100x Scaling Solution Launches on Ethereum

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Summary

So ethereum is ready to handle currently 100x more transactions, but also potentially as much as 1,000x with it now just a matter of deployment. An Ethereum Foundation backed PayPal level scaling solution has gone live after close to two years of testing and development. zkSync describes itself as “an L2 scaling solution in which all funds are held by a smart contract on the mainchain, while computation and storage are performed off-chain. That’s because there is no onchain entry, just signing, but there is an onchain exit when withdrawing as that needs to go through the blockchain to change ownership. Because tokens are smart contracts, you can give permission to another smart contract to have binding rights over the token. For every Rollup block, a state transition zero-knowledge proof (SNARK) is generated and verified by the mainchain contract.

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An Ethereum Foundation backed PayPal level scaling solution has gone live after close to two years of testing and development.

zkSync describes itself as “an L2 scaling solution in which all funds are held by a smart contract on the mainchain, while computation and storage are performed off-chain.

For every Rollup block, a state transition zero-knowledge proof (SNARK) is generated and verified by the mainchain contract.

This SNARK includes the proof of the validity of every single transaction in the Rollup block. Additionally, the public data update for every block is published over the mainchain network in the cheap calldata.”

If that doesn’t make too much sense, we covered in-depth how this works underneath last year when they were on testnet.

So now that they’ve just launched on mainnet, we’re going to present our...

Read the full article @ TrustNodes