are butting heads once again. This time, major figures in the space are condemning Matter Labs, the creator of zkSync, over its decision to trademark the acronym"ZK," which is shorthand for"zero-knowledge” cryptography, the core technology underlying zkSync and a plethora of other blockchain projects.it made the move to protect users.
In this week's newsletter, we'll recap this latest episode in the layer-2 saga and a slate of other industry updates that you won't want to miss.has created a new company that will focus on faster and cheaper Bitcoin transactions, putting it head-to-head with the Lightning Network.: Matter Labs, the main development firm behind the zkSync Era blockchain, received major blowback from fellow Ethereum layer-2 teams after it unveiled plans to trademark the term"ZK.
Ark Labs, the new company, will compete with Bitcoin's Lightning Network with its own solution for scaling the blockchain's transaction capacity. The company shared that it will pursue scalability by developing “an open implementation of the Ark Protocol” and “building services for users,” CoinDesk’shave raised $43 million in a seed round. The fresh round of capital will go towards building out its core products.and launched its testnet to reduce liquidity management costs across chains. According to Everclear, their system"can reduce the cost and complexity of solving and liquidity management across chains by as much as 90%.