The inherent transparency of the blockchain provides transparency in many situations. Several smart contract use cases require Privacy due to various business or weekly needs. Privacy is one factor broadly holding back the enterprise’s adoption of public blockchain technology.
What is ZKSync?
ZKSync is an innovative Ethereum (ETH) scaling solution that uses ZK smart contracts. It is built on the Ethereum Layer2 blockchain that is built on top of the main network. Numerous transactions are grouped into a single batch, verified and secured by Ethereum.
Zero-knowledge proof (ZKP) is a way of authentication using cryptography to prove that one party possesses knowledge without revealing underlying information. It paved the way to corroborate its confidentiality and protect financial Privacy through a shielded address.
The user must be familiar with the following terms to fully understand the concept:
The distinct feature of zksync
Zksync uses zk-rollups to enhance features like throughput, scalability, functionality, security, and, most importantly, facilitate faster transaction validation with minimal gas fees. Not only this, unlike other layer 2 rollups, ZK-Rollups use validity proof for instant validation of whether the transaction is valid or not.
Convenient zksync bridges
The top most popular bridges to zkSync are
A decentralized cross-rollup L2 bridge that conjoins zkSync and Ethereum. It supports transfer between Ethereum-native assets charging a minimal cost to the sender.
The zigZag bridge is a secure, user-friendly decentralized exchange that allows users to easily bridge funds between networks.
As of now, ZKSYNC does not possess any tokens. However, on its Tokenomic page, the company claims to have created a native token to stake and become a miner in the network.
Steps to use ZKSync
- Connect your browser-based wallet to the ZKSync wallet.
- Deposit money in your account and activate it.
- Send money to another ZKSync account (non-mandatory).
- Your account is all set to explore the ZKSync ecosystem.
ZYKSync will let users explore the technology in a more user-friendly way. The ecosystem will have enhanced throughput and better scalability with more security. Besides this, the scaling solution will charge a much cheaper rate for the transactions.
Yet the basic framework of the Ethereum blockchain will remain unchanged, as the data is on the main mainnet blockchain that runs on top of a blockchain protocol that improves the speed and efficiency of the underlying blockchain.
The updated technology charges lower gas fees compared to ETH on the L2 blockchain, which can be 100 times lower than ETH. Users can submit support token fees for another cryptocurrency. If users transfer stablecoins, also known as a tethered tokens, on the platform, they can pay via Tether. Moreover, the system is designed so that it takes less time to withdraw more volume of coins. The initial estimated amount charged for a token transfer is RMB 75 on the ETH, whereas, on a zkSync transfer, it costs approximately RMB 1.5.
Although the speed is enhanced, the protocols used are centralized. Also, the consensus mechanism security is compromised by consensus networks adopted to enhance the speed.