How zkSync will help in the ETH network? zkSync Era is a new zk-rollup scaling solution for Ethereum that has the potential to usher in a new era for the network.
In this blog post, we will learn more about the benefits of zkSync Era and how it could revolutionize the way we use Ethereum.
Table of contents
- What is zkSync?
- Ethereum Scaling Solution zkSync launches Alpha Mainnet
- How does zkSync works?
- Is there a token?
- What do you need to use zkSync?
- How to bridge?
- What to do with ZKSYNC?
- What are the advantages of zkSync Era?
- What are some ways in which it could usher in a new era for Ethereum?
- Is it a Blockchain?
- What programming language does it use?
- What’s the difference between zkSync Era and zkSync Lite?
- Does zkSync have a Token?
- When is the Airdrop?
- How to Get Airdrop?- Step-by-step Guide
- What Unique Features does It have?
What is zkSync?
Essentially, zkSync Era is a new zk-rollup scaling potential to usher in a new era for the network,.
It is the first zk-rollup to offer full support for EVM smart contracts, which means that developers can deploy their existing Ethereum smart contracts to zkSync Era without any changes.
This makes zkSync Era a very attractive option for developers who want to build scalable and secure applications on Ethereum.
Firstly, Ethereum is kind of slow and expensive with transaction processing. So thereby layer 2s like zkSync makes it fast and cheap for the general public to use the ETH network.
Chiefly, it was made by a company called Matter Labs in 2018.
Basically, we can say, zkSync is one of the most popular and long-awaited layer 2 solutions for Ethereum. Further, it uses zero-knowledge-proof tech for fast & cheap transactions.
Ethereum Scaling Solution zkSync launches Alpha Mainnet
After 4 years of building and multiple milestones, zkSync is finally launching its Ethereum scaling solution to the public.
A day after Arbitrum public airdrop another Ethereum scaler is launching its own offering. Chiefly, Matter Lab’s zkSync Era is now open to users to begin bridging and using the layer-2 technology.
Secondly, it is the final step in a phased mainnet launch that began in 2019.
Firstly, Rollups allow Ethereum to scale by moving transactions off of the main net, and onto a layer – 2 network like zkSync.
Additionally, users can then go about their business on this second network, with transactions being batched and compressed into a small piece of data called proof.
This proof is then sent back to Ethereum and verified simply put.
Further, a zero-knowledge Ethereum Virtual Machine, or zkSync, is another core aspect of the zkSync scaling product.
Moreover, the team is implementing a version of roll-up technology that draws from zero-knowledge cryptography, hence the “zk”, rather than so-called optimistic rollups.
How does zkSync works?
There will be 2 different types of zkSync Layer 2 solutions.
2. zkSync Era
zkSync Lite – ZK rollup with fast and cheap transactions.
zkSync Era – Offers more advanced smart contract capabilities.
Chiefly, I am going to talk about zkSync Lite because zkSync Era is new. As of March 27th,2023, $85M worth of cryptocurrency is being used with zkSync Lite.
Thereby, making it one of the biggest Ethereum systems.
Matter Labs said zkSync Era, which launched last month for developers only, is now also open to general users.
Is there a token?
Firstly, ZKSYNC has not launched a native token yet, but the L2s roadmap explicitly mentions tokenomics. So, obviously, it is clear that such a token is forthcoming.
What do you need to use zkSync?
a. A wallet – Mainly, you need a wallet that works with zksync. Further, the most popular one is called Argent.
b. Starting ETH – Basically, to do things on Ethereum and zkSync, you need ETH. Additionally, if you have ETH on Ethereum, you can move some of it to zksync to use there.
How to bridge?
Firstly, to use zkSync Lite, connect your Ethereum wallet through Argent or Wallet Connect. Further, then, put in some ETH- or supported ERC20 tokens to begin.
What to do with ZKSYNC?
Chiefly to find out which projects are running on zkSync Era and zkSync Lite, you can check the zkSync Ecosystem hub.
But since zkSync Era is very new, there are not many apps available yet except for bridges.
Thereby, if you want to try zkSync now, you can explore some DeFi options on zkSync Lite such as :
- Trade tokens on ZigZag – Dex on zkSync
2. Lend tokens on AAVE
3. Stake ETH on LIDO.
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What are the advantages of zkSync Era?
a. Lower gas fees
The transaction fees are significantly lower than Ethereum’s mainnet fees. This makes it a much more affordable option for you if you want to interact with Ethereum smart contracts.
b. Faster transaction times
Era can process thousands of transactions per second, which is significantly faster than the Ethereum mainnet. This makes it a much more responsive and user-friendly platform.
c. Increased Security
This Era uses a number of security features to protect your funds and assets. These features include zk-SNARK proofs, fraud proofs, and a secure bridge to the Ethereum mainnet.
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What are some ways in which it could usher in a new era for Ethereum?
a. First, it can make Ethereum more accessible to the general public.
The high gas fees on Ethereum have made it difficult fopr many people to use the network. It could make Ethereum more accessible to the general public by significantly reducing gas fees.
b. Enable new and innovative applications on Ethereum.
The scalability constraints of Ethereum have limited the types of applications that can be built on the network. This could enable new and innovative applications to be built on Ethereum, such as decentralized exchanges lending and borrowing platforms, and more.
c. Increased adoption of Ethereum.
The success of it could lead to increased adoption of Ethereum. This is because it would make Ethereum more scalable and affordable for everyone.
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Is it a Blockchain?
typically, is a Layer 2 blockchain protocol that uses zero-knowledge proofs to eliminate Ethereu’s congestion. And further, accelerate the mass adoption of crypto for personal sovereignty.
What programming language does it use?
Firstly, the syntax and semantics closely follow that of Rust. Additionally, the Zinc compiler uses LLVM as its middle-end and back-end. Further, which provides a powerful set of solutions for code optimization. Currently, it is fully focused on Solidity -the first approach.
What’s the difference between zkSync Era and zkSync Lite?
Firstly, at its inception, it lacked support for smart contracts. Thereby, preventing activities such as using DeFi or purchasing NFTs, which are common on Ethereum.
However, it did provide significant scaling for Ethereum. leading to its nickname “zkSync Lite”.
Additionally, this represents an upgrade to the network. Thereby, delivering all the features of Ethereum while also proving more cost-effective and faster transactions.
Does zkSync have a Token?
Chiefly, there is no token yet. But the ticker will potentially be $ZKS. Further, on 16th February 2023, it launched its Fair Onboarding Alpha and on 24th March 2023, Mainnet Alpha became open to the public.
Meanwhile, zkSync 1.0 will be renamed zkSync Lite.
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When is the Airdrop?
It has not announced an airdrop yet, but it is worthwhile to start doing some of the actions now in case zkSync rewards participants for retroactivity.
How to Get Airdrop?- Step-by-step Guide
Firstly, it is a Layer-2 solution on Ethereum that offers low gas and fast transactions with $458 M in funding.
Additionally, a token launch is confirmed by them and they are going to give free tokens to users who will use their network. Further, these tokens can be worth in$1000+.
Step 1 (The Transfer)
Transfer your $ETH to Era using a bridge
Bridge Link – http//bridge.zkSync.io
To be ahead: Transfer 0.1 $ETH on a weekly/monthly basis.
Step 2 (DEX)
Swap $ETH for $usdc & do it back.
Also provides a small amount of liquidity
Repeat this on a weekly/monthly basis
Step 3 (mute.io)
Go to the app. mute.io
Make transfers from $ETH to any token and back
Again provide a small amount of liquidity
Repeat this on a weekly /monthly basis.
Go to mintsquare.io/mint
Upload media such as mp3, mp4, jpeg, etc.
name your NFT, add a description to it
Step 5 (Domain name)
Go to app. zkns. domains
You can mint a domain like an ENS
A 5-letter domain will cost around $8 to $15
this acts like a wallet name.
REGISTER YOUR OMNI-CHAIN
EMBRACE PERSONAL SOVEREIGNTY
Step 6 ( Cross-chain Tx)
Go to the orbiter. finance or layerswap.io
Go to these websites & make cross-chain tx
Cross-chain tx means exchanging assets across different blockchains
You will need at least $50 – $100
Firstly, based on Arbitron airdrop eligibility, you should be consistent with your on-chain activity.
To boost your chances :
Bridge to zkSynce & out weekly/monthly
Interact with the ecosystem
Make transfers & interact with smart contracts 50-100 times.
You will need $100 worth of $ETH ig
Also, don’t interact if you don’t understand swaps, minting, dex, etc.
It can be risky & this is not a piece of financial advice, only educational.
What Unique Features does It have?
Firstly, compared to zkSync Lite Network 1.0 zkSync Era includes 4 new features.
1.Chiefly, the network directly employs the local account abstraction. Thereby, allowing any account in Era to pay fees with any token and even trade with $0 costs on protocols willing to subsidize usage.
2. It is also developing the first EVM compiler based on LLVM (Solidity, Vyper, Yul). LLVM is the most mature compiler stack in the world. Further, it will significantly improve ecosystem performance and developer experience.
3. Additionally, it provides benefits such as data compression, more frequent Oracle updates, low-cost privacy, and continued growth of off-chain storage by transmitting status differences instead of transaction inputs.
4. Furthermore, the highly scalable super chain is another feature. Additionally, it is a new ZK-Rollup technology, that was created in early 2021 and is extremely compatible with EVM.
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Zk-rollups like Era are the only scaling solution that can inherit 100% of Ethereum’s security. But theory is not enough. it is committed to going above and beyond for the most secure L2, in practice.
It is a promising new scaling solution for Ethereum with the potential to revolutionize the way we use the network.
It’s team is actively developing the platform and adding new features. It is also gaining support from a number of major cryptocurrency projects and exchanges.
Over 200+ projects – including Chainlink, SushiSwap, UniSwap, Aave, Argent, Linch, Gnosis, and Curve – have registered to deploy on it.
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It is a Layer 2 scaling solution for Ethereum that uses zero-knowledge proofs to process transactions off-chain. This allows it to offer significantly lower gas fees and faster transaction times than the Ethereum mainnet.
It works by bundling multiple transactions together and processing them off-chain. A zk-SNARK proof is then generated to verify the validity of the transactions without revealing any of the underlying data. This proof is then submitted to the Ethereum mainnet., where it is verified and the transactions are finalized.
Yes, it is generally considered to be safe to use. However, it is important to be aware of the risks involved before using any new technology.
A number of wallets support it, including Argent, Rainbow, and Metamask.
To use it, you will need to create a zkSync account and deposit funds from the Ethereum mainnet. Once you have deposited funds, you will be able to use zkSync to send and receive payments, interact with smart contracts, and more.