Helius Labs CEO Mert Mumtaz just lately set crypto Twitter ablaze with a collection of tweets about Solana’s new ZK compression know-how. His tackle this tech development has obtained the crypto group speaking.
Unpacking Mumtaz’s Crypto Tweets
thanks rather a lot for nuking my total net-worth, zk compression
disgusting evil know-how that ought to have by no means been created pic.twitter.com/YLk0z4dZZ1
— mert | helius | hSOL (@0xMert_) July 4, 2024
In his tweets, Mumtaz jokingly blamed ZK Compression for some fairly dramatic results. He said that ZK compression was nuking his total web value. He additionally known as it a disgusting, evil know-how and mentioned that it ought to by no means have been created.
He dubbed it “zk melancholy,” and talked about that the “markets are down solely as a result of zk compression and nothing else.”
ZK Compression is definitely a brand new scaling resolution that might make Solana transactions less expensive. Mumtaz had earlier said that it’d cut back the price of sending tokens to 1,000,000 customers from $260,000 to simply $50.
Some see ZK compression as a game-changer, whereas others fear it’d contradict Solana’s earlier stance on sure scaling options.
In one other tweet, Mumtaz talked about that the current worth stoop has basically modified every part that he knew about blockchains. He additionally said that nothing is identical anymore. “The tech doesn’t work, and it by no means will—our validator advised me it’s not even excited to supply blocks,” Mumtaz mentioned.
He blamed all of it on zk compression, stating that it’s making builders spend much less cash on accounts. Mumtaz additionally joked, ” We want zk enlargement.”
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