ZKsync Blockchain Development
ZkSync is a Layer 2 solution for Ethereum that offers fast, secure, and low-cost transactions on the blockchain. Based on zk-rollup technology, ZkSync allows multiple transactions to be rolled into a single batch to reduce gas costs and increase the throughput of the Ethereum blockchain. Additionally, ZkSync offers privacy features , using zk-SNARK technology to hide transaction information. ZkSync is a promising solution to improve the scalability and privacy of the Ethereum blockchain , while reducing transaction costs for users. With increasing adoption of blockchain technology in applications and services, ZkSync is expected to play an important role in expanding the Ethereum ecosystem in the coming years.
Boosty Labs is the largest blockchain development outsourcing company in Europe. Our world-class fintech and cloud engineering team has a solid background of practice that combines consulting, strategy, design and engineering at scale. Our professionals can help banks with ZkSync development and consulting services.
Cooperate
Key Aspects of the Layer 2 Blockchain Solution
This solution is compatible with Ethereum’s ERC-20 tokens, facilitating efficient transfers between the Ethereum network and its Layer 2 counterpart. This capability supports smaller transactions, such as micropayments, which can be difficult to manage on the primary blockchain.
The platform operates with a decentralized security model, where validators are essential for transaction processing and network maintenance. Validators are randomly selected from holders of the native token, promoting decentralization. Additionally, a bridge solution enables secure and seamless token transfers between Ethereum and the Layer 2 network, utilizing zk-SNARK technology.
Advantages
-
General Purpose
This blockchain is designed for versatile use, unlike some Layer 2 solutions that are limited to simple transactions.
-
EVM Compatibility
To maintain its core philosophy, migrating applications between Ethereum and this Layer 2 solution is straightforward, ensuring near-total compatibility with the Ethereum Virtual Machine (EVM).
-
Solidity Support
In line with EVM compatibility, this solution utilizes Ethereum’s programming language, Solidity, unlike others that rely on proprietary languages.
-
Transaction Fees in ETH
Consistent with its foundational principles, transaction fees are paid in ETH, similar to the first version of the platform.
-
Open Source
Aligning with the ethos of the Ethereum community, the platform is open source, reflecting the transparency and collaboration inherent in the ecosystem.
Overview
This Layer 2 blockchain aims to enhance Ethereum’s performance and user experience. Conceived in 2018 by a team of computer scientists from the Ethereum community, it leverages “zero-knowledge rollups” (zkRollups) for scalability.
The first version launched in 2020 did not meet all expectations, particularly regarding EVM compatibility. While ETH serves as the native cryptocurrency, the initial version lacked compatibility with the EVM, which is central to Ethereum’s operation.
The Blockchain Ecosystem
zkRollup Technology
As the name implies, zkRollups are at the heart of this solution. They combine rollups and zero-knowledge proofs to enhance scalability. Rollups aggregate multiple transactions into a single unit, which is then published on the parent blockchain, in this case, Ethereum. This process compresses the transactions, retaining only essential information before finalizing them on Ethereum.
To ensure the validity of these transactions, zk-proofs come into play, allowing confirmation without revealing the transaction details, thereby maintaining privacy.
zkPorter: An Evolution
The development team recognizes that zkRollups alone may not be sufficient to handle the increasing number of users and transactions on Ethereum. Therefore, they are working on zkPorter, a technology that will coexist with zkRollups. This dual structure will support both traditional zkRollup accounts and zkPorter accounts, ensuring interoperability.
zkPorter aims to reduce costs associated with data publication on the parent blockchain by storing certain data off-chain, secured by a proof-of-stake consensus and a native token. Validators in this network, known as “guardians,” play a crucial role without having spending power.
Users will have the option to choose between zkPorter and zkRollup accounts, allowing for flexibility based on security and cost considerations.
zkEVM: Bridging Compatibility
Being EVM-compatible is a priority for this Layer 2 solution, as it allows existing Ethereum applications to migrate seamlessly. However, integrating zkRollups with the EVM requires complex algorithms that necessitate compromises.
In August 2022, a guide was published detailing various types of zk-EVMs, ranging from those with minimal trade-offs to those that prioritize speed and scalability but may introduce compatibility issues. The development team is focused on creating a Type 4 zkEVM environment, which includes a custom virtual machine compatible with most EVM tools and features.
Comparison with Other zkRollups
Typically, zkRollups can achieve several thousand transactions per second. However, with the introduction of zkPorter technology, this throughput could theoretically increase to 20,000 transactions per second.
Role of the Native Token
As of mid-2024, the native token is primarily used for governance, allowing holders to vote on proposals related to future Layer 2 developments and the allocation of tokens.
Numerous partnerships have been established with key applications and players in the Ethereum ecosystem, supporting the new iteration of the platform. Collaborative efforts include decentralized finance applications and infrastructure projects.
Conclusion
This Layer 2 blockchain aims to improve Ethereum’s scalability and has evolved significantly since its inception. With the introduction of the zkEVM and innovative technologies like zkPorter, the platform is positioned to excel in performance and user experience.
With substantial funding and a committed community, it is poised to be a frontrunner in the race for Ethereum scalability. The combination of a functional first version, a growing ecosystem, and a philosophy that respects Ethereum’s core values makes it a project worth following in the coming months.
Connect with Us
Eager to unleash your growth potential with Boosty Labs? Connect with our team to learn more about our services and how we can help you realize your ambitions.
Book a call