ZkSync (ZK)

What is ZkSync

Matter Labs develops scaling Ethereum a decentralized application intended to remove interaction obstacles between untrusted parties. It develops zkSync which makes crypto payments cheaper and can be used to scale arbitrary smart contracts. The company was founded in 2019 and is based in Berlin, Germany.

zkSync is a ZK rollup, a trustless protocol that uses cryptographic validity proofs to provide scalable and low-cost transactions on Ethereum. In zkSync, computation is performed off-chain and most data is stored off-chain as well. As all transactions are proven on the Ethereum mainchain, users enjoy the same security level as in Ethereum.

zkSync is made to look and feel like Ethereum, but with lower fees. Just like on Ethereum, smart contracts are written in Solidity/Vyper and can be called using the same clients as the other EVM-compatible chains.

zkSync stands out remarkably in security and usability among existing L2 scaling solutions. Thanks to the combination of cutting-edge cryptography and on-chain data availability, ZK rollups (the core network of zkSync) are the only L2 scaling solution that doesn't require any operational activity to keep the funds safe. For example, users can go offline and still be able to withdraw their assets safely when they come back, even if the ZK rollup validators are no longer around.

zkSync features

• Mainnet-level security with zero reliance on 3rd parties
• ETH and ERC20 token transfers with instant confirmations and 10-minute finality on L1*; see supported tokens
• Ultra-low transaction fees (~1/100th of mainnet costs for ERC20 tokens and ~1/30th for ETH transfers)
• No registration is required to receive funds
• Payments to existing Ethereum addresses (including smart-contracts)
• Fees conveniently payable in the token being transferred
• Withdrawals to mainnet in ~10 minutes
• Multisig (opens new window)support
• Permissionless smart contracts