From Ethereum’s massive DApp ecosystem to thousands of transactions being made daily, it’s no wonder that many crypto investors are bullish on its long-term future. Unfortunately, things aren’t always smooth sailing, with detractors often citing obstacles like expensive gas fees and slow transactions. Luckily, that’s where layer-2 scaling solutions like zkSync come in. Based on ZK-Rollup technology, zkSync is a unique scaling solution for Ethereum that benefits from extremely low transaction fees and high security. Wondering how zkSync will improve Ethereum’s scalability without compromising security? Read on as we uncover the benefits of using zkSync as a scaling solution and discuss how Bybit is taking advantage of this revolutionary technology.
What is zksync?
zkSync - this is a trust protocol from MatterLabs, based on ZK-Rollup technology. As a layer XNUMX scaling solution already running on the Ethereum network, zkSync offers low gas fees and fast transactions while maintaining a high level of security through the use of zero-knowledge proofs.
Among existing layer XNUMX scaling solutions, zkSync stands out for its superior usability and security. While complete second-level schemes such as Plasma and state channels, trying to move computations and data off the chain, this can pose a threat to overall security. Fortunately, zkSync is fighting this threat with its hybrid Layer 2 rollup technology solution.
In short, by moving computation off the chain and keeping some of the data on the chain, the process becomes much more efficient. Zero-Knowledge, Concise Non-Interactive Knowledge Argument (ZK-SNARK) proof provides fast verification and takes up less memory space than traditional smart contracts. This ultimately makes zkSync validation faster and less expensive than other scaling solutions.
By using zkSync for deposits and withdrawals, users will enjoy the following benefits:
Affordable transaction fees
As transactions are pooled, users share the cost of gas among themselves. If enough users pool together, it allows them to pay for gas with just a few cents.
Security and decentralization
Although decentralized, zkSync maintains network-level security because proof of validity is stored at the first level without any dependency on third parties. This allows for increased scalability while maintaining decentralization.
Quick withdrawal
ZK-Rollup technology enables fast withdrawals as transaction data is validated with proof of validity and no verification period is required. With zkSync, users can expect withdrawals in about 10 minutes.
Reliable transactions
With on-chain data and unique cryptography, zkSync is the only layer XNUMX scaling solution that requires no operational steps to secure funds. Even if the ZK-Rollup validators disappear, any user can go offline for an extended period and return to safely withdraw funds without any outside help.
The future of zkSync
With significant reductions in gas costs without compromising user security and control, zkSync seems to be the best choice when it comes to layer XNUMX Ethereum scaling solutions. Insofar as zkSync 2.0 is in development along with other upcoming updates, there are unlimited opportunities for Matter Labs to achieve its goal of delivering throughput of thousands of transactions per second at the scale of VISA. The team aims to achieve this without compromising the underlying security of tier-one accounts.
In terms of decentralization goals, zkSync is currently a completely non-custodial, zero-trust system. This means that zkSync validators are not allowed to interact with users' assets without explicit permission. As the team aims to develop zkSync into a fully decentralized protocol, current users are likely to be ahead of the curve as Matter Labs has yet to introduce validators and guardians.
Сonclusion
With a focus on becoming the de facto second-layer solution for Ethereum, zkSync certainly has great potential to achieve its grand mission of successfully solving scaling issues while maintaining the security of the mainnet, the privacy of its users, and the complete decentralization of the platform. So what are you waiting for? Take advantage of zkSync’s cutting-edge ZK-Rollup technology and reap the benefits on Bybit today.
Curious about other types of second layer scaling solutions? Check out our guides to Abitrum's Optimistic Rollup and Boba Token, which uses Optimistic Rollup technology.
