ZkSync is a Layer 2 scaling solution for the Ethereum blockchain, designed to enhance scalability and efficiency through zk-rollup technology. Zk rollups aggregate transactions from the Ethereum mainnet and submit proofs of transactions to Ethereum. This process consolidates hundreds of transactions into a single transaction, verified and secured by Ethereum, significantly boosting Ethereum’s transaction throughput. Notably, this approach helps alleviate network congestion and reduce gas fees, making it more cost-effective for users to engage with Ethereum smart contracts and transfer tokens.
Despite operating off-chain, ZkSync ensures a high level of security by linking transaction finality to the Ethereum mainnet, guaranteeing the safety of user assets. In summary, ZkSync is an Ethereum scaling project that aims to ease congestion on Ethereum, providing security while maintaining connectivity to the Ethereum mainnet.
Collect Transactions > Generate Evidence > Send to Layer 1
ZkSync utilizes Zero-knowledge-proof technology to scale Ethereum. Zero-knowledge-proof technology, also known as a cryptographically secure method of transaction verification, does not directly prove the correctness of a transaction. For instance, zk-rollup solutions can only verify that a particular transaction is correct without providing explicit proof. In simpler terms, zk-rollups adopt a ‘trust me on this’ approach. While this might appear counterintuitive to the average person, Zero-knowledge-proof technology is widely acknowledged as one of the most promising scaling and privacy solutions for Ethereum.
zkSync 2.0
The platform has previously introduced zkEVM, making zkSync both EVM-compatible and EVM-equivalent. This allows for the execution of smart contracts with support for most Ethereum opcodes. A crucial aspect of zkSync 2.0 is zkPorter, designed to enhance the aggregation component of the protocol. Thanks to the off-chain data availability component, zkPorter is fully compatible and interoperable with zkSync. In simpler terms, this development marks another stride towards mass adoption by providing faster and more cost-effective options for blockchain usage. zkSync 2.0 claims to offer a speed of 20,000 transactions per second (tps) and a 100x fee reduction for zkPorter users.
ZkSync Token
ZKSync currently does not have a native token. However, the company explicitly states on its tokenomics page that a zkSync native token is planned. This token will serve for staking and as a validator on the zkSync network. The project has successfully raised a total of $458 million from investors, including Drogon Fly, Alchemy, OKX Ventures, ConsenSys, 1kx, Crypto.com, and a16z.
How is ZkSync different from other Layer-2 networks?
zkSync, like other Layer-2 scaling solutions, aims to increase the scalability and efficiency of the Ethereum blockchain. However, there are some key differences that distinguish zkSync from other popular Layer-2 networks such as Optimism and StarkNet.
ZkSync, Optimism, and Starknet are Layer 2 scaling solutions for Ethereum, each distinguished by its underlying technology and security models. zkSync ensures robust security through zero-knowledge proofs and zk-Rollup technology, processing transactions off-chain and finalizing them on the Ethereum main network. In contrast, Polygon offers a versatile scaling framework with options like sidechains, private Supernets, and the latest zkEVM, enabling developers to tailor solutions to their unique needs and goals.
Optimism employs Optimistic Rollup technology, assuming transaction validity and resolving disputes in the chain through fraud evidence. Optimistic Rollup provides high throughput and scalability with a security model that differs from that of zkSync. Starknet, on the other hand, relies on zk-STARKs, while zkSync uses zk-SNARKs. This results in variations in setup procedures, scalability, and resistance to potential quantum computer attacks.
Furthermore, zkSync differentiates in terms of speed. Specifically, transactions in zkSync arrive on Ethereum when the SNARK proof of the zkSync block is generated and accepted by the smart contract. The generation time of the proof is expected to be around 10 minutes, meaning that 10 minutes after it is sent, the zkSync (proof) transaction is as fast as any Layer 1 Ethereum transaction within the same Ethereum block as the transaction containing the proof.
Average fee charges paid for ZkSync and other l2:
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What are the Features of ZkSync?
It has a huge ecosystem with 161 dapps.
You can easily move your cryptocurrencies between Layer 1 and Layer 2.
Transactions are 142 times faster than Layer 1, with an incredible speed of 2,000 transactions per second.
The gas fee is 100 times less than Layer 1, even more cost-effective than using optimistic rollups.
zkSync is as secure as the Ethereum main chain.
It has successfully raised funds through four different rounds, totaling $458 million.
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