What Is Zksync?

zkSync is a Layer 2 scaling solution that aims to address the scalability issues of the Ethereum blockchain. It offers cheaper and faster transactions compared to the main Ethereum network (Layer 1) while still maintaining the security and finality of Layer 1.

How zkSync Work:

zkSync is built on the concept of rollups, specifically zero-knowledge (ZK) rollups. Rollups bundle multiple off-chain transactions into a single transaction that is sent to Layer 1 for verification and settlement. This allows for significant scalability improvements while leveraging the security of the Ethereum blockchain.

Here is a step-by-step breakdown of how zkSync works:

Off-chain Transactions: Users initiate transactions on the zkSync Layer 2 network. These transactions are processed off-chain, which reduces the load on the Ethereum mainnet.

Batch Creation: The off-chain transactions are grouped into batches. Each batch contains multiple transactions that will be rolled up into a single transaction.

Zero-Knowledge Proofs: A process called zero-knowledge proofs is used to generate cryptographic proofs that validate the transactions within each batch. These proofs ensure the integrity and correctness of the transactions without revealing any sensitive information.

Verification on Layer 1: The generated proofs are then sent to the Ethereum mainnet (Layer 1) for verification. Layer 1 validators verify the proofs and validate the batch of transactions.

Settlement: Once the batch is verified, the results are settled on Layer 1. The final state of the transactions is recorded on the Ethereum blockchain, ensuring the security and immutability of the transactions.

Benefits of zkSync:
zkSync offers several benefits that make it an attractive scaling solution for Ethereum:

Low Gas Costs: zkSync significantly reduces gas costs compared to Layer 1 transactions. Users can enjoy up to 1/100th of the gas fees associated with Layer 1 transactions.

High Speeds: zkSync can process over 2000 transactions per second (tps), which is a significant improvement compared to the 14 tps on the Ethereum mainnet.

Security: zkSync leverages the security of the Ethereum mainnet. The cryptographic proofs generated for each batch of transactions ensure the integrity and validity of the transactions.

Frictionless Transfers: Users can seamlessly move their assets between Layer 1 and Layer 2 without any delays or complications. This allows for easy and efficient transfers between the two layers.

Censorship Resistance: zkSync allows users to move their assets back to Layer 1 at any time, ensuring that they have full control over their funds.