zkTube Combination of Zero Knowledge Protocol and Layer2 (Part 2)
Introduce
Since the end of 2020 the market demand for crypto derivatives products has increased, the disadvantages of DeFi as a decentralized financial derivatives system for crypto assets are also highlighted. Due to the problems of network congestion, high fees, and poor scalability in Ethereum, more and more people are looking for more efficient and transparent storage solutions.
In anticipation of the community, the zkTube Testnet officially launched on April 27, and more than 6000 users joined the Testnet for the deposit function. At the same time, the popularity is still growing and many zkTube enthusiasts are participating in the test.
What is zkTube?
zKtube is a protocol with ZK Rollup solutions of zero knowledge proof building for users and developers, providing underlying protocol support services, which can enable better migration of applications and contracts on Layer 1.
PayTube is the first ETH 2.0 smart wallet building on zktube, with this L2 solution offers the same security guarantees as Ethereum mainnet, and a big scalability boost: a Layer 2 protocol to achieve low transaction fees and throughput of ETH and ERC20/ERC721 transactions up to 200 times the original Layer 1 transaction.
Service
In the whole zkTube network, first of all, smart contracts need to be deployed to the Ethernet network, which is responsible for managing user balances and verifying the correctness of the execution of zkTube network operations. Second, we need to get zkTube-Node up and running, broken down into four small services:
1) zkTube’s core service
2) zkTube_api . service
3) zkTube_token_sender service
4) zkTube_witness_generator . service
In addition to the Node above, it also includes the Provens network, which is zkTube’s zero-knowledge technology mining network. Regarding the Provers miner mining network, zkTube has established a more forked mechanism for this throughout the mining architecture. The zero-knowledge statement is equivalent to the miner part of the command line, while the node part takes care of the work of a miner verifier.
PayTube wallet
PayTube wallet will support more than 40 stable coins like USDT, DAI, PAX, TUSD, GUSD, EURS, USDC etc. and fiat currency exchange, coins purchased with fiat currency can reach L1 and L2 layers directly, and L1 and L2 layers can also directly sell coins for fiat currency, the advantage of this is that the data interaction between fiat currency and L2 is directly open, there is no advantage of this that the data interaction between fiat and L2 is opened directly and no need to go through L1, this is directly further improve the operational efficiency of the fund and reduce usage costs for users. In addition, users can deposit L1 assets to L2 accounts on PayTube, and also can choose to transfer between L2, the transfer fee is almost negligible, L2 assets can participate in any Dapps on PayTube.
PayTube has been involved in cross-chain exploration and development, like Boka chain, BSC and cross-Rollup will be included in PayTube service, so cross-Rollup implementation means users only need one wallet on PayTube , in which users can exchange assets between different chains, and to avoid loss, we proposed To avoid loss, we propose dual anonymous retrieval method on social networks, so there is no need to worry about privacy being exposed in this way and it can further protect users’ money security and facilitate users’ unified asset management. In the application layer, we have supported decentralized DEX and many other Dapps have started to access again. In the future, Uniswap V3, Dapps from third-party payments, NFT, financial DeFi and other fields will be integrated into the PayTube L2 wallet.
Strengths of zkTube compared with zk Rollup
The following changes have been applied to zkTube based on ZK Rollup:
- Review incentives for operators are added;
- Batch packaging and state root are separated and handled independently;
- PLONK based algorithm optimization.
- ZkTube based common language ZKTVM
Initial successes of the project
On March 24, 2021, Uniswap, a decentralized cryptocurrency exchange, announced V3 (launched on the mainnet on May 6). The zkTube engineering team was also involved in the development of Uniswap V3 and was granted the Uniswap V3 Hackathon.
2021–04.08 16:00 AEST (GMT + 10), zkTube was awarded a public donation and project referral from the Ethereum Foundation.
In addition, it has been recognized by users and developers from different countries around the world, such as Australia, China, France, Arabia, Vietnam and India. Following that, users from other countries spontaneously formed communities to promote the operation of the zkTube Protocol.
Currently, more than 13,000 first users worldwide have participated in the zkTube test to experience the Deposit function. Angel Right’s 100,000 ZKT donation plan launched simultaneously was 100% registered within two hours, which shows how popular zkTube is worldwide. It is evolving faster than other Layer 2 related protocols, so technical challenges during development are unprecedented, all technical issues encountered need to be carefully solved by the team. project.
Conclude
Eth2.0 still needs several years to complete and its improvement to Ethereum’s underlying scalability is yet to be tested, the Layer2 capacity scaling scheme has been proposed at the right time. By moving some of the on-chain workloads to off-chain, there is an opportunity to quickly realize people’s expectations for Ethereum’s low fees, high throughput, and good user experience. The zkTube Layer 2 protocol has just been introduced to the platform, which has generated great interest in the community and achieved the first successes.
If you want to know more information about zkTube, please feel free to contact us in the following ways :
Web: paytube.io
Mainnet: zktube.io (off-line）
Mainnet: zktube.io (not online yet)
Twitter: https://twitter.com/zkTubeOfficial
Medium: https://zktube.medium.com/
Facebook: https://www.facebook.com/zkTube.io
Telegram: https: //t.me/joinchat/v0bgWm6reV0wYjRl
Discord: https://discord.gg/byCzZtwv
Contact
RobertoMills1
tele : aquamenover
