The primary Ethereum Blockchain (Layer 1), with its vast DApp ecosystem, completing thousands of transactions per day, has many competitors – crypto investors, bullish for its long-period future. Layer 1 hasn’t always been smoothly operating, as detractors often bring up obstacles like pricey slow-paced transactions and gas fees. Fortunately, Layer 2 scaling solutions offering more beneficial transactions like zkSync come in handy.
ZkSync, Powered by ZK-Rollup technology, prides itself on low prices and high security. Are you interested in how this solution will enhance Ether’s scalability without compromising security? Read on to learn the benefits of utilizing zkSync security technology as a scaling solution.
ZkSync Security Overview
ZkSync protocol design contains the protocol’s security properties and cryptographic assumptions. In brief, the protocol claims that, given the accurate implementation and validity of cryptography-based assumptions, the user funds held in ZkSync will stick to the same security guarantees as if placed into an Ethereum balance without any added requirements. To be precise:
- Validators can’t steal money.
- Users don’t have to monitor the network.
- Private keys may be held in cold storage.
- Users can easily withdraw their assets onto the Mainnet without zkSync validators’ cooperation.
Many mechanisms are implemented to fulfill the mentioned guarantees.
ZkSync Security Benefits
ZkSync offers to reduce gas costs considerably without sacrificing funds’ security or user control. By involving zkSync for financial operations like deposits and withdrawals, clients make use of the following benefits:
Secured and Decentralized
Despite being decentralized, zkSync preserves Mainnet-level security since the validity proof is stored on Layer 1 without any dependence on third parties. This guarantees increased scalability, maintaining network decentralization.
Low-Cost Transaction Fees
Since crypto transactions are bundled up, users typically participate by sharing the gas cost. If sufficient users band together, gas fees will amount to just a few cents.
ZK-Rollup technology allows speedy withdrawal times using validity proof to verify transaction records. With zkSync, users can expect swift withdrawals within 10 minutes.
What Is zkSync?
ZkSync is a so-called trustless protocol from Matter Labs for scalable reduced-cost payments on Ethereum, whose top priority is security. As a Layer 2 scaling solution that now lives on the Ethereum Mainnet, zkSync provides fast transactions and low gas fees while maintaining guaranteed security by hooking zero-knowledge proofs. It’s powered by robust ZK-Rollup technology and rolls out scalable, cheap transactions on Ethereum.
ZkSync stands out among present-time scaling solutions due to its excellent usability and security. Whereas complete Layer 2 schemes like Plasma and state channels attempt to move computations and records off-chain, this may threaten overall asset security. As zkSync is still in its early stages of development, its codebase may contain undiscovered bugs leading to risks to users’ assets loss. ZkSync combats such treat with its hybrid technology solution – Layer 2 Roll-up.
The non-interactive, concise, and zero-knowledge argument of knowledge proofing facilitates fast verification and occupies less storage than traditional digital contracts. Keeping some data on-chain and moving computation off-chain makes the process comparatively more efficient. This gradually makes zkSync’s validations quicker and less costly than other scaling solution counterparts.
In zkSync, all submitted transactions are validated by simple execution. So if a vulnerability in our ZK circuits occurs, the cyber attacker must breach both the cryptography and the sequencer.
ZkSync is grounded on zkRollup Architecture. This guarantees that every single transaction is secure as it passes verifying process on the Ethereum Mainnet by a digital contract. That is done utilizing proof of the validity of the block verification. Hence, no validator can ever shift the system into an incorrect state or get access to users’ funds.
The zkSync Team
ZkSync is the product of Matter Labs. They have received funds from the Ethereum Foundation and top-ranking investors like Union Square Ventures. Matter Labs is managed by Alex Gluchowski and Alex Vlasov, founders of popular projects like 3x and RedShift. The Team has focused efforts on scaling Ethereum using SNARK-based proofs since 2019.
Matter Labs has expanded into a 20+ person team of developers and reputed members of the Ethereum community, including 5 ACM ICPC & National Olympiad Winners, Google, ex-Intel, BitFury, and CERN.
At this current stage of zkSync, the probability of bugs is much higher than a malicious collusion between the 9/15 members of the security council and the engineers’ team. The company is actively hiring for technical and non-technical roles, including cryptography engineers.
The Future of ZkSync
ZkSync has already reached several key milestones. By significantly decreasing gas costs without sacrificing user control or safety, the platform seems the best option for Ethereum scaling solutions of Layer 2.
To mitigate the “sandwich attacks” issue on trades, Matter Labs plans to introduce time-locked encryption in a zkSync future release. This feature will prevent attackers from seeing the transaction contents.
Upcoming platform milestones include:
- Introduction of Time-Locked Encryption to minimize MEV and mitigate front-running zkSync 2.0 Mainnet launch, introducing the protocol token and its program of Liquidity Mining;
- Privacy features new upgrade;
- FPGA-based hardware acceleration to reduce the proof-generation time;
- ZincVM native Rust support.
Regarding decentralization-focused goals, zkSync is now fully noncustodial and features zero trust assumptions. This implies that zkSync validators lack the power to interact with users’ digital assets without specific authorization. As the team aims to turn the zkSync platform into a fully decentralized protocol, existing users are at an advantage.
Depositing and Withdrawing Crypto With zkSync on Bybit
ZkSync offers fast withdrawals, high security, and low fees by registering with Bybit and depositing/withdrawing with its scaling solution. Using ZK-Rollups technology, clients can get the most out of users’ assets, crypto deposits, and withdrawals. Now-supported cryptocurrencies include USDT, ETH, DAI, and USDC.
By aiming to become the actual Layer-2 Secure Solution for Ethereum, zkSync undoubtedly has multiple potentials to reach its grand mission. It plans to efficiently address scaling issues while maintaining Mainnet levels of privacy and security of its users and complete decentralization as a robust platform. So it is high time to use zkSync’s latest ZK-Rollup technology and grab the benefits of Bybit.
Yes. Crypto-enthusiasts have been waiting long for a zkRollup representing the end-game for Ethereum scaling. It’s taken four years, but zkSync 2.0 has now been released on the Mainnet and is fully gated.
Matter Lab intends to open source SkSync 2.2 in Q4 2020, operating under the MIT Open Source License. This will facilitate the bug-detection process in smart contracts.
ZkSync is an ultra-modern Layer 2 scaling solution for Ethereum, providing low fuel consumption and swift transactions, not compromising security-based standards.