ZkSync is a layer 2 scaling solution for Ethereum that addresses the network's speed and efficiency challenges. Layer 2 solutions are built on top of layer 1, the primary layer that handles all the transaction processing, smart contract execution, and other functions that the network supports. However, layer 1 can become congested when there is a high volume of transactions, leading to slower transaction times and higher fees.
ZkSync is designed to offload some of the transaction processing from the main network, which can improve the speed and efficiency of transactions and reduce the associated fees. Users can transfer funds and transact at a much faster rate and with significantly lower fees than on the main Ethereum network. In fact, the fees on zkSync are about 1/100th of mainnet costs for ERC20 tokens and 1/30th for ETH transfers. This means that users can transact and transfer funds at near-zero gas fees, making their transactions as cheap as possible.
One of the unique features of zkSync is its use of zero-knowledge proofs, which ensure that transactions are completely secure and private. A zero-knowledge proof is a way for one person to prove to another person that something is true without revealing any other information apart from the fact that the statement is indeed true. This ensures that users can transact and transfer funds without leaving any traces behind.
ZkSync also uses a new transaction format that batches multiple transfers into a single compacted transaction. This significantly helps to improve the speed of the network. ZkSync can process over 2000 transactions per second, and the average transaction time is 10 minutes. However, to maintain gas fees as low as possible, the technology is currently set to always wait for the block to get filled. It can take up to 7 hours during lower use, but this only affects withdrawals to L1. Transactions submitted to zkSync are instantly confirmed, and funds can be used even before the transaction is confirmed on L1.
To add zkSync to MetaMask, users can either manually paste the RPC details into the "Custom Network" form or use Chainlist to have it imported automatically. Once added, users can bridge tokens from L1 to L2 zkSync. It is important to note that zkSync is not a completely separate network. It is a layer 2 network that is built on top of the Ethereum network. This means that users can enjoy lower fees while leaving zero traces behind, and their tokens are always ready on the Ethereum network for withdrawal.
Overall, zkSync has the potential to change the world of Ethereum. Offering great scalability, improved security functions thanks to the zero-knowledge proof technology, and a hundred times lower gas fees, zkSync is an innovative solution that allows users to make their transactions as cheap as possible.
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