According to Josh Neuroth, the Vice President of Product at Quicknode, Layer-2 (L2) scaling solutions, known as zero-knowledge (ZK) rollups, can potentially solve the most pressing problems in blockchain technology. Therefore, the buzz around them is ‘well-founded’. He added that unlike the speculation-driven non-fungible token (NFT) frenzy, interest in ZK rollups is based on their technical merits and capacity to improve blockchain infrastructure.
ZK Rollups: a foundational technology
In its written responses to Bitcoin.com News, Neuroth claims that because ZK rollups provide tangible benefits in the form of transaction throughput and data confidentiality, these L2 solutions are more of a foundational technology than a fleeting trend. As the technology behind these L2 solutions matures and more projects adopt them, the Web3 space will likely see continued improvements in blockchain performance and user experience.
Meanwhile, Neuroth said he agreed with Bitcoin maximalist David Sorey’s suggestion that ZK rollups represent the missing piece for scaling and privacy within the Bitcoin network. He explained that ZK rollups will ultimately “help Bitcoin overcome its current limitations and compete with other blockchain networks that offer advanced features.”
Regarding the long-awaited convergence between decentralized finance (defi) and traditional finance (tradfi), Neuroth emphasized the importance of releasing “more developer-friendly solutions” to bridge the gap in Web3. Furthermore, Quicknode’s vice president claimed that simplifying the complexity of Web3 and providing improved add-ons will increase the prospects for defi and tradfi integration.
In other comments shared with Bitcoin.com News, Neuroth highlighted Quicknode’s Rollup as a Service (RaaS) platform, which streamlines the deployment and scaling of blockchain rollups. Below are the rest of the Quicknode VP’s answers to the questions sent.
Bitcoin.com News (BCN): Last February, Bitcoin maximalist David Sorey stated that he realized that the original chain must be transformed in order to succeed as a monetary revolution. He cited zero-knowledge (ZK) rollups as the missing piece for scaling and privacy that will allow Bitcoin to get its users across the finish line. Do you agree with Sorey that the Bitcoin network needs ZK rollups to succeed as a monetary revolution?
Josh Neuroth (JN): David Sorey’s perspective is insightful, and I agree that ZK rollups could play an important role in Bitcoin’s evolution. ZK rollups provide a solution for scalability and privacy and address two critical challenges to the broader adoption of Bitcoin as a global monetary system. By enabling more efficient transactions and improved privacy, ZK rollups can help Bitcoin overcome its current limitations and compete with other blockchain networks that offer advanced features.
BCN: There is an ongoing, heated debate about ZK rollups, with many industry participants comparing it to the NFT frenzy of 2020-2021 that has since cooled down. From an individual perspective, what are your thoughts on the current ZK rollup hype sweeping the blockchain space?
JN: The buzz around ZK rollups is well-founded, given their potential to solve some of the most pressing problems in blockchain technology, namely scalability and privacy. Unlike the NFT frenzy, which was primarily driven by market speculation, the interest in ZK rollups is based on their technical merits and their ability to improve blockchain infrastructure. ZK rollups deliver real, tangible benefits to transaction throughput and data confidentiality, making them a foundational technology rather than a fleeting trend. I believe that as the technology matures and more projects adopt ZK rollups, we will see continued improvements in blockchain performance and user experience.
BCN: Your platform Quicknode is actively involved in implementing ZK rollups and supporting a wide range of blockchain protocols. Can you tell our readers exactly what role Quicknode plays, providing examples of some of the ways the company has provided support in the industry, and in what ways the company is providing this support?
JN: At QuickNode, our mission is to provide the most robust and scalable infrastructure for blockchain projects. We support ZK rollups by offering the best RPC access, node hosting, and API services developers need to efficiently implement this technology. For example, our platform ensures high transaction volumes and maintains privacy standards through reliable data indexing. In addition, QuickNode provides essential tools such as crane services and support for marketplace add-ons, which are crucial for developers building on ZKRollup-compatible networks. By simplifying these technical aspects, we ensure that projects can focus on innovation and improve the overall user experience.
BCN: The blockchain industry is making a conscious effort to bridge decentralized finance (defi) with traditional finance (tradfi). Achieving this would undeniably improve the adoption of blockchain technology and other related solutions. What technical challenges do you think are hindering the convergence of defi and tradfi?
JN: Bridging DeFi and TradFi poses several technical challenges. At QuickNode, we believe that creating more developer-friendly solutions can significantly address these barriers. Robust and secure APIs are essential for interoperability between blockchain networks and traditional financial systems. Furthermore, achieving high transaction throughput and low latency is critical for financial transactions, which poses scalability issues that current blockchain infrastructure is continually trying to overcome.
Furthermore, integrating DeFi with TradFi requires simplifying the complexity of Web3, offering better add-ons, improving developer support, and abstracting the underlying technical complications. Focusing on these areas can make integration smoother and more accessible for developers and users.
BCN: Can you briefly tell our readers about Quicknode’s RaaS platform and how it simplifies the development process?
JN: QuickNode’s Rollup as a Service (RaaS) platform is designed to simplify the deployment and scaling of blockchain rollups. Our RaaS product provides developers with essential tools such as high-performance RPC access, sequencer support, tap services, and marketplace add-ons. These tools eliminate the need for extensive infrastructure management, allowing developers to focus on building their applications. Our platform can handle the complexity of setting up and maintaining nodes, significantly reducing development time and costs. By offering these comprehensive services, QuickNode enables developers to streamline their workflow and accelerate the timelines of their projects.
Our RaaS platform is perfect for both enterprise customers and smaller development teams. For enterprise customers, the ability to quickly deploy and scale blockchain combinations without having to worry about infrastructure management is invaluable. They can leverage our robust infrastructure to ensure high performance and reliability, allowing them to focus on their core business and innovations. Our platform provides the scalability needed to handle large-scale applications, making it ideal for enterprises looking to implement complex, high-traffic blockchain solutions.
For smaller development teams, QuickNode offers an accessible and cost-effective solution to build and test their applications in a testnet environment. Our user-friendly interface and comprehensive support make it easy for teams to set up and manage their rollups, even with limited resources. The availability of essential tools like crane services and marketplace add-ons ensures smaller teams have everything they need to develop, test and refine their applications without the overhead of managing infrastructure.
This allows them to innovate quickly and bring their ideas to life with minimal barriers to entry. By targeting both ends of the spectrum – enterprise customers and smaller development teams – QuickNode’s RaaS platform ensures all developers have the resources and support they need to succeed in the dynamic and evolving blockchain landscape.