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Research firm Matter Labs announced a zero-knowledge proof based scaling solution that leverages many of Istanbul’s changes. Bitcoin camp critics claim it is just another “shitcoin”.
ZK rollups and “Visa-Scale” throughput
Achieving economies of scale has long been the Achilles’ heel of public blockchain networks.
Previous approaches to the same problem may have achieved a similar transaction rate but had to forego either security or decentralization in the pursuit. It is the lack of a fallible centralized authority that distinguishes blockchain networks from traditional funding.
Whether it should be Bitcoin or ethereveryone has suffered from slow transaction speeds. At press time, Ethereum can process 15 transactions per second and Bitcoin can process seven. Visa, a common benchmark for the crypto community, processes approximately 2,000 transactions per second.
Matter Labs hopes to solve this with its latest Layer 2 scaling solution, ZK Sync. “ZK” refers to “Zero-Knowledge Proof”, a cryptographic data protection protocol that hides transaction data. This protocol was suggested to aid in scaling efforts as a large amount of information is effectively reduced to the most important parts.
It should also be noted that ZK Sync is an evolution of the idea of ZK rollups that were first introduced by Ethereum programmer Barry Whitehat in 2018.
In one (n announcement On December 5, Matter Labs founder Alex Gluchowski said:
“ZK Sync is designed to enable Ethereum to throughput thousands of transactions per second (TPS) on a VISA scale while keeping funds as secure as in the underlying L1 accounts and maintaining a high level of censorship resistance.”
The Matter Labs team was there at the beginning of January brought to life Another scaling solution that combines plasma and ZK snarks is called Ignis. The result enabled Ethereum to reach 500 transactions per second. While positive, the data availability problem associated with plasma has not been resolved without controversial compromises. Since the last one hard fork At Ethereum, lower gas prices have reinvigorated the lifespan of these ideas.
Specifically, EIP 2028 reduces Calldata’s gas costs from 68 gases per byte to 16, which enables previously expensive ZK-Snark-enabled smart contracts.
The authors of the EIP wrote: “A higher bandwidth of Calldata improves scalability as more data can fit in a single block. “Proof systems like STARKs and SNARKs use a single proof that confirms the computational integrity of a large computation … one that processes a large amount of data in transactions. “
Ethereum’s critics cited several reasons why such a scaling solution will not be successful.
Mr. Hodl, a well-known Bitcoin maximalist, attacked The centrality of Ethereum’s base layer, which would validate out-of-chain transactions like ZK Sync, added that “no technology in the world would interest me”.
Chainstack in September quoted that over 60 percent of all Ethereum nodes use cloud services to host their nodes. Approximately 25 percent of these nodes use the Amazon Web Services (AWS) cloud solution.
Top ten cloud hosting providers.
Others, including Mr Hodl, criticized the use of a token in ZK Sync’s architecture.
I will repeat it again. If the technology requires you to buy shitcoins (even to “upgrade” bitcoin) it is a scam.
If you want to play around with new technology, give the Bitcoin testnet a try.
– Mr.Hodl🌕🍿 (@MrHodl) December 9, 2019
A native token is introduced in ZK Sync, which the network can use to generate zero-knowledge proofs and promote honest activities by guardians and validators.
Validators are the ones who stack transactions and create proofs. Thhttps: //twitter.com/MrHodl/status/1204039171767189506? S = 20ey are rewarded with transaction fees for this work. Guardians are the token holders within the system who designate validators for the execution of this service. The off-chain consensus mechanism therefore works similarly to the current PoS networks (Proof of Stake).
If you’d like to explore ZK Sync for yourself, you can visit Matter Labs’ GitHub page or explore the demo.
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