How This Solution Could Unlock Massive Adoption For Ethereum
Recent advances in zero knowledge proofs however have opened up new possibilities in this arena. ZK is a cryptographic protocol by which one party can prove to another party that they know a value of something without revealing any information apart from the fact that they know the value. Visa Scale Throughput According to the researchers, a solution called ZK Sync is designed to bring a VISA-scale throughput of thousands of transactions per second to the Ethereum network. ZK Sync is built on ZK Rollup architecture which is a Layer 2 scaling solution that holds all funds on a smart contract on the main chain, while computation and storage are performed off-chain. Additionally funds remain as secure as in the underlying Layer 1 accounts and maintaining a high degree of censorship-resistance. Another important aspect of the protocol is its ultra-low latency: transactions in ZK Sync will provide instant economic finality. The devnet for ZK Sync v0.1 is live and 2020 is likely to see more scaling solutions for Ethereum, as the migration to proof of stake consensus gets underway. At the moment Ethereum is the same as most crypto assets in that it is primarily used for speculation in markets largely driven by day traders seeking a quick profit. Scaling solutions such as these, which tackle the blockchain trilemma, are the next step toward Web 3.0, decentralized finance and mass adoption for Ethereum. Will Ethereum be able to massively scale this year? Add your comments below.
Images via Shutterstock The post appeared first on Bitcoinist.com.
TheBitcoinNews.com is here for you 24/7 to keep you informed on everything crypto. Like what we do? Tip us some BATSend Tip now!