TronWeekly

Crypto World News

You are here: Home / Archives for zksync

zksync

Bitcoin’s Scalability Gets A Major Boost With ZK Proofs Launch

by

The Bitcoin network is bolstered by the launch of Ethereum scaling solution StarkWare’s Zero-knowledge proofs [ZK-proofs/ZKPs]. With these, individual blocks and eventually the entire blockchain can now be verified faster by users.

ZeroSync, the newly formed non-profit entity has been tasked to build tools to validate the state of the Bitcoin network without having to download the blockchain or trust a third party for verification.

The group uses StarkWare which pioneered the Zero-Knowledge Scalable Transparent Argument of Knowledge [zk-STARK]to transform the process of verifying the Bitcoin blockchain.

The BTC network still requires node operators to download a large amount of data to synchronize the correct state.

Already native to the Ethereum ecosystem, many layer-2 scaling platforms such as Polygon, Arbitrum, Optimism, and StarkNet have effectively tapped ZK technology.

Simply put, Zero-knowledge proofs, or ZK proofs, are a type of cryptographic encryption that hides blockchain transaction details.

Blockchain requires a huge network of computers called nodes to verify transactions and mutually agree on the authenticity of the data under scrutiny before it is added to the blockchain.

This means that the user’s data is shared between many computers scattered across the globe, raising concerns about user privacy.

Since blockchains give decentralization more priority than user privacy, more nodes are continuously added to the network. Additionally, because blockchains use public ledgers, it is easy to view a user’s wallet address using a blockchain explorer.

So, how do blockchains address consumer privacy while being decentralized? That’s where ZK Proofs hopes to plug in.

ZK Proofs is a technology that authenticates data without revealing the data itself. This idea is to prevent the Prover [whose data needs to be validated] from sharing the data with the Verifiers [the nodes] unnecessarily. At the same time, the Verifiers can ascertain that the Prover’s data is valid.

ZK Proofs Might Resolve Blockchain Trilemma For Bitcoin

These are referred to as “Zero-Knowledge Proofs” because the Verifier does not actually possess the information being verified; rather, they only know that the data is accurate.

With respect to Bitcoin, one of the major factors limiting the network’s scalability lies in its cryptographic algorithm- Elliptic Curve Digital Signature Algorithm [ECDSA].

In a paper published by StarkWare on Aug 2022, the software firm first proposed the method for effectively verifying ECDSA from within the STARK ecosystem, potentially overcoming the blockchain trilemma for Bitcoin — i.e., attaining scalability, security, and decentralization concurrently.

Gokhshtein’s Ethereum Tweet Amidst zkSync’s Launch Of World’s First zkEVM Mainnet?

by

Gokhshtein Media Founder David Gokhshtein has caused a stir on social media with his tweet about the future of Ethereum (ETH). The tweet, which asked whether the community still believed that ETH had the potential to reach $10,000, has sparked debate among crypto enthusiasts.

Gokhshtein, known for his tweets about major cryptocurrencies and meme coins, has touched on Ethereum and the forecasts seen on Crypto Twitter last year and before. 

He questioned the current status of the much-touted $10,000 mark for ETH, stating that it was no longer a topic of much discussion.

The response to Gokhshtein’s tweet was mixed, with some suggesting that BTC was going to zero. While others pointed out that ETH had better tokenomics than in previous bull runs, making it a potentially more profitable investment than BTC.

Some individuals mentioned that the crypto market’s future is uncertain due to the ever-changing economic and regulatory conditions. Thus, it remains to be seen how this will impact the market as a whole. However, some people expressed positivity towards the future of ETH by pointing out that numerous central banks plan to use the Ethereum blockchain for their CBDCs.

While opinions are divided regarding whether ETH will achieve the $10,000 mark or not, it is evident that the cryptocurrency community still has a vested interest in the future of this digital currency, which is the second-largest in the market. As always, only time will reveal what lies ahead for Ethereum and the broader market in the crypto world.

zkSync Launches World’s First zkEVM Mainnet On Ethereum

As a recent milestone for the Ethereum network, its scaling solution zkSync has announced the opening of the world’s first zkEVM Mainnet in a permissionless manner. zkSync aims to scale freedom, trustless, barrierless, and permissionless economic cooperation. 

The technology that enables this is the succinct zero-knowledge (ZK) proofs, which can enforce the integrity of arbitrarily large computations. Four years ago, the team understood that ZK technology would be the key to mass adoption, and it became their mission. 

First, they launched zkSync Lite, a simple ZK-rollup for payments that have been live on Mainnet since December 2020. A zkEVM is now live and open to everyone on Mainnet with zkSync Era. The launch of zkSync Era comes after over a year and millions of dollars spent on testing and auditing all system components. 

The best way to secure the protocol is to have it battle-tested in a live production environment over time, which starts now. Security improvements will never end; security is a continuous state of mind. 

zkSync Era’s zkEVM launching on Mainnet today is designed to be future-proof, with features that will enable cheap privacy, uncapped growth, complex use cases, and a magical user experience to fuel mass adoption.

Related Reading | Shiba Inu Releases Documentation For Shibarium Beta: A Low-Cost Blockchain Solution

Ethereum Scaling Platform Gains Major Advantage Via This Tech

by

zkSync, an Ethereum scaling solution is aiming to position itself as a dominant player among its rivals, thanks to this partnership with Espresso Systems, a crypto infrastructure company.

The advantage in question is to incorporate a new privacy technology called Configurable Asset Privacy, or CAPE built by the partner firm.

The proposed integration is still in the planning and exploration phases and has not been deployed yet.

According to the blog, CAPE would facilitate individuals’ and regulated enterprises’ ability to transact privately without any risk while still receiving all the benefits of Ethereum security.

“This is an important step forward for privacy on zkSync and will continue to break down the barriers to realizing the mass adoption of Web3 by global enterprises”, the blog read.

Additionally, CAPE allows asset issuers to define other policies around their assets, including freezing policies, offering entities like stablecoin providers the ability to retain controls to address fraud, theft, and dispute resolution.

Since the new privacy feature went live on Ethereum testnets six months ago, more than 45k addresses have been established, supporting more than 300,000 actions and transactions.

Notably, CAPE is Espresso’s first product that leverages zero-knowledge technology to support custom privacy policies and more for Ethereum assets. 

Beyond CAPE, Espresso Systems is also working on the Espresso Sequencer to support the decentralization of Layer-2 rollups. The first such testnet dubbed the Americano, was launched in December 2022.

That said, ZKSync is also working on a solution for users to quickly transfer Ethereum and ERC-20 tokens without paying the relatively high fees in the mainnet. 

Ethereum Scalability Solution “Will Win Out In All Use Cases.”

Ethereum gas prices frequently fluctuate based on what happens on the blockchain. On top of that, DeFi and NFT operations surge leading to higher gas costs during peak ETH prices.

This, in turn, becomes expensive for users who must now shell out more to transfer funds or carry out smart contracts.

Here’s where the layer-2 platform intends to fill up the gap by positioning itself as a better alternative for users who value scalability, privacy, and security. After the ZKSync 2.0 mainnet went live, a scaling and privacy engine utilizing ZK proofs were created.

Earlier, Ethereum co-founder Vitalik Buterin doubled down on his belief in ZK Rollups, which dApps on ZKSync rely on. ZK Rollups, in the opinion of the co-founder, “will win out in all use cases.”

Ethereum L2 Will Soon Release Its Native Token After Mainnet Launch

by

Ethereum scaling protocol called zkSync will soon come with its own native token in the first week of November, CEO Steve Newcomb of Matter labs, the development firm of the layer 2 solution told in a Twitter Spaces discussion.

“In the first week of November, and I don’t wanna cause too much of a flurry here, look for us to make a statement that many people are waiting for relating to tokenomics,” and added that there would be no airdrop or any free giveaway.

The announcement precedes zkSync’s anticipated Oct. 28 main network launch, which has been in development since early last year. The new scaling strategy for Ethereum will undergo its first live stress test at this point.

The way Ethereum plans to scale is through a system of many layers, each of which builds on Ethereum and takes security cues from it. In contrast to the current Layer 2 options, such as Arbitrum and Optimism, zkSync aims to offer an alternative.

When it is released, transactions will be up to 10–20 times faster and less expensive than when using the primary Ethereum blockchain. This will give cryptocurrency users an alternative way to access the blockchain, especially once more apps are made available on zkSync, Newcomb claimed.

As Polygon announced its EVM-equivalent effort that went live on Oct 11, the race to build a functioning Ethereum virtual machine on a zero-knowledge proof-based rollup is intensifying.

Competition For Ethereum Scaling Solutions Heats Up

The introduction of zkEVMs is considered to be the “End Game” of Ethereum scaling. ZK-rollups have the potential to increase capital efficiency because they don’t require the lengthy withdrawal periods associated with optimistic rollups’ fraud proofs.

Both Polygon and zkSync have an advantage for developers over non-EMV compatible ZK-rollup technology from Starkware and Loopring in that existing solidity code written for Ethereum can be used on the roll-up without having to be rewritten in another programming language.

Previously, ZK-Rollup StarkNet processed transactions between a whopping 3-6 million/week, toppling the world’s most dominant blockchain Bitcoin on certain weeks, TronWeekly reported. And they won’t be the only players on the field.

Matt Fiebach of Blockworks Research sees a pattern emerging and forecasts the emergence of more ZK rollups that are EVM equivalent. “Oh man there are gonna be 50 EVM equivalent ZK rollups next year,” he said.

The Next Gen Of Ethereum Scaling To Go Live On Oct 28

by

zkSync 2.0, touted as the future of Ethereum scaling solution will be deployed on Oct, 28, leaving only 25 days for the mainnet launch as per an official announcement.

Just recently, the team tweeted that the first production zkEVM zkRollup is heading closer while mentioning several previous collaborations.

For those new, zkSync is a scaling platform that utilizes zero-knowledge rollups to batch transactions and increase throughput.

A zkRollup handles a large portion of the base chain’s transaction data by creating cryptographic proofs that allow users to demonstrate that it is in possession of a certain piece of information without disclosing the specifics of that information [hence the term “zero-knowledge”]. 

The zkRollup will be powered by the zkEVM engine, which, when used with the next Ethereum sharding implementation, is said to be able to process 100,000 transactions per second.

Additionally, Ramp, a solution for on-and-off scaling, will ship with zkSync 2.0. Ramp accepts payments using a number of channels, including credit and debit cards, bank transfers, and Apple Pay, in more than 150 countries.

Many industry watchers anticipate a zkSync token airdrop to occur, even though no specifics have been made public.

Ethereum’s zkSync 2.0 Architecture

In the crypto community, one is not a stranger to blockchain trilemma, and programmability adds a fourth element to the scaling equation for Ethereum.

All of the scaling methods available today fall somewhere along a continuum where some security, decentralization, and programmability are sacrificed for scalability. The design of zkSync 2.0 combines the next two technological advances to fully utilize all 4 features:

Eth2 data sharding, which would offer an exponentially higher data availability layer without sacrificing decentralization, is expected to be available by the end of 2022, according to the current consensus.

The goal is to reach 100,000+ TPS using zkSync’s zkRollup technology and Eth2 data sharding without compromising any of the 4 parameters.

According to Vitalik Buterin, co-founder of Ethereum, layer 3s will aid with the objective of delivering customized functionality, whereas layer-2 solutions focused on Eth have been designed with the goal of hyperscaling the network.

Layer-3s will offer customized functionality, according to Vitalik Buterin, co-founder of Ethereum, while layer-2 solutions focused on the Eth network have been used to hyper-scale the network.

Crypto wallet Argent will deploy a scaling solution, bringing gas fees as low as $1

by

Crypto wallet provider Argent is all set to integrate zksync for its Layer 2 platform. The reason behind the move is to offer low gas and faster transactions, without compromising on security. It is well known that Ethereum transactions are plagued with exorbitant gas fees that go up to $150 to validate a single transaction, a scenario not ideal for users and can be quite discouraging for any crypto newbies.

To solve these, scaling solutions like zksync that are powered by ZK Rollup technology, roll up hundreds of transactions off the main layer 1 chain and merge them into a single transaction. Then, they post this transaction back to the base layer thus alleviating the congestion. Once it’s on the main Ethereum blockchain, these transactions can’t be altered.

And this is why Argent opted for this scaling solution. Argent co-founder and CEO Itamar Lesuisse told, “We waited quite a lot. We skipped a lot of short-term options to make no compromise. That’s why our approach has been a bit more opinionated.”

Argent Mobile – Assets

Through the integration, the crypto wallet firm claims that gas fees for Layer 2 transactions would be as cheap as $1 per transaction. Besides approximately 500,000 people have signed up for the waitlist since Argent started working on Layer 2 accounts,

Revealing more on the same, Lesuisse stated that Argent’s existing Layer 1 wallets would not be scrapped but shall be known from now as ‘Vaults’ to identify with high net worth individuals with millions of dollars worth of crypto assets.

Argent future roadmap

The crypto start-up hopes that the move would help garner a new audience of mainstream crypto enthusiasts. Moreover, the platform wants to create a sort of financial super app for web3 and DeFi. “Revolut is really the inventor of the financial super app and we think we can go beyond,” Lesuisse said.

Beyond that, Argent aims to facilities users to earn interest on their crypto assets through DeFi protocols but is aware that people mostly prefer bigger trading platforms like Coinbase. And that’s what the firm intends to change. “The biggest non-custodial wallet is MetaMask but our main competitor is centralized exchanges,” he said.