Sirwin
Sirwin

zkTube: Relying on Complex Connections to Provide a Simple Solution to Ethereum's Scalability

By thefreethinkeer | StartUpInsider | 15 Jul 2021


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Blockchain and cryptocurrency ecosystem has suffered a great deal in respect to network congestion, with major blockchain, Ethereum suffering from an increasingly high network handling fees. Many developers are right now bent down on tackling this issue of network congestion and scalability that is plaguing majority of the major blockchains.

With the level of successes that were recently recorded in development of zero-knowledge proofs, finally the above mentioned issues will become a situation of the past. zkTube has introduced an erc20 compatible scaling and economically applicable solution that is based on zkRollup technology.

Introducing zkTube Solution

zkTube is a zkRollup technology product that is designed and developed on layer2 protocol. By design, zkTube will introduce into ethereum a Visa-level throughput where several thousands of transactions are settled per second, while ensuring the safety of funds as if they are in layer1 protocol and maintaining their level of resistance to censorship.

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zkTube's solution will enhance scalability with its unique idea of transferring batches of transaction into a single transaction. These transactions are broadcasted on ethereum blockchain but part of the chain work are transfered to be completed offline, making it as safe as ethereum.

zkTube's Key Features

  • Low Transaction Costs: With zkTube, users will experience a very low cost of network transaction of about 300-500 gas when transacting between off-chain tokens. zkTube's roolup technology is doing a great job in regards to submerging layer2 cost of transaction by far than layer1.
  • Scalable Throughput: Thanks to Zero-Knowledge Proof mechanism, zkTube users can spend their assets on layer2 account even though it has not yet been comfirmed in layer1. This is because each layer2 transaction contain less data, thereby improving scalability and throughput.
  • Top Notch Security Guaranteed: zkTube network is designed to hold batches of transactions data in it layer2 chain for processing, after which it will aggregate a large number of transactions to be mined into a single block with a zero-knowledge proof sent to layer1 for verification. This generally improve the whole network's transaction processing speed while ensuring full security.

Key Role Players of zkTube System

The zkTube ecosystem is desiged to generally accept two kinds of roles, particularly the Ordinary User and System roles.

Ordinary User's Role: This is a zkTube layer2 corresponding account, the ordinary user is responsible for generating a transaction and signing it with a private key, then collecting the transaction in a pool before submitting it in layer1.

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System's Role: zkTube solution is an incorporation of Roolup technology with Zero-knowledge proof. zkTube has a design watcher that is responsible for keeping an eye on layer1 and layer2 transactions and adding them to a pool for the Block Proposer to select the time, number and size to package the transaction in the pool.

Rewarding Mechanism on zkTube

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In order to ensure the stability, security as well as enthusiasm of zkTube network Prover, zkTube has developed a complex mechanism that ensures that Prover cannot play any evil role in the system. Hence the frequency at which a Prover submit tasks, submission duration as well as staked tokens are taken into consideration by the rewarding mechanism before allocating ZKT rewards to the Prover.

Various Operations Supported by zkTube Protocol

  • Deposits: Users can submit transaction through the ethereum layer1 network to be credited in zkTube layer2 network after a certain number of block confirmation. After receiving the assets, the recipient can directly spend it.
  • Transfer: zkTube's layer2 protocol supports transfer and withdrawal of assets to both layer1 and other layer2 wallets. Transaction provers are paid in any token supported by zkTube for their comfirmation work.

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  • Buy/Sell: zkTube underlying protocol is utilizing the availability of third parties payement gateway to support the purchasing and selling of ETH and other erc20 tokens through fiat currencies.
  • NFTs: zkTube underlying protocol have been designed to accept Non-Fungible Tokens transaction in it layer2 protocol, with the main bytes submitted in layer1 as proof. zkTube will support a good number of dapps and games and provide a huge value for them.
  • zkTube Scan: zkTube has developed and deployed a web3 block explorer that currently supports both Ethereum's mainnet and testnet deposits, transfer, buy and sell related record for users to query them publicly.

zkTube's Governance Token, ZKT & Its Use Cases

ZKT is the primary utility asset of zkTube ecosystem, this asset is minted with a total supply of 330Million ZKT. This asset serves as a certificate of community participation in governance, as members with a certain amount of ZKT can propose upgrades for changes to the ecosystem. Being a representation of the right of a member and also having a practical use case value, ZKT can be utilized for;

tokenomics

  • Transaction Fees: ZKT will serve as fuel inside zkTube ecosystem, there all transactions including sales and purchases can be settled with ZKT tokens.

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  • Crypto Investment: ZKT being an ethereum compatible asset is design to steadily rise in value as the general blockchain and cryptocurrency market matures and gain more confidence among the mainstream populace. ZKT serve as a major long term investment instrument.
  • Mining: zkTube ecosystem will support full DeFi functionality such as staking and liquidity mining among several others, however all income are going to be in ZKT tokens.

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  • Equity Certification: ZKT's ecosystem supports cross DeFi and NFTs circulation, similarly to DOT on Polkadot network, BNB on Binance network and ETH on the Ethereum network.

Project Development Roadmap

roadmap

In Conclusion

In relation to ETH erc20 layer1 protocol, transactions on zkTube's layer2 protocol have increased TPS and lower network fee. TPS is increased from 14 to 3000+, and the fees have been reduced by about 100 times, improving overall transaction efficiency. This makes the transaction efficiency close to or even surpassing some centralized services.

zkTube also supports the purchase and sale of fiat currencies from all over the world at the layer2, which further improves the circulation efficiency between fiat currencies and various tokens. These are major factors to consider and decide on being a part of this remarkable idea, do follow the links i provided below for a deeper dive into the idea of zkTube, thanks.

Website | Whitepaper | Testnet | Telegram | Twitter | Facebook | Medium | Discord

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Forum User: satsmainman

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thefreethinkeer
thefreethinkeer

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