ZkSync is a layer-2 scaling solution for Ethereum developed by Matter Labs that provides low-cost and private transaction volume. The scalability problem on the Ethereum network is the limited transaction volume of the blockchain and high transaction fees. These issues increase transaction costs and limit the development of applications and users on the Ethereum network.
ZkSync is one of the solutions to this problem and is supported by Bybit, Ethereum Foundation, and Binance Labs. ZkSync is one of the different chains or protocols that processes transactions on the blockchain and then sends the transaction results back to the blockchain. ZkSync enables users to make fast transactions at low fees. While making transactions on the normal Ethereum network requires very high gas fees, gas fees are much lower when using ZkSync.
In addition, ZkSync helps a wider range of users to join the Ethereum network. With its user-friendly interface, users can easily perform transactions and make use of the Ethereum network without being affected by its congestion. This increases the usage of the Ethereum network. One of the most important features of ZkSync is that it offers a solution that can perform transactions 20 times faster, which in turn increases the capacity of the Ethereum network.
What is this zero-knowledge technology all about?
ZkSync uses “zero-knowledge” technology, which enables you to securely perform transactions while also keeping the privacy of your transactions intact. Zero-knowledge technology allows one party to prove a claim to another party without revealing specific information. This is particularly useful in areas such as blockchain technology and digital identity verification systems. Zero-knowledge is an important tool for maintaining privacy.
In conclusion, ZkSync allows users to perform fast transactions with low fees. While performing transactions on the regular Ethereum network requires high gas fees, ZkSync significantly reduces gas fees. This enables users to perform secure and fast transactions while paying less gas fees.