zkSync is a reliable Layer 2 blockchain scaling solution built on the Ethereum network. zkSync founder Matter Labs offers a number of improvements to the routine functioning of the blockchain network, such as faster withdrawals and lower fees.
What is zkSync?
zkSync is a Layer 2 zero-knowledge scaling solution built on the Ethereum blockchain. Layer 2 solutions increase efficiency by moving away from the mainnet and operating without the relatively higher load on the mainnet. zkSync is also a trustless protocol that promises to further speed up transactions and validate transactions in groups through aggregations, resulting in cheaper fees for each transaction.
zkSync includes support for account abstraction, which allows crypto wallets to be set up in more complex ways that offer more functionality. This means that a wallet may require additional security steps such as multi-signature or two-factor authentication.
Also, it takes about 15 minutes to 3 hours for assets to be withdrawn from zero-knowledge aggregation to Ethereum, unlike optimistic aggregations where withdrawals take at least seven days due to the security parameter of providing a one-week challenge window for disputes. A one-week query window on optimistic aggregations is unnecessary in zk-rollups, as zero-knowledge aggregations are unreliable and rely only on math and cryptographic evidence to validate transactions, as exit operations are executed after the zk-rollups contract validates validity.
Currently, all transactions in zkSync are transparent and the details of the transaction are public. However, the team confirmed that there are plans to implement privacy as an integral protocol feature to encourage mass adoption.
How zkSync Works
As Layer 2, zkSync is a slave network that relies on the main network to authenticate transactions performed on its own network. However, it handles every aspect of the transaction except the final verification.
To send a transaction to the mainnet for validation, zkSync uses aggregations to aggregate several transactions that are then validated as a single transaction on Ethereum. This means that the total fee for all collected transactions is only the one time fee paid for one transaction. When this transaction is verified on the mainnet, it is recorded in zkSync’s ledger.
In this way, zkSync claims to scale the Ethereum blockchain by allowing users to operate on the network with less cost and higher efficiency while enjoying the same level of security.
What are Zero-Knowledge Proofs?
Zero-Knowledge proof is an innovative cryptographic technique that executes and confirms a transaction while hiding its details. This technique allows the verifier to have no knowledge of the essential details of the transaction, including the amount traded and the transacting parties, despite confirming that the transaction is valid.
In the Zero-Knowledge attestation process, there are two parties involved: the Proving and Verifying. The Verifier is the party that wants to prove a statement to the Verifier, while the Verifier is the party that wants to verify the truth of the statement without the need for any additional information. The ZK protocol is responsible for mediating the transaction and is known as confidential information containing the details of the transaction.
To prove to the verifier that a transaction is correct, the verifier must answer a question about the transaction. The Validator creates the question known as the Challenge and sends it to the Promoter. Prover then gives an answer known as the Answer and proves his knowledge of the Witness. The ZK protocol validates Prover’s response and forwards the correctness of the transaction to the Verifier. As a result, the only information the recipient of the transaction has is whether the transaction is correct.
