BitDAO Launched $200M ZkDAO To Improve ETH Scaling

BitDAO launched $200 million ZKDAO that will improve Ethereum scaling and as outlined by the creators, ZkDao will be community-driven and is looking for more contributors so let’s read more in our latest Ethereum news today.

The proposal to fund decentralized autonomous organization ZKDAO passed in a treasury protocol BitDAO with 200 million votes cast. The proposal was authored by Matter Labs which is the organization behind Ethereum scaling protocol zkSync and Mirana Ventures.

Utilizing zk-Rollups, ZkSync Is the main technology that will build a layer-2 infrastructure capable of returning proofs to the ETH network withut sending the entire data. The result If it gets implemented will mean a speedier network. Zero-knowledge-based solutions attracted a lot of attention in recent months because of the high levels of congestion on Etheruem as well as huge gas fees. Polygon is committing $1 billion to zero-knowledge tech firms and protocols so aside from scaling, the zero-knowledge proofs can also be used to obscure transactions and to enhance privacy via the Panther protocol.

As BitDAO launched the new fund, it now has a balance of over $2.5 billion. In 2021, the entity allocated $500 million to a decentralized blockchain gaming proposal. The head of Mirana Ventures Jonathan Allen gave the following remarks:

“This proposal will not only benefit the collective Ethereum scaling effort but will provide tremendous value to the BitDAO ecosystem, which continues to act as a leading force across industries as it creates entirely new purpose-built DAOs that also need to scale effectively on-chain.”

As recently reported, BitDAO formed DAO with student groups and will facilitate some of the world’s most prestigious universities. EduDAO will serve as an independent steering committee for research, product development, and project grants. There’s a generation gap in crypto as one survey from Mastercard shows that the millennials are more interested in crypto than any other age group.

To capitalize on the enthusiasm for digital assets, BitDAO as a decentralized asset manager that boasts $2.5 billion in AUM as well as token investor Mirana Ventures formed a new decentralized autonomous organization that will cater to college students dubbed EduDao. The DAO is made up of different student and campus research organizations in China, the US, and the UK including Blockchain at Berkeley, Berkeley Center for Responsible, Decentralized Intelligence, Blockchain at Michigan, Blockchain at USC, Harvard Blockchain Club, Oxford Blockchain Society, MIT Sloan Blockchain Club, Penn Blockchain and more.