zkSync, developed by MatterLabs, is a layer-2 scaling solution on Ethereum. It was designed to address key challenges of the Ethereum blockchain, including low transaction throughput and high fees. By using zero-knowledge rollup technology, zkSync makes transactions faster and cheaper while keeping Ethereum’s security intact. This setup makes it ideal for decentralized finance (DeFi), non-fungible tokens (NFTs), and other blockchain-based services that need high throughput and low fees.
The core technology of zkSync is based on zero-knowledge rollups, which means bundling multiple transactions off-chain into a single batch, which is then processed and verified on the Ethereum mainnet. These special proofs, called zk-SNARK, check that the grouped transactions are valid without showing any details about them, keeping everything safe and secure. By doing most of the transaction processing outside the main Ethereum network, zkSync lightens the load on Ethereum. This makes transactions cheaper and confirms them faster.
zkSync has teamed up with several companies in the blockchain and web3 world. These partners include Alchemy, a platform for web3 development; Space and Time (SxT), a decentralized data storage service; and Trala, a platform for Web3 gaming. The project has also received financial support from well-known investors like Andreessen Horowitz (a16z), Dragonfly Capital, OKX Ventures, and Blockchain Capital.