We never doubted the potential of ZK technology.
That’s why we’ve been building key infrastructures like DEX, NFT marketplace and payment tools using ZK-Rollup since 2020, and we’re proud that some of the features are innovative and industry-first, such as the NFT L1-L2 mutual transfer in 2021, and Eco Deposit/Fast Withdraw, L2 Batch transfer, L2 NFT auction, L2 domain name service in 2022.
We started all of these two years ago, and we never give up exploring new product forms that solve problems for blockchain users and are in line with the core value of the blockchain industry.
In 2023, ZK is playing an increasingly important role in fields like scaling, cross-chain and privacy. Scaling platforms like ZKSync, Polygon are releasing their zero-knowledge Ethereum Virtual Machine (ZKEVM); ZK cross-chain projects like Succinct, Hyper Oracle have finished their model verification; privacy-focused projects like Aleo and Aztec are also gaining widespread attention; the need for Zero-Knowledge Proofs (ZKP) has never been greater.
And that’s where ZKMarket comes in — providing a decentralized and efficient hashrate marketplace for ZKP and revolutionizing the way we think about computing power.
1. What is ZKMarket
ZKMarket supports users with computing power to become nodes of decentralized ZK networks and participate in generating ZKP.
ZKMarket simplifies the technical requirements for both the demand and supply sides of ZKP. The hashrate demanders include ZK-Rollup networks, and the hashrate providers include individuals or organisations running prover software.
Hashrate Providers
ZKMarket is built on the ZK-Rollup network ZKSpace, and the registration, hashrate supply, and revenue distribution of all miners are completed through a decentralized Layer2 network. Miners only need to run mining software to provide computational power to the market.
Hashrate Demanders
Currently, teams such as Scroll, ZKSync, and Polygon are designing decentralized prover networks to attract more provers to join. More ZK applications are also under development, forming a strong demand for ZKP computational power.
ZKMarket calculates the costs and returns for miners, dynamically selects proof tasks that can be invested, and maximizes the mining revenue.
2. Why we build it
Our team has been researching ZKP since 2020 and is committed to fostering its development and mass adoption. We recognize that a ZKP market will play a vital role as the infrastructure of the ZKP field. Therefore, we’ve decided to create ZKMarket, the first decentralized hashrate marketplace for ZK applications and miners.
We provide:
- Computing power and network security for ZK applications
- A convenient, transparent and secure mining platform for miners
With ZKMarket, ZKP demanders, including all Layer2 scaling solutions, do not need to worry about security issues caused by the lack of computing power. On the other hand, hashrate providers, i.e. miners, do not need to deal with the technical difficulty of various complex protocols. ZKMarket handles everything complex for miners and all they need is to run a piece of software to provide computing power to the market.
Decentralization and security
ZKMarket is a decentralized Layer2 hashrate marketplace.
Not only is the registration of all miners recorded on the Layer2 network ZKSpace, all hashrate provided is also recorded on Layer2 in a transparent, complete and clear manner.
In this way, it erased the possibility of hashrate loss that could be caused by the malicious behavior of centralized mining pools.
The mining income, similarly, will be distributed in a decentralized manner secured by the Ethereum network, ensuring that everyone benefits from the marketplace’s success.
As decentralization is the core of blockchain, we believe that a decentralized hashrate marketplace will become an essential infrastructure for ZK applications.
3. Incentive Model
ZKS repurchase
ZKMarket will charge a certain percentage of service fees, part of which will be used to repurchase ZKS.
Mining revenue distribution (using Aleo as an example)
- During mining:
ZKSpace claims Aleo mainnet token rewards; at the same time, it mints an equal amount of ERC20 WAleo tokens, which are distributed to users’ L2 wallets according to their computational power share. An initial liquidity for WAleo will be established on Layer2 for user trading.
- Withdrawing income:
Users can withdraw WAleo to their Ethereum mainnet address.
We are excited to disclose more details to the community in the following articles, and we are looking forward to joining forces with active actors in the blockchain space to create fair and decentralized networks with ZK technology. Follow us on Twitter and join our Discord community to stay tuned. Let’s create something big in 2023!
ZKSpace team
About ZKSpace
The ZKSpace (formerly ZKSwap) platform consists of three main parts: ZKSwap, the first Layer 2 AMM DEX utilizing ZK-Rollups technology, payment service ZKSquare supporting fast and cheap Batch Transfer, and an NFT minting center and marketplace ZKSea. ZKSpace has been running since February 2021 with hundreds of function iterations, and no security incidents have ever occurred. With innovative NFT L1-L2 transfer, unlimited token listing, cheap and smooth deposit & withdrawal, and a Layer 2 domain name system ZNS, ZKSpace aims to implement EVM-compatible ZK-Rollups and bring the community more Layer 2-based products.
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