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zkSync
$0.05347
2.36%
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zkSync Price Converter
zkSync Information
zkSync Supported Platforms
| ZK | ERC20 | ZK | 0x5A7d6b2F92C77FAD6CCaBd7EE0624E64907Eaf3E | 2024-05-21 |
About zkSync
zkSync (ZK) is a layer 2 Ethereum scaling solution developed by Matter Labs, utilising zero-knowledge rollups to enhance transaction throughput and reduce costs while maintaining security and decentralisation. It supports various applications, including DeFi, NFT marketplaces, payments, and token transfers, making it a versatile tool for the Ethereum ecosystem.
zkSync (ZK) is a layer 2 scaling solution for Ethereum designed by Matter Labs. It leverages zero-knowledge rollups (zk-rollups) to enhance transaction throughput and reduce costs while maintaining security and decentralisation. By aggregating multiple transactions into a single proof, zkSync significantly decreases the data load on the Ethereum mainnet, resulting in lower transaction fees and faster processing times. zkSync aims to provide a scalable, efficient, and user-friendly platform for Ethereum users and developers.
zkSync (ZK) is used for various purposes within the Ethereum ecosystem, including:
- Transaction Scaling: By batching transactions into a single proof, zkSync enables higher transaction throughput and lower fees compared to the Ethereum mainnet.
- Decentralised Finance (DeFi): It supports DeFi applications, facilitating activities like trading, lending, and borrowing with improved efficiency and reduced costs.
- NFT Marketplaces: zkSync's low fees and fast transactions make it suitable for NFT minting, buying, and selling, enhancing the user experience.
- Payments: The platform supports cost-effective micropayments, making it ideal for applications requiring frequent small transactions, such as subscriptions and in-app purchases.
- Token Transfers: zkSync allows for quick and inexpensive ERC-20 token transfers, benefiting overall network usability.
zkSync was developed by Matter Labs, a company focused on solving Ethereum’s scalability issues through advanced cryptographic techniques. The key members of the Matter Labs team include:
- Alex Gluchowski: Co-Founder and CEO
- Zoé Gadsden: Chief Operating Officer (COO)
- Anthony Rose: Chief Technology Officer (CTO)
- Geoffrey Thompson: General Counsel
zkSync employs a zk-rollup mechanism to achieve scalability. The process includes:
- Batching Transactions: Multiple transactions are grouped into a batch off-chain.
- Generating Proofs: A cryptographic proof, known as a zk-SNARK, is generated for the batch, certifying the validity of all transactions within it.
- On-Chain Verification: This proof is then submitted to the Ethereum mainnet, where it is verified, ensuring all transactions are correct.
- State Updates: Upon verification, the Ethereum mainnet updates its state to reflect the batched transactions.
This method significantly reduces the data that needs to be processed on-chain, thus lowering fees and increasing throughput.
zkSync maintains high security and decentralisation standards by adhering to Ethereum’s security model. The use of zk-rollups ensures that transactions are cryptographically verified before being included on-chain, eliminating the need for trusted intermediaries. This approach preserves Ethereum's security guarantees while enabling higher transaction capacity and lower costs.