ZkSync Smart Contract Security Audit

Ethereum’s scaling protocol ZkSync has passed its first security audit in preparation for expanding user access. ZkSync will likely open its network by the end of next year. The first security audit conducted by OpenZeppelin did not reveal any critical issues.

As you know, a ZkSync audit for new protocols is essential due to the increasing hacking. It is necessary for both developers and users. ZkSync continues to evolve and take on new frontiers. For example, several well-known decentralized finance protocols, Uniswap and Aave, have decided to launch their smart contracts on ZkSync. Probably zkSync has a promising future. 

What is ZkSync? 

ZkSync is one of the most anticipated layer two networks on Ethereum that uses zero-knowledge proofs to increase transaction throughput. The platform has not issued tokens. However, it will likely distribute them to users who start using the ZkSync Testnet.

The open-source Layer 2 Blockchain is notable for removing expensive Ethereum gas payments, performance barriers, and scaling limits using zero-knowledge proofs. Zk Sync is designed to unlock the full potential of blockchain technology while scaling the core values of Ethereum. 

It uses the ZK-Rollup method to reduce the load on the leading network by grouping transactions into groups. ZK-rollups work by moving the bulk of the transaction activity away from Layer 1 to provide scalability.

Proof of reality

ZkSync is built on the zkRollup architecture. A smart contract on the leading Ethereum network verifies each transaction. No validator can take user funds and put the system in an incorrect state.

Security overview

If implemented correctly, funds hosted in ZkSync will have the same security guarantees as if stored in an Ethereum account. It is essential to note that private keys can be stored in cold storage

Under no circumstances can validators steal funds or corrupt the state of zkSync. Users can withdraw their assets to the leading network regardless of cooperation with zkSync validators.

Priority queue

When all validators go down or stop responding, the escape mechanism ensures that users retain control of their assets.

ZkSync 2.0 Security Audit

The first audit report showed that zkSync 2.0 is on the right track. The developers believe zkSync will be the first zero-knowledge rollup compatible with the EVM. Leading smart contract security solution provider OpenZeppelin recently announced a partnership with ZkSync developer Matter Labs.

OpenZeppelin has conducted a security audit for zkSync 2.0. For four weeks, the company studied this solution’s features; in particular, it tested the zkSync 2.0 level 1 building block. At the moment, there are no critical problems in the project.

About Matter Labs

It is a development team behind EVM-compatible zkSync that provides scalability without compromising decentralization or blockchain security. The company notes that its innovative product guarantees the protection and expansion of global economic freedom.

Technology allows anyone to freely and easily migrate their projects from older EVM-compatible solutions to zkSync 2.0. It likely marks the final stage of Ethereum scaling. zkSync announced it had raised $200 million in a series funding round. The company’s third funding round was led by cryptocurrency venture capital firms Dragonfly Capital and Blockchain Capital.

Conclusion: ZkSync Audit

The main benefit of ZkSync 2.0 is that developers building DApps EVMs can effortlessly transition to ZkSync 2.0 with high transaction speeds and low gas fees. Naturally, all this is absolute without prejudice to decentralization and security.

ZkSync has recently been integrated with Hacken. For this firm, zkSync integration is the gateway to hundreds of projects from DeFi to NFT, and zkSync is backed by a trusted cybersecurity auditor. ZkSync has good prospects. It needs to be checked, which will guarantee security, one of the most pressing issues in crypto today.

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