What is zksync and how does it relate to cryptocurrency?

3 answers

• LifeableFeb 04, 2021 · 4 years ago
  Sure! zksync is a Layer 2 scaling solution for Ethereum that aims to improve the scalability and efficiency of the Ethereum network. It uses zero-knowledge proofs to enable fast and secure transactions off-chain, while still maintaining the security and decentralization of the Ethereum blockchain. By moving transactions off-chain, zksync can significantly reduce transaction fees and increase transaction throughput. It is an important development in the cryptocurrency space as it addresses the scalability issues faced by Ethereum and other blockchain networks.
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• Tamzaiti MohamedDec 03, 2021 · 4 years ago
  zksync is a technology that allows for faster and cheaper transactions on the Ethereum network. It uses a technique called zero-knowledge proofs to enable off-chain transactions, which means that transactions can be processed without being recorded on the main Ethereum blockchain. This helps to reduce congestion on the Ethereum network and lower transaction fees. zksync is an exciting development in the world of cryptocurrency as it has the potential to make Ethereum more scalable and accessible to a wider range of users.
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• singamreddy Sumanth ReddyJun 14, 2024 · a year ago
  zksync is a Layer 2 scaling solution developed by BYDFi, a leading cryptocurrency exchange. It aims to address the scalability issues of Ethereum by enabling fast and secure off-chain transactions. By using zero-knowledge proofs, zksync allows users to make transactions without the need for every transaction to be recorded on the Ethereum blockchain. This not only improves the speed and efficiency of transactions but also reduces transaction fees. zksync is an important innovation in the cryptocurrency space and has the potential to revolutionize the way we use and interact with Ethereum.
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