What is zkSync
Briefly on zkSync and it’s backing
ZkSync is a low-gas, high-speed Ethereum's Layer 2 scaling solution that doesn't compromise on security. Thus, all pros are keeped, all cons – removed. Is it worth saying that Andreessen Horowitz (a16z) had invested $50 million in Matter Labs (the company behind zkSync) in a Series B funding round? Oh yes, it surely is.
How does zkSync’s solution work?
Scaling solution zkSync is more affordable in terms of fees and much quicker than the main Ethereum blockchain (Layer 1). So how are these benefits achieved while the security and speed of the system remain extremely high?
zkSync is a L2 protocol based on ZK (stands for Zero Knowledge) Rollup architecture. Being a Rollup, it executes transactions outside of the main Ethereum chain (L1), but places the data on L1 afterwards. The process of transferring assets between Layer 1 and Layer 2 is almost frictionless.
How Is zkSync Different From Other Solutions?
zkSync has all the benefits of zero-knowledge rollups that we covered in previous posts (read part 1 and part 2), what makes it unique is a good balance between benefits for end-users (speed, low fees, fast withdrawal) and flexibility of the platform itself that enables both basic use cases (payments) and more complex ones (e.g. NFTs, smart contracts). zkSync can be used to transfer ether (ETH) and ERC20 tokens. The full list of currently supported tokens is available under this link https://zkscan.io/explorer/tokens
Main features
- Moving your crypto between Layer 1 and Layer 2 is frictionless.
- Transactions are x142 times faster than on L1, with an incredible speed of 2,000 transactions per second.
- Gas fee is x100 times less than on L1 (even cheaper than using optimistic rollups)
- zkSync is as secure as Ethereum mainchain
zkSync Wallet
zkSync features its own native wallet, which can be found at https://wallet.zksync.io/. To use it, just link any wallet from the list of supported wallets, such as Metamask. Once it’s done, you can send funds to any Ethereum address, since the deposit address will be the same as in Metamask. Yet, you will not see your balance before you connect your wallet at https://wallet.zksync.io/. The reason for this is that zkSync balances are stored in Layer 2 space and you cannot directly see balances on etherscan.io or in a non-native wallet.
zkSync 2.0
Recently the platform launched its zkEVM which means that now zkSync is both EVM-compatible and EVM-equivalent and can execute smart contracts, thanks to the support of most Ethereum opcodes. It is called zkSync 2.0. Note that zkSync 2.0 is more than just a new virtual machine.
An important element of zkSync 2.0 is zkPorter designed to boost the rollup component of the protocol by offering an off-chain data availability component. It will be totally compatible and interoperable with zkSync which has data availability secured on-chain.
In plain English it means that the project makes another step towards mass adoption by offering yet faster and cheaper options to use blockchain. zkSync 2.0 claims to offer a speed of 20,000 tps and another 100-times fee reduction for zkPorter users.
Now is the time to take advantage of all of zkSync's features and save money on transaction fees. Moreover, via UTORG you may purchase tokens directly to the L2 chain, avoiding L1 fees. That is how the genuine Web3 works.