Cryptocurrency News

Relic Protocol brings data of Ethereum to L2

Relic Protocol has announced porting all of Ethereum’s data to Layer 2 to make historical data accessible via smart contract. While data recorded on the blockchain sticks to the network for a longer time – lifetime – the same is untrue when it comes to smart contracts. Relic Protocol is now taking charge of bringing a few changes that are likely to eliminate the current model established by the likes of Etherscan.

It basically indexes data off-chain, seeking customers to trust providers. Relic Protocol takes a different route in a trust-minimized manner. Courtesy of mathematical precision, Relic Protocol takes on the vast history of Ethereum to replace the current traditional models. The protocol has been designed by ChainLight, a security firm, to achieve all the said objectives through V2.

The first blockchain that V2 targets for data hosting is the zkSync Era. Needless to say, many more blockchains will host the data in the days to come. Brian Pak has confirmed that they are looking for ways to build building blocks to extend the support to developers. The Chief Executive Officer of ChainLight has further highlighted that it is an attempt at the moment, with all the efforts being driven to build on top of what developers come up with.

Such an instance has been acknowledged by Bayi Akins. They hail from the position of Business Developer for zkSync developer Matter Labs. Per the statement, Relic Protocol is the first in the segment of Oracle providers ever to use zk-SNARKS as a crucial element of Oracle design.

Deployment improves data accessibility and cost-efficiency, noted Akins before stating that it specifically applies to the Ethereum scaling ecosystem. The deployment helps developers to accelerate their architecture of innovation and trustless operations.

All the historical data gets stored in a compressed format, allowing developers to look into certain aspects of it based on their needs or preferences. This can be explained with the help of the Bitcoin. For instance, if a developer wishes to review the price of the said token for 2022, then they can venture into the platform and filter the archive to get the desired result. All of it happens within a smart contract.

It will likely largely benefit platforms that are into lending and borrowing services. Market volatility keeps fluctuating; however, that doesn’t mean that no developer can study it or review it for their objective. Ethereum’s dependency on a third-party platform restricts it from providing such an offering. No more, one can assume Relic Protocol to sing as it establishes that the status quo is not ideal.

Relic Protocol apparently is not the only venture out on the field to solve this problem. Herodotus appeared at the StarkWare Summit in San Francisco to debut as an on-chain accumulator. It has set out straight that it is also working to make the historical data on Ethereum accessible to everyone on Starknet.

Paul Jolin

Paul Jolin is an economist having experience in financial research. He joined CoinNewsSpan in 2017 and since then has been working with the team to offer best price analysis and review stories on the crypto space. He is optimistic about blockchain technology's use cases in terms of financial freedom. He also has experience as an independent trader.

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