Buy ZKsync (ZK)

What is ZKsync?

ZKsync is a Layer 2 scaling solution for Ethereum that aims to enhance the network's transaction throughput while reducing transaction fees. It employs zero-knowledge rollup technology to combine multiple transactions into a single proof that can be verified on the Ethereum blockchain.

How does ZKsync work?

ZKsync operates by leveraging zero-knowledge rollups to aggregate transactions off-chain before submitting a single brevity-proof on-chain, thereby reducing network congestion and fees. It is EVM-compatible, allowing existing Ethereum smart contracts and tools to integrate seamlessly. The solution uses both Byzantine Fault Tolerance (pBFT) and Delegated Proof-of-Stake (DPoS) for consensus, and technologies like zk-SNARKs for cryptographic verification.

What are the potential use cases for ZKsync?

ZKsync supports various use cases by offering a scalable and efficient transaction system. It is used in:

• DeFi platforms (e.g., EraLend) to enhance scalability and efficiency.
• Social Media (e.g., Lens Protocol) to create scalable social environments.
• Entertainment and Gaming platforms (e.g., Sophon for entertainment and ZK Candy for gaming) to scale operations and improve user engagement.
• It also facilitates finance applications like Memento, bridging traditional finance with DeFi.

What is the history of ZKsync?

ZKsync was developed by Matter Labs, a team that foresaw Ethereum's need for scaling solutions. Founded by Alex Gluchowski in 2019, the project has achieved several milestones, including the release of Era-based protocols, the launch of the ZK token, development of the ZKsync Era Block Explorer, and listing on major exchanges like Coinbase. The project has undertaken protocol upgrades for interoperability and compliance with Ethereum's evolving standards.