zkSync is a layer-2 scaling protocol for Ethereum, which uses zero-knowledge proof technology to process transactions with lower fees and higher speed.

This protocol allows users to transfer ERC-20 tokens, smart contracts, and NFTs outside the Ethereum mainnet, without compromising security and decentralization. This article will explain what zkSync is, how it works, what its features and advantages are, and what ecosystems are already running on it.

Zero-Knowledge Proof: The Technology Behind zkSync

Zero-knowledge proof (ZKP) is a cryptographic technology that allows someone to prove information without having to reveal that information. For example, Alice can prove to Bob that she knows the answer to a puzzle, without having to tell Bob the answer.

ZKP has many applications, one of which is for blockchain scaling. With ZKP, users can make transactions outside the main network, and only send mathematical proof that the transaction is valid, without having to send transaction details such as address, amount, or other data.

This can save space, fees and transaction time on the main network.

zkSync: A Layer-2 Scaling Protocol for Ethereum

zkSync is a layer-2 scaling protocol built on the Ethereum network, which uses ZKP technology to process transactions. This protocol was developed by Matter Labs, a blockchain technology company based in Switzerland.

zkSync has several features and advantages, including:

Speed

zkSync can process up to 2,000 transactions per second, which is much faster than the Ethereum network which can only process around 15 transactions per second.

Cost

zkSync can offer very low transaction fees, which range from 0.01% to 0.1% of transaction fees on the Ethereum network.

Security

zkSync guarantees transaction security using ZKP, which cannot be forged or manipulated. In addition, zkSync also inherits the security of the Ethereum network, which is the largest and most powerful blockchain network in the world.

Decentralization

zkSync does not rely on third parties or central authorities to validate transactions. Users can choose validators they trust to process their transactions, and can withdraw their funds at any time from the Ethereum mainnet.

Compatibility

zkSync supports a wide range of ERC-20 tokens, which is the token standard on the Ethereum network. Users can transfer ERC-20 tokens easily and cheaply on zkSync. Additionally, zkSync also supports smart contracts and NFTs, which are popular applications on the Ethereum network.

zkSync Ecosystem: Existing Applications and Integrations

zkSync launched its mainnet on March 24, 2023, under the name ‘Era’. Since then, many applications and integrations have run on top of zkSync, demonstrating the potential and possibilities offered by this protocol.

Some examples of applications and integrations already running on zkSync are:

Gitcoin 

A platform that connects open source developers with sponsors willing to fund their projects. Gitcoin uses zkSync to reduce costs and increase efficiency in sending donations and rewards to developers.

Curve

A token exchange protocol optimized for stablecoins and synthetic assets. Curve uses zkSync to increase liquidity and speed in token exchanges at layer-2.

Immutable X

An NFT protocol that offers NFT creation, trading, and storage without gas fees. Immutable

zkTube 

A payment protocol that allows users to send and receive money quickly and cheaply anywhere in the world. zkTube uses zkSync to process payment transactions at layer-2 at almost zero cost.

Conclusion

zkSync is a layer-2 scaling protocol for Ethereum, which uses zero-knowledge proof technology to process transactions with lower fees and higher speed.

The protocol supports a wide range of ERC-20 tokens, smart contracts, and NFTs, and has many applications and integrations already running on top of it. zkSync offers an interesting and innovative solution to address the scaling problems faced by the Ethereum network.

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Read also:

What is Blockchain 1.0? A Blockchain Starting Point

What is Blockchain 3.0? Blockchain Always More Up to Date

What is Aeternity Blockchain?

Understanding Public Blockchains

DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.