What is ZkSync? zkSync is a layer 2 built on zk rollup technology with extremely fast transaction speed, extremely cheap cost per transaction but still inherits security from Ethereum. Let’s dive deeper into what zkSync is building.
To better understand zkSync, people can refer to some of the articles below:
- What is Layer 2? Complete Guide to Layer 2 Solutions
- What is Zk Rollup? Zk Rollup Solution Overview
- What is StarkNet (STRK)? StarkNet Cryptocurrency Overview
- StarkNet and ZkSync: The Uncompromising War in the Zk Rollup
Overview of zkSync
What is ZkSync?
ZkSync is a Layer 2 platform built and developed by Matter Labs to solve existing problems on Ethereum in terms of transaction speed and transaction fees while still inheriting the safety and security to from the original chain which is Ethereum.
The superior features of ZkSync compared to other projects or between ZK rollup and Optimistic Rollup technology include:
- Inherit complete security from Ethereum because transaction batches will be agreed and stored on Ethereum. Only the execution phase takes place on ZkSync.
- It only costs 0.5 gas per transaction.
- Withdrawal time from L2 to L1 is extremely fast, only takes 10 minutes compared to Optimistic Rollup technology, which takes an instant or 1 week.
- EVM compatibility easily supports Ethereum projects developing on ZkSync.
Mechanism of action of zkSync
The operating mechanism of zkSync will basically take place as follows:
- Step 1: Squencer is responsible for arranging transactions on zkSync for a certain period of time into 1 Batch in addition to verifying the correctness of the transaction.
- Step 2: At the same time, Provers are responsible for creating transaction proof for all transactions put into 1 Batch by Squencer.
- Step 3: After successfully packaging the transaction into a Batch, this Batch will be sent to Ethereum.
- Step 4: At Ethereum, the network’s Validators will verify transaction evidence in the block instead of rechecking all transactions.
- Step 5: Successful verification of Batch included in Ethereum main chain.
Basically, zkSync’s operating mechanism is similar to StarkNet, Optimism or Arbitrum. The biggest difference is in transaction proof, if Optimistic Rollup platforms use Fraud Proof, zkRollup platforms like zkSync use ZK Proof.
The ZkSync Difference
ZkSync includes a set of solutions that help developers freely choose to suit the development orientation of each individual or organization:
- ZkSync 2.0: The highlight of ZkSync 2.0 is that it is the first zkEVM in the entire crypto market. With ZkEVM, projects on Ethereum are easily developed on ZkSync. zkEVM has changed ZkSync from a network that only serves the payment segment to a platform that helps projects build on it. ZkSync 2.0 uses Zero-knowledge rollup technology. Currently, ZkSync 2.0 is called ZkSync Era.
- ZkPorter: Applying Validium technology, this allows transaction speed and transaction costs on projects using zkPorter to be 100x cheaper than on regular zkSync, but at the expense of the decentralization of the network.
Up to now, there have been many projects developing on ZkSync such as:
- DeFi: ZigZag Exchange, 1inch, Mute.io, Onto Wallet, Rubicon, Banxa, Yearn Finance, Taker Protocol, Woo Network, 88mpg, Compossable Finance,…
- NFT & Gaming: Crypto Maze, Miniminidugeon, Tevaera, Openstar.org, NFT Pinas, nftperp, zkAnimals, zkEagles, tofuNFT, Mint Square,…
- Infastructure: Maralis, Covalent, cBridge, Chainlink, Multichain, Meson, N Suite, Wido, RSS3, Omnia, Secure3, stakefish, Nomad,…
- Some other pieces: Onto Wallet, Bitkeep Wallet, Automata,…
Development Roadmap
During its development, zkSync has undergone a number of notable changes and upgrades including:
- December 2022: While changing the design, Matter Labs also vaguely shared about ZkSync L3. To understand more about ZkSync L3, people can refer to the article What is zkSync L3? Overview of Hyperchain, Hyperbridge That Makes Up zkSync L3 and ZK Credo, ZK Stack, Hyperchains & Hyperbridges: ZkSync’s Ultimate Weapon for Layer 3 Wars.
- July 2023: Matter Labs also introduced to the Boojum community a new proof of transaction that will be used on zkSync in the future. To understand more about Boojum, people can refer to the article What is Boojum? zkSync Upgrades Network With New Transaction Proof.
Core Team
ZkSync is built and developed by the Matter Labs team, a company headquartered in Germany and has many years of experience with ZK proof knowledge and cryptography-related knowledge. computer.
Alex Gluchowski: Co Founder & CEO
- Graduated with a master’s degree from Technische Universität Berlin.
- Head of software engineering at Clarity AG, Bad Homburg from July 2007 to September 2009.
- Worked as CTO at ExpoGlobus.com from October 2011 to August 2013.
- Co-founder and CTO at Somuchmore GmbH from December 2013 to September 2015.
- Co-founder and CTO at PaulCamper from October 2015 to August 2017.
- Was R&D director at Entropy Labs from September 2017 to December 2018.
- Co-founder and CEO from December 2018 to present.
Alexandr Vlasov: Co Founder
- He is a physicist at the Department of Nuclear and Particle Physics at Lomonosov Moscow State University (MSU).
- He holds a doctorate in philosophy and a doctorate in Electrical Engineering at McGill University.
- Worked as research director at BANKEX Foundation from March 2018 to January 2019.
- Co-founder and holding the position of R&D Head of Matter Labss from September 2018 to present.
Investor
- September 23, 2019: Matter Labs successfully raised $2M for the first time by PlaceHolder.
- February 1, 2021: Matter Labs continues to raise $6M in Series A round with the participation of Place Holder, 1KX, A16Z, Dragonfly Capital, Union Square Ventures.
- November 8, 2021; In the Series B account, Matter Labs officially raised an additional $50M this time with the participation of nearly 20 different VCs such as Dragonfly Capital, Lido Peninsula Venture Partner, 4th Revolution Capital, Gnosis, Bybit and many other large investment funds. .
- January 27, 2022: BitDAO officially invested a huge amount of up to $200M into Matter Labs.
- November 16, 2022: Raised $200 from leading investment funds such as Blockchain Capital, DragonFly Capital, a16z,…
Tokenomics
Update…
Exchanges
Update…
ZkSync’s Information Channel
- Twitter: https://twitter.com/zksync
- Website: https://zksync.io/
- Medium: https://blog.matter-labs.io/
- Discord: https://discord.com/invite/px2aR7w
- Telegram:
summary
ZkSync is a Layer 2 platform that is extremely actively building its technology and ecosystem. For me, zkSync is completely capable of leading zkRollup technology in the coming future.
