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Tuesday, December 6, 2022

zkSync All Set For Test Run

As the Ethereum network congestion continues, the development of Layer 2 scaling solutions has picked up pace. A tweet shared on Monday by the team at zkSync – an open-source protocol for scaling Ethereum – announced that a project called L2 PoC 5 is on the way. According to zkSync’s Twitter post, L2 PoC 5 will be developed with help from blockchain development firm Parity Technologies and has plans for a mainnet launch in Q4 2023.

zkSync is an open-source protocol for scaling Ethereum. It uses ZK rollups technology to process transactions off-chain before recording them to the Ethereum blockchain in batches.

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L2 PoC 5 is a project that will work on a mainnet launch in Q4 2023. The team behind zkSync has been working on this project since late 2018 and it aims at further developing the scalability of zkSync by increasing its throughput capabilities beyond 100,000 tx/sec (tps).

zkSync is a Layer 2 solution. Layer 2 protocols work off-chain and aim to reduce the load on the Ethereum blockchain by processing transactions externally, then recording them in batches to the blockchain later.

zkSync To Go Live In 2023

ZK rollups technology is used for this, processing transactions off-chain before recording them in batches on the mainnet. As with any project of this nature, there are plenty of challenges ahead for developers, but if successful it could make big changes for Ethereum scaling. The prototype will be developed with help from blockchain development firm Parity Technologies and plans for a mainnet launch are already underway in Q4 2023 (with an ICO planned for the same quarter).

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Even though ZKSync is a Layer 2 solution, it uses the same technology as ZK rollups to reach its high transaction throughput. Recall that ZK rollups are a way to achieve the same results as state channels (a way to perform off-chain transactions) but with lower latency and greater efficiency. However, unlike state channels, which are limited by the number of users participating in them, ZK rollups can be scaled infinitely by adding more actors on top of each other.

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