What developments can we expect for zk-Layer2 in 2023?
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What developments can we expect for zk-Layer2 in 2023?
Will 2023 be the year of ZK?
Navigating Web3 tides with focused insightsWritten by: The Crypto Illuminati
Compiled by: TechFlow
Will 2023 be the year of ZK?
Cheap, fast, and secure, ZK-rollups are a crucial part of Ethereum's scaling roadmap. We take a look at which ZK projects will shine in 2023.
So far, we've seen:
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Scroll – Enabled smart contracts
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Polygon Hermez – Deployed its public testnet
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Zksync – Aiming to launch an EVM-compatible L3 in Q1 2023
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StarkWare’s StarkNet – Deployed Uniswap V3
Different zkEVM Solutions
When comparing zkEVM solutions, it's important to note that ZK technology has existed for some time but only recently gained recognition as the future.
Polygon ZK (formerly Hermez)
In 2021, Hermez was acquired by Polygon and rebranded as Polygon Hermez (now called Polygon ZK).
As a result, Polygon’s $MATIC and $HEZ tokens were integrated and can be freely exchanged on the Hermez website.
Since Hermez is now part of the growing Polygon ecosystem, exciting developments on the Hermez network may unfold in the future.
Scroll ZKP
On January 9, 2023, the Scroll team conducted a scheduled Pre-Alpha reset to introduce new and exciting performance optimizations aimed at driving high throughput on the Pre-Alpha testnet.
The testnet received massive traffic during its first week, recording over 270,000 unique addresses.
zkSync
zkSync is a Layer 2 scaling solution that offers cheaper and faster transactions than the main Ethereum blockchain (Layer 1).
It uses ZK-Rollup technology to process transactions off the Ethereum blockchain while maintaining security and finality. Benefits of zkSync include low gas fees, high speed, and strong security.
Notably, Polygon, Scroll, and zkSync each take different approaches to building zkEVM (zero-knowledge Ethereum Virtual Machine), with trade-offs in their designs.
Polygon's Breakthrough in zkEVM Development
Polygon’s zkEVM solution aims to significantly improve the experience of using and building on Ethereum by providing scalability and lower transaction costs—an exciting step toward broader adoption of Web3 technologies.
The system also enables dApps existing on EVM-compatible chains to easily migrate to zkEVM, where EVM equivalence and Ethereum’s network effects offer clear advantages to developers.
Polygon’s zkEVM development leverages familiar programming languages like Solidity and developer tools such as Metamask, Hardhat, Truffle, and Remix. This means developers can migrate dApps simply by switching nodes.
This also makes Polygon zkEVM ideal for seamlessly creating NFTs, new gaming technologies, and enterprise applications. Existing Polygon dApps can be easily migrated to zkEVM with minimal technical overhead.
Conclusion
Investment and development in zero-knowledge proofs signal that this technology is poised for its golden era.
Advantages of zero-knowledge proofs include:
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Contributing to Ethereum’s scalability,
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Higher security and privacy compared to traditional rollups,
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The ability to create complex smart contracts and dApps not feasible on Ethereum L1.
Disadvantages include:
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With numerous ZK-Rollup projects emerging rapidly, it's difficult to distinguish solid projects from those making false promises.
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While Rollup technology brings new benefits, it also introduces new challenges regarding decentralized and censorship-resistant control over data accessibility. Decentralization and security must remain top priorities on the path to widespread adoption.
In summary, the outlook for ZK solutions and their potential to revolutionize the blockchain space in 2023 is bright. As various projects and teams advance zkEVM development, we can expect continuous progress and innovation in this technology over the coming year. It’s an exciting time to be part of the blockchain community as we witness this evolution and its potential impact across industries.
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