ZK Sync is a Layer 2 solution that improves the Ethereum blockchain by increasing transaction speed and lowering costs, while keeping the original security and decentralization.
What is zkSync
Here's a simple explanation:
- ZK Rollup: ZK Sync uses a method called ZK rollup. It processes transactions off-chain (outside the main Ethereum network) and stores most data off-chain too. But it still proves all transactions on the Ethereum mainchain, so it's as secure as Ethereum.
- Zero-Knowledge Proofs: It uses zero-knowledge proofs (ZKPs) to bundle many transactions into one. This means more transactions can happen quickly and cheaply on Ethereum.
- Validators and Guardians: There are two important roles:
- Validators: They bundle transactions and create zero-knowledge proofs.
- Guardians: They watch the network to prevent bad behavior and ensure decentralization.
- Focus on Programmability and Privacy: ZK Sync uses RedShift, a technology for creating ZK circuits, and Zinc, a programming framework for smart contracts. This makes it easier for developers to build secure and efficient programs.
In summary, ZK Sync is designed to make Ethereum faster and cheaper without losing its security. It's a user-friendly solution for better scalability, security, and development on Ethereum.
Team of zkSync
Alex Gluchowski
CEO
Alex Gluchowski is the Co-Founder & CEO of Matter Labs - a software engineer with over 17 years of experience.
Starting as a Junior Software Developer, he advanced to leadership roles, including Head of Software Engineering at Clarity AG and CTO roles at ExpoGlobus.com and Somuchmore GmbH.
Funding of zkSync
$200,000,000
Ecosystem Fund
Backed by BitDAO.
$200,000,000
Series C
Led by Blockchain Capital, Dragonfly, Variant , Lightspeed Venture Partners , Andreessen Horowitz.
$50,000,000
Series B
Led by Andreessen Horowitz , 1kx , Wintermute, Placeholder.
$6,000,000
Series A
Led by Union Square Ventures , Andreessen Horowitz ,Dragonfly, 1kx, Placeholder.
$2,000,000
Matter Labs Seed round
Led by Placeholder, Hashed,Dragonfly,1kx,Dekrypt Capital.
zkSync review
Pros
High Scalability
Can process thousands of transactions per second, highly scalable for Ethereum.
Low Cost
Offers low transaction fees, appealing for users and developers.
Security & Liveness
Resistant to censorship and DoS, ensuring system security and functionality.
Privacy & Programmability
Efficient privacy and smart contract development with advanced features.
Ethereum Compatible
Fully compatible with Ethereum, easy for dApp migration.
User-Friendly
Easy-to-use interface for end-users.
Decentralization
Validators and guardians ensure a decentralized, trustless system.
Fast Withdrawals
Quick and easy fund withdrawals.
Permissionless Contracts
Supports EVM-compatible smart contracts without permissions.
Web3 API
Offers a standard Web3 API for ease of use.
Account Abstraction
Introduces a novel feature for enhanced account management.
Cons
Variable Costs
Transaction fees may rise and vary according to the network congestion.
New Technology
Still in testing, with potential for bugs.
Governance Challenge
Needs robust governance for upgrades and decisions, avoiding power concentration.