What Is zkSync: Ethereum Scalability With Zero Security Compromises
From Ethereum’s huge DApp ecosystem to its completing thousands of transactions daily, it’s no surprise that many crypto investors are bullish for its long-term future. Unfortunately, it hasn’t always been smooth sailing, as detractors often bring up headwinds like pricey gas fees and slow transactions. Fortunately, that’s where Layer 2 scaling solutions like zkSync come in handy. Powered by ZK-Rollup technology, zkSync is a unique Ethereum scaling solution that prides itself on extremely low transaction fees and high security. Wondering how zkSync will enhance Ethereum’s scalability without compromising on security? Read on, as we run through the benefits of utilizing zkSync as a scaling solution and discuss how Bybit is taking advantage of this revolutionary technology.
What Is zkSync?
zkSync is a trustless protocol from Matter Labs that’s powered by ZK-Rollup technology. As a Layer 2 scaling solution that’s already live on the Ethereum mainnet, zkSync offers low gas fees and fast transactions while maintaining high security by making use of zero-knowledge proofs.
Among existing Layer 2 scaling solutions, zkSync stands out because of excellent usability and security. While full Layer 2 schemes like Plasma and state channels try to move computations and data off-chain, this can pose a threat to overall security. Thankfully, zkSync combats this threat with its hybrid Layer 2 rollup technology solution.
In short, by moving computation off-chain and keeping some data on-chain, the process becomes significantly more efficient. Zero-knowledge, succinct non-interactive argument of knowledge (ZK-SNARK) proofing allows for quick verification and occupies less storage than traditional smart contracts. This ultimately makes zkSync’s validations quicker and less expensive than other scaling solution counterparts.
By using zkSync for deposits and withdrawals, users will enjoy the following benefits:
Affordable Transaction Fees
Since transactions are bundled up, users share the gas cost among themselves. If enough users band together, this allows gas fees to amount to just a few cents.
Secured and Decentralized
Despite being decentralized, zkSync maintains mainnet-level security, since the validity proof is stored on Layer 1 without any reliance on third parties. This allows increased scalability while maintaining decentralization.
ZK-Rollup technology allows for swift withdrawal times because they use validity proof to authenticate transaction data and don’t require a challenge period. With zkSync, users can expect withdrawals in about 10 minutes.
Thanks to on-chain data and zkSync’s unique cryptography, it’s the only Layer 2 scaling solution that doesn't require any operational activity to keep funds safe. Even if ZK-Rollup validators are gone, any user can go offline for an extended period and return to safely withdraw assets without any external help.
The Future of zkSync
By significantly reducing gas costs without sacrificing security or user control, zkSync seems like the best choice when it comes to Layer 2 Ethereum scaling solutions. With zkSync 2.0 in the pipeline alongside other future upgrades, the sky’s certainly the limit when it comes to achieving Matter Labs’ mission of VISA-scale throughput of thousands of transactions per second. The team aims to attain this without compromising on the underlying security of Layer 1 accounts.
When it comes to decentralization goals, zkSync is currently fully noncustodial with zero trust assumptions. This means zkSync validators have no power to interact with users’ assets without explicit authorization. As the team is committed to developing zkSync into a fully decentralized protocol, current users are likely ahead of the curve, as Matter Labs has yet to introduce validators and guardians into the mix.
Depositing and Withdrawing Crypto on Bybit With zkSync
Get the most out of your deposits and withdrawals by utilizing ZK-Rollup technology. Currently supported cryptocurrencies include ETH, DAI, USDT and USDC. Take advantage of zkSync’s high security, fast withdrawals and low fees by signing up with Bybit, and depositing and withdrawing with us.
The Bottom Line
By focusing on becoming the de facto Layer 2 solution for Ethereum, zkSync certainly has plenty of potential to achieve its grand mission of successfully addressing scaling issues, while maintaining mainnet levels of security, the privacy of its users, and full decentralization as a platform. So what else are you waiting for? Make use of zkSync’s advanced ZK-Rollup technology, and reap the benefits on Bybit today.