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zkSync (ZKSYNC): Scaling Ethereum with Zero-Knowledge Proofs

zkSync (ZKSYNC): Scaling Ethereum with Zero-Knowledge Proofs

2024-05-23 | 5m

What is zkSync (ZKSYNC)?

zkSync (ZKSYNC) is a Layer-2 scaling solution for Ethereum that aims to increase the number of transactions the Ethereum network can process without compromising its foundational values of freedom, self-sovereignty, and decentralization. Developed by Matter Labs, zkSync uses zero-knowledge rollups (zk rollups) to achieve this scalability.

How zkSync (ZKSYNC) Works

To understand how zkSync works, it's essential to grasp the concept of zk rollups. Rollups are a method of scaling blockchain transactions by bundling many transactions into a single batch and then submitting this batch to the main Ethereum network. There are two primary types of rollups: Optimistic rollups and zk rollups. zkSync uses the latter, which relies on a cryptographic technique called zero-knowledge proofs.

Zero-knowledge proofs are cryptographic methods that allow one party to prove to another that a statement is true without revealing any specific information about the statement itself. In the context of zkSync, this means proving that a batch of transactions is valid without disclosing the details of each transaction.

More specifically, zkSync uses a type of zero-knowledge proof called zk-SNARKs (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge). zk-SNARKs are known for their efficiency and security. They enable zkSync to bundle multiple transactions off-chain (outside the main Ethereum network) and then send a single proof to the Ethereum blockchain to verify the entire batch. This process significantly reduces the amount of data that needs to be processed on-chain, leading to faster and cheaper transactions.

zkSync's vision extends beyond technology; it aims to create a thriving ecosystem and community. Over 200 projects, including major players like Chainlink, Uniswap, and Aave, have expressed interest in deploying on zkSync. This growing ecosystem demonstrates the widespread support and potential of zkSync as a foundational layer for the next generation of decentralized applications (dApps).

Advantages of zkSync

Scalability: zkSync can handle a high volume of transactions by processing them off-chain and only submitting proofs to the Ethereum network. This approach drastically increases throughput.

Security: Because zk rollups rely on zero-knowledge proofs, they inherit the security properties of Ethereum. The main Ethereum network verifies the validity of the transactions, ensuring that zkSync maintains the same level of trustlessness and security.

Lower Costs: By bundling transactions and reducing the amount of data processed on-chain, zkSync makes transactions cheaper. Users can enjoy lower fees compared to conducting transactions directly on Ethereum.

Privacy: zk-SNARKs enhance privacy by allowing users to prove ownership or knowledge without revealing any details. This feature can be crucial for applications that require confidentiality.

Decentralization: zkSync is designed to be open-source, forkable, and decentralized. The community can hold the core team accountable and contribute to the protocol's development.

ZKSYNC Goes Live on Bitget

zkSync's journey is just beginning. As the demand for scalable blockchain solutions continues to rise, zkSync's approach to hyperscalability becomes increasingly relevant. Hyperscalability refers to the ability to process an unlimited number of transactions without a marginal impact on security or cost. zkSync aims to achieve this by continuously improving its technology and expanding its ecosystem.

Matter Labs, the team behind zkSync, predicts that zero-knowledge technology will be a key component in the mass adoption of blockchain. By providing a scalable, secure, and cost-effective solution, zkSync has the potential to onboard the first billion users to web3, the decentralized web.

With ZKSYNC, the native token of zkSync blockchain, listed on Bitget, traders gain access to this promising asset and tap into the potential for substantial returns.

ZKSYNC on Bitget Pre-Market

ZKSYNC is a part of Bitget Pre-Market, a platform where users can trade tokens over-the-counter before the token is listed for spot trading. Join now to get the best out of it!

To use Bitget Pre-Market, follow these simple steps:

Step 1: Go to the Bitget Pre-Market page.

Step 2:

○ For Makers:

■ Choose the desired token and click on ‘Post Order’.

■ Specify Buy or Sell, enter price and quantity, review details, then confirm.

○ For Takers:

■ Choose the desired token, pick ‘Sell’ or ‘Buy’, select the pending order, enter quantity, and confirm.

■ Note: Partial completion is not allowed.

For more specific information on how to get ZKSYNC tokens on Bitget Pre-Market, check out the announcement here.

Get ZKSYNC on Bitget Pre-Market now!

Disclaimer: The opinions expressed in this article are for informational purposes only. This article does not constitute an endorsement of any of the products and services discussed or investment, financial, or trading advice. Qualified professionals should be consulted prior to making financial decisions.