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Unlocking Ethereum's Potential: Is ZkSync the Ultimate Solution?

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Chapter 1: Introduction to ZkSync

In this article, we delve into ZkSync, a promising scaling solution for Ethereum that aspires to establish itself as the premier EVM-compatible ZK Rollup (zkEVM). While numerous projects are competing to develop this technology, ZkSync showcases several unique features that may enable it to take the lead. Let’s examine these aspects and determine if its technology is as advanced as it claims to be.

Section 1.1: Understanding ZkSync

ZkSync, initiated by Matter Labs in 2020, is a zero-knowledge rollup that leverages Ethereum's security primarily for token transfers. Currently, it does not support smart contracts, which limits the available products on zkSync 1.0 and results in slower adoption compared to other Ethereum scaling alternatives. However, the Matter Labs team is set to launch zkSync 2.0 alpha, featuring zkEVM, on the mainnet on October 28. Additionally, they have announced plans to introduce an L3 on the testnet by the first quarter of 2023.

This video explains how ZkSync could revolutionize Ethereum by offering advanced scaling solutions through ZK Rollups.

Section 1.2: The Race for zkEVM Dominance

At present, three key contenders—Scroll, zkSync, and Polygon—are competing to develop an EVM-compatible ZK Rollup. zkSync appears to be leading this race. The first team to successfully launch a zkEVM will likely attract significant dApp deployments and user engagement, providing them with a substantial competitive edge.

Subsection 1.2.1: The Upcoming ZkSync 2.0

The initial rollout of ZkSync 2.0 will be exclusive to developers who register their projects for this release. This strategy aims to give dApp developers adequate time to test their products and ensure their safety. The new version will utilize a custom bytecode tailored for zkSync’s zkEVM, differing from Ethereum's bytecode. Consequently, some code may require modifications to function properly on ZkSync 2.0. To address potential compatibility issues, Matter Labs plans to create an EVM bytecode interpreter that operates as a contract within zkSync.

This video provides a comprehensive overview of zkSync, illustrating its role as a layer 2 scaling solution for Ethereum.

Section 1.3: Account Abstraction in zkEVM

Within zkEVM, two types of accounts exist: externally owned accounts (EOAs) and contract accounts. EOAs are public addresses managed by private keys, enabling transaction signing. In contrast, contract accounts function according to pre-defined code and cannot initiate transactions. The goal of account abstraction is to separate the account holding tokens from the signer authorizing transactions. This means that EOAs in zkSync’s zkEVM can initiate transactions while incorporating logic similar to a smart contract account on Ethereum.

Section 1.4: The Introduction of zkPorter

The zkEVM promises significant scaling improvements for Ethereum. However, ZK Rollups still need to post data on the Ethereum base layer, which limits their scaling potential. The introduction of zkPorter will categorize zkSync’s zkEVM as a volition solution, allowing users to choose whether to store their data on-chain or off-chain. Users prioritizing security and low transaction fees will opt for on-chain activity, while those favoring higher throughput and lower fees may prefer the off-chain zkPorter.

Visualization of zkPorter in zkSync

Chapter 2: The Future of Layer 3

Matter Labs is also developing a novel blockchain referred to as Layer 3, named "Opportunity," which is projected to launch in 2023. Layer 3s are intended to be more customizable and privacy-focused than traditional blockchains, offering token holders rewards for engaging with the network.

Conceptual framework of Layer 3

In conclusion, ZkSync is on track to create a highly robust zkEVM. The ambitious vision of Matter Labs to establish a universal prover for all chains is noteworthy and could lead to the development of the most advanced prover to date. This initiative has the potential to foster a vibrant L3 ecosystem characterized by autonomy, high performance, and secure interoperability. While ZkSync's development of a ZK Rollup that aligns with Ethereum's smart contract code level is promising, only time will reveal the true victor in Ethereum's scaling race.

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