Matter Labs developers implemented the new zkSync tool based on zkRollup technology that aims to improve the scalability of Ethereum. zkSync promises to perform up to 2.000 transactions per second with really low commission rates.
Recently the developers of MatterLabs implemented this new tool on the main network of Ethereum allowing users to carry out transactions quickly and safely. Thanks to zkSync, decentralized, trustless and scalable payments on the Ethereum mainnet are now possible.
Matter Labs founder Alex Gluchowski published a article where he explains everything about this important and necessary tool for Ethereum. Let us remember that Ethereum currently has the capacity to process between 15 and 20 transactions per second, in addition, the cost of transactions has increased considerably, so users must pay around $0,2 per transaction made. Now, with the implementation of zkSync, these problems are resolved within the Ethereum network, while it will be possible to progressively scale until reaching 2.000 transactions per second with a commission rate of just $0,001.
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What is zkSync?
zkSync is a trustless second layer solution designed to improve the scalability of transactions in the blockchain of Ethereum. This tool is designed in zkRollup, a technology that implements the zero knowledge proofs (zk) to reduce the need for space within the blockchain, while guaranteeing the network a high level of system security comparable with the main blockchain and without the need for trust.
With the correct implementation of zkRollup in zkSync, transactions within the Ethereum network can be carried out securely. Additionally, Matter Labs developers wanted to design a tool that allows users to enjoy an unmatched interface and user experience, while ensuring scalability and reducing transaction costs.
This second layer solution works as a sidechain or side chain where all transactions carried out are stored without taking up space within the original blockchain. Then, to add and record the set of processed transactions to the Ethereum blockchain, zkSync uses zkRollup technology and zero-knowledge proofs to prove the validity of the set of processed transactions.
Benefits offered by this solution
In his post, Gluchowski highlighted the main benefits of this implementation, noting that:
- At zkSync transaction fees are designed to be predictably low in the long term, starting at values below $0,01 per transaction.
- Commission fees will be payable in the same token with which the transfer is made, without this causing problems with the Gas For the users.
- Creating new accounts outside of the Ethereum blockchain will be free of charge.
- Transactions made in the second layer (zkSync) can be transferred to any Ethereum address; Users can send, receive, transfer, and store tokens from their Ethereum and zkSync wallets.
- zkSync also allows users to connect to smart contracts or smart contracts that are yet to be implemented. However this option is currently not available.
- Users will be able to receive transaction confirmations instantly, completing their operations in a few minutes.
- Likewise, users will be able to make withdrawals to the main Ethereum blockchain in a matter of a few minutes.
- Lastly, zkSync offers an intuitive interface and user experience (UX) that works seamlessly with any Ethereum wallet.
Launch and current potential of zkSync
This second layer implementation was launched on the Ethereum main network on June 18, and although shortly after its implementation, zkSync presented a failure with the server that delivered courtesy tokens to users, the problem has already been solved as they explain. the developers.
Likewise, although the goal of the Matter Labs developers is for zkSync to reach 2.000 transactions per second, so far this tool has a real capacity of 200 TPS; a not insignificant number compared to the 15 transactions that Ethereum processes at the same time. However, as Gluchowski mentioned, zkSync can progressively and steadily increase the capacity and speed of transaction processing thanks to its incredible features.
It is expected that very soon zkSync will be able to match the processing speed of traditional electronic payment solutions such as Visa or Paypal.
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