Who issued ZKsync (ZK)?

Matter Labs, founded by experienced cryptographers, issued ZKsync, a Swiss-based Layer-2 scaling solution utilizing zero-knowledge proofs for enhanced transaction throughput and privacy on Ethereum.

Dec 10, 2024 at 05:36 pm

Who Issued ZKsync (ZK)?

ZKsync (ZK) is a Layer-2 scaling solution for Ethereum that utilizes zero-knowledge proofs to enhance transaction throughput and privacy while maintaining the security of the underlying blockchain. Its issuance and development involve multiple key players:

Matter Labs

1. Issuance and Development:

• Matter Labs, a Swiss-based company, is the primary entity responsible for creating and issuing ZKsync.
• The company was founded in 2019 by Alex Gluchowski, Alex Skidanov, and Anton Kuznetsov, all experienced cryptographers and blockchain developers.
• Matter Labs has raised over $200 million in funding from investors such as Polychain Capital, Placeholder Ventures, and Dragonfly Capital.

2. ZKsync Protocol:

• Matter Labs designed and developed the ZKsync protocol, which implements zero-knowledge proofs to achieve scalability and privacy enhancements.
• The protocol enables off-chain transaction processing, significantly reducing the load on the Ethereum network and enabling faster, cheaper transactions.
• ZKsync also incorporates privacy features, allowing users to keep their transaction details confidential.

Ethereum Foundation

3. Ecosystem Support:

• The Ethereum Foundation has played a crucial role in supporting the development and adoption of ZKsync.
• The foundation has provided grants to Matter Labs and has recognized ZKsync as a promising Layer-2 scaling solution.
• The Ethereum Foundation's support signals its commitment to fostering a vibrant Layer-2 ecosystem.

Community Involvement

4. Open-Source Development:

• ZKsync is an open-source project, meaning that its code is freely available for review and modification.
• The community, including developers, researchers, and enthusiasts, actively contributes to ZKsync's development and improvement.
• The open-source nature of the project promotes transparency, collaboration, and continuous innovation.

Additional Contributors

In addition to the key players mentioned above, several other individuals and organizations have contributed to ZKsync's issuance and development:

• Vitalik Buterin, Ethereum Co-Founder: Buterin has been an advocate for Layer-2 solutions like ZKsync and has provided guidance to the Matter Labs team.
• Ethereum Research: Researchers at the Ethereum Foundation and other institutions have conducted extensive research on zero-knowledge proofs and their applications in scaling solutions like ZKsync.
• External Developers: Developers outside of Matter Labs have built tools, applications, and integrations that support the ZKsync ecosystem.