel Wang - CEO[7]
  • Brecht Devos - CTO[8]
  • Terence Lam - COO[10]
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Taiko

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Edited On

April 14, 2024

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