Helius Labs CEO Mert Mumtaz lately set crypto Twitter ablaze with a sequence of tweets about Solana’s new ZK compression know-how. His tackle this tech development has bought the crypto neighborhood speaking.
Unpacking Mumtaz’s Crypto Tweets
thanks quite a bit for nuking my complete 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 complete internet price. He additionally referred to as it a disgusting, evil know-how and stated 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 would make Solana transactions less expensive. Mumtaz had earlier said that it would scale back the price of sending tokens to 1,000,000 customers from $260,000 to only $50.
Some see ZK compression as a game-changer, whereas others fear it would contradict Solana’s earlier stance on sure scaling options.
In one other tweet, Mumtaz talked about that the latest value stoop has essentially modified every thing 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 instructed me it’s not even excited to provide blocks,” Mumtaz stated.
He blamed all of it on zk compression, stating that it’s making builders spend much less cash on accounts. Mumtaz additionally joked, ” We’d like zk enlargement.”
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