Ethereum’s scaling or lack thereof remains a pressing issue for the blockchain industry. At that time solution like zkSync appear. So what is zkSync and who is behind zkSync? If you do not know yet, please read the article below.
What is zkSync?
zkSync is a Layer 2 trustless protocol that provides scalable, low-cost payments on Ethereum powered by zkRollup technology. The project implements zero-knowledge technology to ensure full security of user funds while optimizing the scalability, transparency and other features of the main chain.
The zkSync solution is exciting for both users and developers. The prospect of lower fees, enhanced user experience aspects of crypto wallets and services, and various DeFi enhancements explored are just a few examples of why this project matters. It eliminates the need for a third party, instant confirmation, up to 99% fee reduction, and ensures that payments can be made to existing Ethereum addresses and smart contracts, etc.
How does zkSync work?
zkSync is an L2 protocol built on ZK Rollup. It uses zero-knowledge proofs and on-chain data availability to ensure seamless transfer of assets between L1 and L2. To fully understand this, you need to know what rollup is.
The scaling solution zkSync is more affordable in terms of fees and faster than the main Ethereum blockchain (layer 1). zkSync is an L2 protocol based on the ZK (Zero Knowledge) Rollup architecture. As an aggregate, it executes transactions outside of the Ethereum main chain (L1), but then puts data on L1. The process of transferring assets between layer 1 and layer 2 is virtually frictionless.
Who is behind zkSync?
In 2020, Germany-based Matter Labs created a zero-knowledge rollup to improve the scalability of Ethereum. Matter Labs started work on the project in 2019 until they finally released the first version of zkSync in 2020, called zkSync 1.0, as described below.
zkSync 1.0: The history of zkSync started with zkSync 1.0 in 2020. This Ethereum scaling technology can process up to 3,000 transactions per second (TPS). However, as the network expanded, the need for higher throughput led to a new release: zkSync 2 0.
zkSync 2.0: Recently, Matter Labs launched a zkEVM testnet, which means zkSync is the first zk-Rollup to execute Ethereum-native smart contracts. zkSync version 2.0 and its alpha zkEVM infrastructure are better improvements than the previous version, zkSync 1.0.
I hope this article will help you to learn what is zkSync and who is behind zkSync. zkSync uses zkRollup technology to keep users' funds safe. It has proven to be a promising rollup when it comes to ensuring optimal security.
