CoinScan's Ultimate Guide to Using ZKSync, Ethereum's Newest Layer-2 Scaling Solution
What is ZKsync?
ZKSync is a newly released layer-2 scaling solution for Ethereum blockchain, built using zero-knowledge proof (ZKP) technology. It is a platform that aims to help grow the use of Ethereum by making transactions faster and more efficient. You can think of Layer-2 Scaling solutions like the subway system in New York City, it would be very expensive and inefficient if everyone in New York drove their car into the city. Subways helped solve this by providing a scaling solution where multiple passengers can all get into the same subway car and reach their destination in a faster and more efficient way. In this article, CoinScan will discuss what ZKSync is, how it works, and how to use it. Developed by Matter Labs, ZKSync is designed to improve the speed and scalability of Ethereum transactions, while also reducing the cost of gas fees. ZKSync uses zero-knowledge proofs (ZKPs) to batch transactions, compress them, and submit them to the Ethereum network in a single transaction. This allows for a significant increase in transaction throughput, which is crucial for the growth of the Ethereum ecosystem. Layer-2 solutions are protocols that work on top of the Ethereum mainnet, which can handle a large number of transactions without overburdening the main network. ZKSync uses ZKP technology to batch transactions, compress them, and submit them to the Ethereum network in one single transaction. Moreover, ZKSync also supports a wide range of Ethereum native assets, including ERC-20 and ERC-721 tokens, allowing users to transact with different tokens on the platform. This will allow current Ethereum users to more easily gravitate and adopt ZKsync based on this support.
How Does ZKSync Work?
ZKSync is built on top of the Ethereum blockchain, and it uses a unique approach to scaling transactions. When a user submits a transaction to ZKSync, it is compressed and batched together with other transactions from other users. This batch of transactions is then verified using ZKPs, which allows the transactions to be processed and validated in a single transaction on the Ethereum blockchain. The use of ZKPs enables ZKSync to achieve fast finality, transactions on ZKSync are confirmed in seconds, as opposed to the several minutes it can take on the Ethereum mainnet. This makes it an ideal platform for high-frequency and low-value transactions, such as micropayments and decentralized exchange trades.
How to Use ZKSync?
Using ZKSync is relatively straightforward. Here are the steps to get started: Step 1: Set up a Wallet The first step in using ZKSync is to set up a wallet that supports it. There are several wallets that support ZKSync, including MetaMask, Gnosis Safe, and MyEtherWallet. You can choose any of these wallets based on your preference and download them to get started. Step 2: Transfer Funds to ZKSync Once you have set up a wallet, the next step is to transfer funds to ZKSync. You can do this by depositing funds into your ZKSync account using a supported wallet. You may also be able to bridge funds over from the Ethereum network. Once you have deposited funds, you can start transacting on the ZKSync network! Step 3: Transact on ZKSync To transact on ZKSync, you can use any of the supported dapps or exchanges. These dapps and exchanges will allow you to swap tokens, make payments, and perform other transactions on the ZKSync network. All transactions on ZKSync are fast and cheap, thanks to the use of ZKPs. Find out more info on dapps and exchanges in the links below and ZKsync’s website.
In conclusion, ZKSync is a layer-2 scaling solution for Ethereum that uses zero-knowledge proofs to improve the speed and scalability of transactions. It is an ideal platform for high-frequency and low-value transactions, and it offers fast confirmations and low gas fees. If you are looking for a fast and cheap way to transact on Ethereum, then ZKSync is an excellent option to consider using!
About the Author
Crypto Enthusiast for over 6 years now. Working full time in DeFi since 2021.