Helius Labs CEO Mert Mumtaz recently caused a stir on crypto Twitter with a series of tweets discussing Solana’s new ZK compression technology. His insights on this technological advancement have sparked a lively debate within the crypto community.
Decoding Mumtaz’s Cryptocurrency Tweets
The impact of zk compression on my financial portfolio has been catastrophic
This abominable technology should never have seen the light of day pic.twitter.com/YLk0z4dZZ1
— mert | helius | hSOL (@0xMert_) July 4, 2024
In his tweets, Mumtaz humorously attributed various calamities to ZK Compression. He humorously claimed that ZK compression was decimating his entire net worth. He went on to label it as a repugnant, malevolent technology that should have never been developed.
He coined the term “zk depression” and asserted that the market downturn was solely attributable to zk compression.
ZK Compression represents a novel scaling solution that has the potential to significantly reduce the cost of Solana transactions. Mumtaz had previously suggested that it could lower the expense of sending tokens to a million users from $260,000 to a mere $50.
While some view ZK compression as a revolutionary breakthrough, others express concerns about its compatibility with Solana’s previous scaling strategies.
In a separate tweet, Mumtaz remarked that the recent price decline has brought about fundamental changes in his perception of blockchain technology. He lamented that the landscape has been altered irreversibly, with the technology failing to deliver as expected. “Our validator even expressed disinterest in producing blocks,” Mumtaz quipped.
He attributed these challenges to zk compression, highlighting its role in curbing developers’ expenditure on accounts. Mumtaz jokingly exclaimed, “We need zk enlargement!”
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