zkSync - Ethereum Scaling Solution (Explained Simply)
What is zkSync?
Described as a user-centric zk rollup platform, zkSync is a project from Matter Labs. It is designed as a trustless protocol that is intended to deliver scalable low-cost payments on Ethereum. zkSync is powered by zkRollup technology. It apparently uses what is called zero-knowledge proofs and on-chain data availability in order to ensure that users’ funds are stored safely which is the reason why security is a key feature of its design. In addition, zkSync does not rely on third parties for security.
The much talked about scaling solution for Ethereum is already live on the Ethereum mainnet. zkSync has several key standout features including low transaction fees and high security since users are always in control of their funds. Their cryptographic security is meant to ensure that funds are protected as though on the Ethereum mainnet.
Users of zkSync are able to transfer ETH to the zkSync 1.0 mainnet. From there they can then mint non-fungible tokens (NFTs) or indeed test out decentralized applications (dApps) that are getting ready to launch on the network. There are already many notable players in the zkSync ecosystem.
What makes zkSync’s scaling approach unique is that ZK rollup doesn’t have any upper bound on the value that it can handle in layer 2 securely. With zkSync ETH and other ERC20 token transfers can be made with instant confirmations and 10-minute finality on layer 1. Some of the supported tokens include: AMP, AAVE, AERGO, BAT, CEL, COMP, ENS, FNT, USDT, USDC, PENDLE, and many others. Fees are payable in the token that is being transferred. In zkSync there are effectively two components with regards to costs of transactions i.e. off-chain storage and prover costs and on-chan gas costs.
Should we expect a zkSync Airdrop in 2022?
There have been many reports circulating on the potential future zkSync airdrop. In order to qualify, users can attempt processing a transfer of ETH to zkSync’s mainnet wallet. From there they can simply perform swaps on the testnet version of UniSync available on the zkEVM. There have also been rumours of the potential for a governance token to be made available to the community as the team hopes to decentralise the project.
Originally posted on Decentralised News
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