ZKsync (ZK) – Driving Ethereum Innovation and Performance

ZKsync is a perfect example of how innovation and ingenuity can result in a better UX for all. The project streamlines dapp creation and interoperability. As such, it now serves a vital role in the Ethereum economy, providing developers with better security and faster settlement times. All of these factors make Zksync a platform to watch.

ZKsync (ZK) is a Layer-2 scaling solution in the Ethereum ecosystem, known for its use of Zkproofs and proprietary technology to enhance interoperability within its multichain ecosystem. Here's a closer look at ZKsync.

As a leading scaling solution and infrastructure provider, Zksync has processed over 400M transactions since its launch and boasts 7M+ active addresses with $1.56B+ TVL (Total Value Locked). Its performance and lower fees have contributed to this growth.

What's a Layer 2 Network?

A Layer-2 protocol operates on top of a mainnet, like Zksync on Ethereum, to reduce congestion. Most Layer-2 solutions handle the computational aspects of transactions, which has proven effective. Additionally, they can introduce new functionality for the original chain's users.

What Problems Does ZKsync (ZK) Aim to Solve?

ZKsync was designed from the outset to address congestion on the Ethereum network, which was a Proof-of-Work network at the time. This structure required high computational power, leading to higher fees and slower transaction times for users.

Sursa – ZKsync

The limitations of this setup were recognized by the developers behind ZKsync, who created it to reduce the computational workload on the mainnet and improve security. As part of this strategy, it leverages zero-knowledge rollups, effectively enhancing security.

High Fees

Congestion on the network can lead to higher fees, which is a major issue. In the case of Ethereum, there have been several instances where network congestion has caused the network fees to exceed transaction amounts. This highlighted the need for a fast, efficient, and low-cost scaling solution. ZKsync offers low-cost transactions, ranging from 1-3 cents each, significantly reducing the costs associated with the Ethereum mainnet.

Lack of Interoperability

Another concern that drew the attention of the developers was the lack of interoperability. As such, ZKsync's team sought to introduce a new level of interoperability. The platform allows users to easily create fully interoperable tokens and networks as part of this approach. These protocols can be accessed using the modular smart accounts, which reside on the protocol level and seamlessly interact with all ZK side chains.

Lack of Liquidity

A lack of interoperability also leads to a lack of liquidity. When systems operate in isolation, there will be smaller liquidity pools for certain projects. ZKsync offers a solution in terms of full interoperability across the entire ZK ecosystem, enabling all projects to access the deepest liquidity provided by the ERC sector.

Benefits of  ZKsync (ZK)

ZKsync offers several benefits that set it apart. For one, the platform provides high performance with fast and cheaper transactions. The lower cost and speed make ZKsync ideal for dapps that rely on microtransactions.

Developer-centric

Developers will appreciate the reduced time spent supporting their builds. The protocol features an easy-to-use interface with a customizable UX. Developers can easily build, deploy, maintain, and secure their creations using ZKsync technology.

Easy On-Boarding

Another major benefit introduced by Zksync is one-tap onboarding. Newcomers to Layer-2 or blockchain may find the influx of new terminology, features, and services overwhelming. The use of a one-touch onboarding strategy reduces technical barriers to adoption and provides new users with the confidence that they can navigate the decentralized economy effectively.

ZKsync Security

ZKsync users also benefit from its security measures. The protocol employs several methods to protect users, including advanced cryptography, community governance, open-source coding, verifiable blockchain transactions, and more. Uniquely, the system also supports biometric verification for wallets and more. This approach eliminates the need to memorize lengthy seed phrases.

How Does ZKsync (ZK) Work?

ZK-rollups technology is used by Zksync to operate. This tech bundles hundreds of transactions into a single batch file, known as a ZKProof, rather than sending each transaction to the mainnet individually. This batch file is then sent for verification. A ZK-SNARK is formed once the transactions are verified. This protocol is what gets posted on the Ethereum mainnet.

zkPorter

An additional scaling method, called ZKPorter, was recently introduced by the developers. This off-chain data availability system offers several benefits, including increasing scalability from around 4000 TPS (transactions per second) to 20,000 TPS.

Guardians

Guardians are critical network nodes within the Zksync economy that perform tasks like varying ZK SNARKS. They receive rewards in the form of ZK tokens based on their level of participation in the network.

Zero-Knowledge Proofs (ZKPs)

Zero Knowledge Proofs is a technology that has revolutionized blockchains. The term refers to a method of verifying a person has a certain item without revealing the item itself. In the case of Z