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Ethereum is the best blockchain in the crypto industry, which is like the base of the crypto industry, supporting Smart Contracts, NFTs, dApps, and whatnot. With the burden of the entire crypto ecosystem on the single Layer 1 blockchain, the Layer2 solutions became much needed, which could offer faster, cheaper, and better transactions but with the security, enhanced scalability, and improved efficiency of the Ethereum. One of those Layer 2 solutions is the ZkSync, which is a trustless, low-cost payment protocol on Ethereum.
What Is Zksync and How Does It Work?
Empowered with the Zero Knowledge Rollups (ZK rollup) technology, ZkSync is the user-centric blockchain network introduced by Metric Labs, dominating the crypto market for more than four years now. It is a famous scalability network popular among developers for its high efficiency and scalability for developing the Ethereum ecosystem and building decentralized applications (dApps).
It offers scalability by collecting multiple transactions into one cryptographic proof and processing them off-chain before verifying them on the Ethereum network, reducing time and gas fees. Over the years, it has come forward as a cost-effective option. Not only that, it uses the ZK-Rollups and ZK Proofs for utmost security, distinguishing it from the rest of the Layer2 solutions.
What Makes It Standout From The Rest Layer 2 Solutions?
Other than its foundation lying on the ZK Rollups, ZkSync’s main feature lies in its compatibility with the already existing Ethereum Smart Contracts, offering smooth functioning of the dApps. It also does not depend on any intermediaries for the validation of the funds, as all the transactions are secured by the Smart Contract on the Ethereum network.
It has introduced various features and products like ZKsync Era, ZKsync Node, ZK Stack, zkEVM, and many others, offering top-notch services. Its ZKsync Bridge facilitates the transactions between the Layer1 and Layer2 solutions without disturbance.
ZkSync Controversy In The Market With ZK Airdrop
ZkSync has recently launched the native token, ZK, which will play a significant role in paying for transaction fees, Staking, and voting on the network. In an attempt to appreciate the early adopters and loyal users of the network, the ZkSync team had declared a ZK airdrop earlier, which has taken place already. The crypto airdrop distributed around 3.675 Billion ZK tokens on June 17. However, the controversy followed soon as the team asked the participants to adhere to strict steps to be eligible for the airdrop. However, despite the eligibility, only a limited number, accurately 695,232 wallets, received the airdrop, creating a big backlash from its 7 Million active users.
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