We are already three months into 2021 and high Ethereum Gas prices continue to cause chaos, unless, like Numio, you use zkRollups to power your products.
zkRollups are a scaling solution that helps the Ethereum Network process transactions and compute data more effectively. It proves that Ethereum scales, and that the doubt cast by self proclaimed ‘Ethereum killers’ is just FUD.
As the Numio app reached a milestone of 10,000 downloads on Google Play, we thought it was about time that we recapped on why we chose to use zkRollups.
Why We Chose zkRollups?
Share the cost
Much like group buying services like Groupon, zkRollups allow multiple transactions to be bundled together and the Gas fee split between multiple people. This makes transactions cheaper for everyone.
Transactions on zkRollups are instant, meaning you don’t have to wait for your payment to reach the front of the queue like you do with Ethereum Layer 1.
No need to hold Ethereum
In the majority of cases you don’t need to hold Ethereum to pay for Gas. The Gas fee can be paid in the token you are sending.
Free and easy set up
zkRollup account requires no sign up as an account is created as soon as a transaction is sent to an address.
Account creation is free when using Numio.
Easy to withdraw
Withdrawal to Ethereum Layer 1 takes around 5-15 min.
Secure and Trustless
Storage and transaction security is the same as the Ethereum Network, i.e. very high. There is no trust in a 3rd party to look after your cryptocurrency, you are in control. With zkRollups, you have on-chain data availability.
Smart Contracts (Coming Soon)
Currently, the biggest challenge for zkRollups is the inability to carry out general computation. There has, however, been a huge amount of progress around the development of Zinc.
Zinc is a programming language based on Rust, which will enable smart contracts on zkSync, and allow general-purpose, zero-knowledge proof circuits. We are incredibly confident and excited about what this will enable for Ethereum and Layer-2 Technologies.
Jumping onto zkRollups Train
As the technology progresses, the list of zkRollup providers is growing, with zkSync and Loopring being the largest platforms currently. We chose to move forward with the zkSync solution back in August 2020 and as it now turns out we feel like we couldn’t have made a better move.
We were among the first projects to integrate zkSync protocols and the first to launch a product on Google Play supporting zkRollups. Since that time we have seen more and more projects joining the ecosystem. This is a huge step for everyone as it allows these projects to work together in providing interlinked, faster and cheaper Ethereum transactions to their customers.
What’s more we have seen great positive interaction between the various zkRollup projects, which is pleasing to see in an industry that has been held back by tribalism.
Moving forward we will continue to build cutting edge Numio features on top of the zkSync protocols, and help bring composability solutions to the table.
Watch this space closely.