CJ - Cryptocurrency Specialist
Matter Labs has introduced zkSync Era, a zkEVM that brings a fully functional zero-knowledge proof solution to the Ethereum (ETH) blockchain. By utilizing zero-knowledge proofs, transactions are batched together and recorded on the blockchain, leading to faster transactions and lower fees. The zkEVM also maintains compatibility with the Ethereum Virtual Machine, allowing developers to easily port over applications.
The network offers native support for account abstraction, which enhances crypto wallets' functionality, allowing for customization beyond standard address transactions. Additionally, zkSync Era publishes state differences instead of transaction inputs, resulting in benefits such as data compression, more frequent oracle updates, cheaper privacy and better integration with extensions.
Matter Labs invested $3.8 million in testing and auditing the network, including seven external security audits, three internal audits, and two public security contests, and has an open-ended bug bounty program. The launch of zkSync Era is part of a growing trend of Layer 2 solutions for Ethereum, addressing the blockchain's scalability challenges. Matter Labs aims to create a network that requires no trust assumptions, with users trusting only the open-source code, math, and the underlying Ethereum network. A security council will be introduced, and the network will be gradually decentralized following the model of zkSync Lite.
The upcoming Layer 2 narrative is expected enhance the Ethereum network, providing scalability solutions and improving the user experience for Ethereum applications. This will allow developers to build more complex and feature-rich applications, while users can enjoy faster and cheaper transactions. With the launch of Matter Labs' zkSync Era, we can already see the benefits of Layer 2 solutions, including enhanced security, data availability, and support for account abstraction. As more Layer 2 solutions are developed, we can expect the Ethereum ecosystem to grow even further and attract more users and investors. If you are considering investing in cryptocurrency and looking to buy Ethereum, it is important to choose a reliable and trustworthy cryptobroker like BC Bitcoin, which offers a wide range of altcoins, crypto asset management and the latest developments in the crypto industry.