ZKSync, an Ethereum layer-2 scaling solution, debuts its alpha mainnet to reduce congestion and improve transaction throughput.
The ethereum ecosystem witnesses a significant development as the alpha mainnet of ZKSync, a Layer 2 scaling solution, is officially launched. ZKSync aims to alleviate network congestion and bolster transaction throughput on ethereum by employing zero-knowledge proofs, a cryptographic technique that ensures transaction privacy.
Ethereum’s blockchain has encountered several obstacles concerning its ability to scale and elevated transaction costs, which have become more pronounced due to the increasing adoption of DeFi and NFTs. In response to these challenges, Layer 2 solutions like ZKSYNC have emerged to improve the network’s performance and overall efficiency.
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ZKSync’s alpha mainnet release marks an important milestone in the roadmap. The launch showcases the successful integration of the first version of zkEVM, a zero-knowledge EVM (Ethereum Virtual Machine) compatible engine. This compatibility allows developers to deploy their ethereum smart contracts on ZKSync without making significant changes to the code. As a result, ZKSync aims to offer seamless adoption for existing projects within the ethereum ecosystem.
Cryptography is the most important technology protecting the world’s freedom today — because it’s the only protection that a single individual can have against mighty adversaries. Cryptography led to permissionless blockchains which made radical self-sovereignty possible for anyone, for the first time in history.
There’s one big caveat: not everyone can access it yet.
The innate values of crypto will only succeed with its mass adoption; when blockchains meet the demands of millions of users. But trustlessness — the very same thing that makes blockchains so valuable — makes them very hard to scale. The principle “don’t trust, verify” means that every node must verify every single transaction on the network.
But how can a single server possibly verify all of the transactions on the Internet? Turns out it can — with some magic. Enter succinct zero-knowledge (ZK) proofs: the only protocol capable of enforcing the integrity of arbitrarily large computations, verifiable by anyone with no more than the power of a smartphone, ZKSYNC wrote in a medium post.
The project team behind ZKSync has expressed their confidence in the technology’s potential to scale ethereum transactions, emphasizing that the alpha mainnet launch is just the beginning. The future development plans include introducing more features, tools, and services to support developers and users while further improving the network’s scalability and security.
Several prominent players in the ethereum community, such as Aave and Curve, have already shown interest in adopting ZKSync to boost their platforms’ performance. This integration promises a more efficient, secure, and cost-effective environment for Ethereum-based projects, reducing barriers to entry for developers and users alike.
Launching ZKSync’s alpha mainnet is a significant step towards solving ethereum’s scalability issues. As the technology continues to evolve and gain adoptions, ethereum’s network capacity and efficiency are expected to improve, making it a more attractive option for various decentralized applications and use cases.
Positioning for Crypto Airdrops Is a Lucrative Strategy
Airdrop is one of the most lucrative ways of making a profit in the Crypto space. However, it is crucial to be aware of risks such as interacting with suspicious smart contracts and hacks.
Airdrop is the distribution of free crypto tokens or coins to digital wallets of people to promote a project. It is in fact one of the most commonly used marketing strategies used by crypto companies or smaller crypto projects to quickly gain community attention.
An airdrop helps a crypto project gain attention and makes people trade the token after its initial coin offering (ICO). Users can drop a request to receive tokens in the airdrop after following instructions on the company’s social media accounts, websites, online forums, etc.
Users will receive tokens or coins in their wallets on the scheduled date of the airdrop. Sometimes, users must hold a minimum quantity of tokens in their wallets to be eligible for the airdrop. In addition, eligibility may also depend on the completion of certain tasks. It may include posting on social media channels, writing a blog post, and connecting to an influencer.
Some of the most successful airdrops include an airdrop by El Salvador to promote Bitcoin adoption after the country made it a legal tender. Anyone who installed the government-built wallet received $30 worth of BTC.
Other successful airdrops include Uniswap (UNI), Shiba Inu (SHIB), ApeCoin (APE), Stellar Lumens (XLM), and Bitcoin Cash (BCH). Prominent in 2021 was the ENS airdrop for only registering a custom ethereum domain name. Aptos, Samo in 2022 and Blur, Arbitrum ARB in the first quarter of 2023 with users benefiting turns of returns with literally just participating on chain tasks.
Position for ZKSYNC, SUI Blockchain, LayerZero Chain, Shardeum and a few others who might at the long run issue out a governance token hence airdrop to the community.