The new sidechain solution for the Ethereum blockchain promises to provide network scalability to the volume of transactions "VISA level" after deployment.
Solving Ethereum Scalability
Matter Labs developers launched beta testing of zkSync on the Ethereum network on June 18, as stated on the project’s official blog.
ZkSync Layer 2 Application (Add-in fora network conducting transactions with recording their result on the main blockchain) is a “highly reliable and hyperscale solution in the Ethereum core network that allows users to send tokens, eliminating the high gas fees”, which the network is notorious for.
If successful, network bandwidth will besignificantly increased, and transaction speed will increase several times. Matter Labs in its announcement clarifies that the zkSync scaling solution does not apply to decentralized applications (dApp).
In general, zkSync solves the long-standing scalability problem of Ethereum, which was repeatedly tested and led to network congestion and slow transaction processing.
The blog explains the technology behind the solution:
"ZkSync uses the new zero applicationknowledge rollups, which requires a one-time trusted installation that allows you to apply updates and new features without losing the security benefits provided by the [Ethereum] network. ”
ZkSync can handle more now200 transactions per second - works at approximately the speed of a PayPal payment processor. The Ethereum network processes only about 12 transactions per second, so the technology already provides a 10-fold increase in speed.
Scale to VISA Level
PayPal - not the last frontier, zkSync developersthey want to gradually increase the speed to 2000 transactions per second (TPS) - to go on a par with VISA, Mastercard and other outdated banking solutions.
Speed will be achieved as expected withusing the patented technology Matter Labs zkRollup, which uses third-party validators that "do not have access to the underlying transaction data within the cumulative package."
Regarding commissions, the blog notes thatfees will not exceed $ 0.01 per transaction in the foreseeable future and will be paid with the transferred token. Prior to zkSync, token transfers were paid only in ETH and cost $ 2 million per month.
Matter Labs joins Loopring and others,working to scale the Ethereum network to millions of users every month. The project previously received a grant from the Ethereum Foundation and was founded after an initial round of funding of $ 2 million by Placeholder VC in November 2019.
In future updates, zkSync will introduce smart contract compatibility and additional security and censorship protection features.
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