Introduction
CoolWallet now supports Consensys’ innovative new Ethereum layer-2 zero-knowledge (ZK) rollup network, Linea. Our latest Web3 feature unlock provides Linea ecosystem users with an enhanced cold storage experience and smart contract safety when transacting thanks to our hardware wallet CoolWallet Pro and CoolWallet App. Both come with open-source transparency to help preserve your privacy and security at all times.
Linea, launched by Ethereum pioneer ConsenSys, utilizes zero-knowledge proof technology and is Ethereum Virtual Machine (EVM)-compatible to ensure its applications can integrate seamlessly with the Ethereum blockchain.
While Linea has yet to reveal plans for a native token at the time of writing (August 2023) and currently uses ETH for transaction fees, Web3 enthusiasts are actively participating in frequent transactions and interactions within the Linea ecosystem to help it get off its feet and just maybe qualify for some future rewards.
This surge in activity, however, has heightened security concerns due to the potential for a plethora of Web3 phishing threats that could empty user wallets. The good news is that all you airdrop hunters and DeFi degens can rest (and hunt!) easy thanks to CoolWallet’s powerful new SmartScan feature in partnership with KEKKAI that flags any malicious Dapp transaction before it has the chance to drain your account.
Let’s dig into the world of Linea and see why CoolWallet is the perfect Linea hardware wallet for zkEVM users who want the best of both convenience and security in cold storage.
What is the Linea zkEVM Chain?
Linea, also known as ConsenSys zkEVM, is a Layer 2 zero-knowledge Ethereum Virtual Machine (zkEVM) launched by ConsenSys, the company behind MetaMask and other leading Ethereum projects. Its EVM status helps developers use the same tools and have similar experiences as on the Ethereum mainnet, with the protection and security of Ethereum’s battle-tested network and without the high transaction fees.
Financially, Linea has garnered a lot of attention for its heavyweight backers. It has raised about $726 million through different funding rounds, bringing its value to an amazing $7 billion. ZkSync has raised $458 million, which shows how well Linea is doing in tough market conditions which has seen VC backing drop significantly in 2023.
How Does Linea Work?
Linea employs a lattice-powered prover, based on zkSNARK technology, which quickly produces proofs without the need for a trusted setup like with optimistic rollups. This means that transactions on the Ethereum mainnet are rendered a crazy 15x to 20x more cost-effective. Additionally, Linea positions itself as a sophisticated platform catering to developers’ tooling and infrastructure needs. It is compatible with platforms such as Truffle, ConsenSys, Infura, and MetaMask, facilitating development even for those unfamiliar with zkEVM or zk-rollup.
Linea is among the various zero-knowledge (zk) rollups present in the market, signifying that employing zero-knowledge proofs is not an exclusive attribute anymore. What distinctly characterizes Linea is its status as a fully EVM-equivalent zero-knowledge layer 2 network.
Understanding Zero-Knowledge Rollups and zkEVMs
ZK rollups function similarly to Optimistic rollups in that they also batch, or “roll up,” many transactions on a layer-2 before sending them to the Ethereum mainnet. They differ from Optimistic rollups in that instead of waiting a week for validation, they use a technology called ZK-SNARK (short non-interactive argument of knowledge) or ZK proofs to validate the transactions. Both Optimistic and ZK rollup technology have their particular strengths and weaknesses. ORs are EVM-compatible but have security concerns due to the possibility for fraud. zk-Rollups are more secure but aren’t as versatile since they aren’t fully EVM-compatible.
Enter zkEVM chains.
What is a zkEVM rollup?
New zkEVMs like Linea, zkSync and Polygon (all supported by CoolWallet) are groundbreaking EVM-compatible rollups that boast the security of zk-Rollups and smart contract compatibility of optimistic rollups. This means they work well with Ethereum processes like smart contracts and dApps, reduce gas costs, and boost the Ethereum network’s efficiency. In short, zkEVMs combine the best of both rollup worlds.
How to Qualify For A Potential Linea Airdrop
Airdrop hunters, listen up closely. While no Linea token has been annnounced, we all know by now that most layer-2 chains eventually launch a token to reward early contributors and incentivize network participants. Of course, nothing is a given, but if you’re interested in potentially qualifying for an airdrop, then you should start using the Linea ecosystem.
Popular ways of interacting with the Linea ecosystem include:
- bridging
- using DApps
- minting NFTs.
CoolWallet users can bridge their ERC-20 tokens to the Linea chain by using the CoolWallet App’s web3 browser and visiting https://bridge.linea.build safely. After conducting a bridge transaction, users will gain access to the Linea ecosystem. Users can also interact with DApps, swap tokens on DApps such as SyncSwap or XY Finance, or mint their own NFT on platforms like Bilinear.
CoolWallet’s SmartScan Make Web3 Safety As Easy As 123
Bad actors have siphoned off $3.8 billion in 2022 and over $650m in the first half of 2023 so far, of which 56% can be attributed to smart contract vulnerabilities and 15% to phishing attacks.
Popular phishing methods employed include creating fake DApp or NFT projects or acting as founders or team members of legitimate ones. When users connect their wallets to these fraudulent DApps, their funds are quickly stolen.
The Linea announcement affords CoolWallet the opportunity to showcase its new Smart Scan feature which is integrated in the free-to-download CoolWallet App. SmartScan is the result of a partnership with Japan-based Web3 analytics and security platform KEKKAI and automatically analyzes both the transaction counterparty (DApp) and details to detect any anomalies or irregularities and reduce the risk of fraud and deception.
CoolWallet App’s SmartScan automatically scans both the transaction counterparty (DApp) and the transaction details to detect any anomalies or irregularities, providing clear visibility of transaction details on the “Transaction Confirmation” page, thereby reducing the risk of fraud and deception.
Conclusion
Remaining at the frontier of Web3 and Ethereum developments will always be a top priority for CoolWallet. With so much happening across these landscapes, especially in the layer-2 scaling world, it is our duty to ensure that all users can navigate and help grow these new networks as safely and conveniently as possible by using cold storage technology like secure element chips and biometric verification as seamlessly as they would any software wallet.
Stay tuned as we announce support for more zkEVM chains and the digital assets that live on them.
DELIVERED EVERY WEEK
Subscribe to our Top Crypto News weekly newsletter
About CoolWallet
CoolWallet is a pioneering hardware wallet brand established in 2014 by CoolBitX that offers users the comfort of convenient portable cold storage in the Web3, DeFi, and NFTs arenas. The company’s flagship product, the CoolWallet Pro, is a groundbreaking hardware wallet that boasts a wafer-thin smart card form factor, an EAL6+ secure element, military-grade Bluetooth encryption, and a tamper proof and water-resistant exterior.
