Why?
ZkSync is an Ethereum-based Layer-2 scaling solution. It enables faster and cheaper transactions for decentralized finance (DeFi) and other Ethereum dApps. ZkSync uses a cryptographic technology called ZK-Rollups. This technology makes it possible to scale transactions through packaging and validation before adding them to the Ethereum main chain, while preserving the privacy and security of transactions.
What does it do?
ZkSync aims to significantly increase the transaction speed and scalability of Ethereum. This allows users to use DeFi and other dApps with lower fees and faster transaction times. ZkSync also aims to protect the privacy and security of transactions.
How does it work?
ZkSync uses a cryptographic technology called ZK-Rollups. ZK-Rollups enables scaling through packaging and validating transactions before adding them to the Ethereum mainchain. This helps reduce processing times and fees significantly. ZkSync also uses a cryptographic technique called zero-knowledge proofs to protect the confidentiality and security of transactions.
Who is it being developed by?
ZkSync is developed by a blockchain company called Matter Labs. Matter Labs is a team focused on improving the scalability and adoption of Ethereum. Besides ZkSync, the company is also working on other Layer-2 scaling solutions.
What is its future?
ZkSync has the potential to become one of Ethereum's most popular Layer-2 scaling solutions. Being fast, cheap, and secure could help spur the adoption of DeFi and other dApps. The future of ZkSync will depend on the mainstream adoption of Ethereum and the development of ZK-Rollups technology.
