WHAT IS ZERO KNOWLEDGE ROLLUP?
The issue of scaling is no longer a new topic, but it's also never out of date for discussion. In 2021, during an active market period, the Ethereum network faced a high volume of transactions leading to network congestion. Users had to pay fees of tens, sometimes hundreds of dollars for a simple transaction, which has prompted experts to look for alternative solutions to help expand the Ethereum network in particular, and the blockchain network in general.
Zero Knowledge Rollups or ZK-rollups is one of the scaling solutions that is considered to have potential, and is effective at the moment; some large layer 2 networks are also aiming to launch their own ZK-rollups networks. In this article, let's find out what ZK-rollups are and its advantages with BHO Network.
What is Rollup?
To understand what Zero-Knowledge Rollups is, we need to explain through Rollup. Rollup in the blockchain, as the name implies, just "bundles" a group of transactions and sends them out of the Ethereum mainnet. These transactions will be processed off-chain, then wrapped into a single block of data and fed back to the Ethereum network. By processing more transactions in a data block, network throughput is increased. Rollup is considered an effective scaling solution for Ethereum.
What are Zero Knowledge Rollups?
Zero Knowledge Proof protocols group transactions into a package and then process and execute them off-chain. Off-chain computation reduces the amount of data that has to be posted to the blockchain. Operators of the ZK-rollup protocols send a summary of the changes needed to represent all transactions in a batch instead of sending each transaction individually. They also present validity proofs to prove the correctness of their changes. Cryptographic validity proofs ensure that the proposed changes to the state of Ethereum are indeed the end result of the execution of all transactions in the bundle.
ZK-rollups have the advantage of privacy protection, and most importantly, they are fast and cheap. ZK-rollups have some advantages over Optimistic Rollups in terms of speed and security, but they are significantly more complex in terms of technology infrastructure.
Thanks to recent advancements in blockchain & crypto, teams from Polygon, Matter Labs and Scroll say they are about to launch the first zkEVMs – ZK-rollups that work identically to the Ethereum network. Like today's popular Optimistic Rollups, these newer ZK-rollups should be able to support virtually any app developer looking to create applications on top of Ethereum – making things a lot faster and cheaper for end users.
Current typical ZK-rollups projects such as Mina Protocol, Loopring, Syscoin, Dusk, etc. can all be traded, swapped and stored on 3S Wallet simply, quickly and safely.
At BHO Network and 3S Wallet, the future of blockchain is the ultimate goal, and the team always supports any development that benefits the Ethereum network in particular and the development of blockchain in general. 3S Wallet is a multichain wallet built around the pillars of Simplicity, Security and Safety. Currently 3S Wallet supports most of the popular networks today, including Layer 2 scaling solutions Polygon and Optimistic Rollup, and will certainly support more networks in the future, including ZK-rollups solutions.
Published on February 17, 2023
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