What is zkSync?
zkSync is a zkRollup (zero-knowledge rollup), more technically known as a “Validity Rollup”. zkSync is designed to help Ethereum scale by taking some of the load off of the Ethereum network, while still retaining the security of Ethereum’s network for transactional data.
What is a Rollup?
The best way to understand how a rollup works is by comparing it to an airline. When you are using Ethereum, whether it be to send money to a friend, make a trade, farm tokens, or invest in the next famous meme coin, it can be quite expensive.
We can compare this to a private airfield with a few private jets carrying just a few people – it’s not something that everyone can afford.
But air travel can be commercialized. Bigger airports and bigger planes let you transport more people, with the cost of each flight shared by all passengers.
The concept of commercializing air travel is extremely similar to what a rollup is. In a rollup, you bundle tons of transactions together, and those transactions all share the cost to push the data onto Ethereum. This makes the costs significantly cheaper for everyone.
More importantly, rollups are able to be faster, and even provide a better user experience.
Is zkSync Secure?
The goal of zkSync is to minimize the trust required to help scale Ethereum. This is a much different approach than many of the sidechains have taken (e.g. Binance Chain, Gnosis Chain, Polygon PoS, Avalanche’s C-Chain).
The security of zkSync is retained by Ethereum and mathematics. There is a cryptographic proof generated, called a zkSNARK (Succinct Non-interactive ARgument of Knowledge).
If you want to learn more about zkSNARKs, you can read this article – https://www.numio.one/zksnarks-vs-zkstarks/.
The actual security of the rollup is determined by 2 things – validity and availability.
- Validity: The state (e.g. account balances) is verified so the validators can’t attempt to steal assets.
- Availability: Data is consistently available for the L2 solution, so users can always withdraw their assets whenever they want.
What are the Benefits of zkSync?
Since zkSync is an Ethereum scaling solution, you can expect much lower transaction fees.
- 1/100 of Ethereum mainnet fees for ERC20 tokens, and ~1/30th for ETH transactions
- 1/100th of mainnet fees for trades
- Cryptographically secure protocol
- If rollup operator goes down, you can still retrieve your funds
- Will become EVM compatible with zkSync 2.0. If you want to read more about zkSync 2.0, you can read about it here
Is there a zkSync Wallet?
In Numio, you can purchase crypto with your debit or credit card, and have the funds sent directly to your zkSync account – no more Ethereum mainnet fees! More importantly, you never have to deal with purchasing crypto through a custodial exchange -you can keep your funds under control at all points in time.
If you already have an Ethereum wallet, you can easily import your existing wallet into Numio and begin to manage it from there.
What is the zkSync block explorer?
zkSync has their own block explorer, which allows you to view all the transactions that occur on their rollup. This block explorer is known as zkScan. When sending transactions, or executing trades using a non custodial Layer 2 wallet like Numio, you can easily view what is occurring on the network.
Thanks to some of the awesome community members around zkSync, they also have their own analytics page so you can see the growth of their ecosystem.
Here are links to a couple Dune dashboards, which explain this in detail:
Is there a zkSync Token?
zkSync has announced multiple times that there will be a token to help to support their ecosystem. The details around the token are still a mystery though.
During a Reddit AMA last year, their team mentioned that ⅔ of the token supply will be reserved for the community to help decentralize their ecosystem as much as possible.
What’s next for zkSync?
The next steps for zkSync are to get ready for EVM compatibility by building the first EVM compatible zkRollup, also known as a “zkEVM”. Known as “zkSync 2.0”, this will allow for any existing protocol on Ethereum, such as Sushiswap, Uniswap, Aave, Balancer, Compound, MakerDAO, and Opensea, to easily port over to Layer 2, and enable their users to operate in a much more scalable, cheaper environment.
Buy, sell, trade, earn crypto with DeFi, collect NFTs, and more, while saving you up to 100x on Ethereum fees. Numio gives you more control over your digital assets in one convenient app. Numio can be used pseudonymously, or with an optional zkProof powered identity verification system. All Numio products are non-custodial.
Available on Android and iOS, Numio was the first zkRollup powered mobile payments app to be released on Google Play.