A new initiative to solve the problem of network incompatibility in the Ethereum ecosystem was announced at the EthCC conference. This formation, called Ethereum Economic Zone (EEZ), aims to make layer 2 (L2) projects operating on Ethereum more compatible and interactive.
EEZ initiative and participatory projects
EEZ studies are carried out by Gnosis, Zisk and the Ethereum Foundation. Gnosis, which has been contributing to the Ethereum infrastructure for a long time, develops bridge and network solutions for decentralized applications. Zisk, on the other hand, is known for its work on zero-knowledge proof technologies.
The Ethereum community has been turning to L2 networks to increase scalability for many years. However, these networks often operate independently of each other. Users are forced to use bridges when they want to transfer assets between networks; This makes transactions problematic both in terms of time, cost and security. Similarly, developers are faced with building the same tools over and over again for each L2.
EEZ aims to eliminate these problems. Thanks to the new structure developed, it is envisaged that asset and information transfer between applications running on different Ethereum networks will occur instantly and without bridges. Networks will still depend on Ethereum’s core security mechanism.
Effects and development process
This initiative comes at a time when trust in L2 networks is being re-discussed in Ethereum’s long-term road map. Vitalik Buterin, one of the founders of Ethereum, stated in recent statements that some aspects of L2-based plans should be re-evaluated. In particular, it was emphasized that the fragmentation in the ecosystem and the difficulties that negatively affect the user experience continue.
The main innovations targeted with EEZ include creating a single liquidity pool, providing a simpler infrastructure for developers, and enabling users to perform seamless transactions on different L2 networks. In this way, it is expected that funds will be able to move freely and application development processes will be facilitated. Within this structure, ETH will be used as the main token in transaction fees, and there are no plans to issue a new token.
The development process of the project continues transparently. The broader Ethereum community is invited to participate with ideas and contributions to the created framework.
Friederike Ernst, one of the founding partners of Gnosis, included the following statements in the shared press release:
“Ethereum’s problem is not scalability, but fragmentation. Each new L2 becomes a separate domain, making it difficult to flow value with the Ethereum mainnet. EEZ aims for the opposite.”
