What is ZkSync? – A Complete Guide

It’s not surprising that Zk-rollup technology is becoming more and more popular. ZK rollup is a secure protocol that uses cryptographic proofs to enable low-cost and scalable transactions on Ethereum.

Users can move assets to level one at any time. ZkSync is a well-known Layer-two scaling solution on Ethereum that has fast transactions without sacrificing security and low gas costs.

What is ZkSync?

At one time, Ethereum experienced accelerated growth due to several significant events in the crypto sphere. However, ETH faces vast problems with low tariffs, traffic, and high gas costs. 

Several applications using layer two scaling protocols are designed to address these issues to maximize network performance. One such popular application is ZkSync, which guarantees to scale without losing security. 

The zkSync 2.0 update for Ethereum Layer 2 is constantly being buzzed around. A zero-knowledge deployment solution based on the Ethereum blockchain has firmly taken place in the cryptocurrency market.

How to Use ZkSync?

To access the ZkSync ecosystem and enjoy instant and cheap transactions, you first need to create a wallet. Otherwise, you will not be able to connect to the network.

Wallets allow you to store, buy, and sell cryptocurrencies and interact with the unique world of NFT, DeFi, and so on. 

• Establish a connection between wallets. This way, you can synchronize with the MetaMask Sync app. Then, you should connect your bank account to the leading network.
• Investments in your wallet. Deposit money into your bank account using a terminal or, for example, cash.
• Transfer funds from another ZkSync account. If you have a zkSync account, you can transfer funds to an ETH address.

Performing these actions is simple if you have specific minimal knowledge.

ZkSync network and ZkSync Team

To increase Ethereum’s scalability, the Matter Labs team launched Zero Knowledge Rollups. In 2020, the first version of ZkSync, called zkSync 1.0, was released. Since that time, ZKSync 2.0 has been getting more famous. 

A few months ago, Matter Labs released the zkEVMM testing framework, which makes ZkSync the first Zk-Rollup capable of executing native Ethereum smart contracts.

Zk-Porter is an innovative sharding solution. So, Ethereum scaling can increase from 3,000 TPS to 20,000 TPS. Ethereum developers are currently working on releasing ZkSync version 2.0 on their mainnet. So far, several releases of updates have improved network performance.

ZkSync creates a ZkSync token that investors will invest in and will be the validator of the ZkSync networks. The company intends to provide users with the opportunity to receive airdrops.

Optimistic rollups and ZK-Rollup solutions

ZK-Rollups combine hundreds of off-chain transactions and generate a zero-knowledge cryptographic proof known as SNARK. It allows one party to prove that it has specific information without disclosing that information. 

This feature provides a high level of privacy in public blockchains. While the Optimistic Rollups solution is based on the fact that all validators are honest, ZK-Rollups checks their honesty using the ZK-SNARK mathematical proof.

ZK-Rollup has no delays when withdrawing funds from level 2 to level 1. Unlike Optimistic Rollups, no fraud check is required in ZK Rollups, which can delay withdrawals for quite a long period of up to two weeks. 

What are the pros of ZkSync Solution?

ZKSync has several advantages, which users appreciate it. In particular, it can reduce gas costs and protect against intruders.

So, the advantages of ZkSync’s technology:

• High speed. Over 2000 transactions per second compared to 14 transactions per second on L1.
• Low gas: up to 1/100 L1 gas and cheaper than optimistic aggregations.
• Security. Guaranteed by the main Ethereum blockchain.
• Censorship Resistant. You can return your assets to L1 at any time.
• Hassle-Free Transfers. Easily move your cryptocurrency between L1 and Layer 2 without delay.

We note that the reduction in gas fees occurs without compromising safety.

Ethereum Scalability

Ethereum is a flexible, smart contract network that hosts hundreds of decentralized applications. Ethereum transfer fees skyrocket whenever there is a high traffic spike. But Ethereum still cannot absorb this amount of traffic. And this makes it more difficult for mass adoption.

Ethereum accounts for half of the traffic in DeFi. As a result, the scalability of Ethereum depends on many improvements. It includes token lending, borrowing, NFT trading, blockchain gaming, predictive markets, gambling, DAO treasuries, and insurance. Some of these are called zero-knowledge rollups or optimistic rollups and offload this traffic, significantly reducing fees and speeding up Ethereum.

ZkSync and Dapps

Dapps may be based on ZkSyncing, but they are not fully ready. It will also be perfectly compatible with the EVM, making it easy to migrate the smart contract to layer 2. The ZkSync app supports deleting accounts from the ZK rollup. Cryptocurrency is safe for all users.

Thus zkSync is a network that offloads Ethereum network traffic and saves the leading network from high transfer fees and congestion. Because zkSync is closely tied to Ethereum, it is often referred to as a layer two scalability solution, with Ethereum being a layer one network. 

Conclusion

Tier 2 is the term for applications built in Tier 1 to empower Ethereum. It provides transparency, full decentralization, and security while reducing carbon emissions and gas consumption. Level 2 provides more secure and efficient off-chain computing and processing.

ZK Sync capitalizes on this trend by offering users various solutions for scalable Ethereum without sacrificing security. And therefore, he attracts more and more attention to himself. What is ZkSync? It is an innovative layer-two scaling solution on Ethereum that offers fast transactions and low gas fees. Users can withdraw assets to Layer one at any time.

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