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Feb 9 26 tweets 19 min read
1/ CT giving waaay too much shine to these @bitfinex idiots.

Sure, reality TV is fun (I guess) but instead, I’ll try to send the spotlight to a more deserving group: @zksync @the_matter_labs @gluk64

Thread time 🧵...
2/ To begin, some high-level Pros and Cons of zkSync’s approach to zk-rollups (ZKs)

Pros
- Less data contained in each transaction increases throughput and decreases fees (vs L1)
- No withdrawal periods and faster finality
- Inherent (and cheap) privacy (improvements)**
3/ Cons

- Generalized smart contract support (similar to @StarkWareLabs #StarkNet ) is not live or production-ready
- Initial trusted setup ceremony scares some, introduces trust
- New, less battle-tested cryptography **

@0xangelfish
5/ Great dashboard for all things #zksync
#L222

dune.xyz/Marcov/zkSync
6/ So... where to begin? well at v1, of course.
In June 2020, Matter Labs released zkSync v1.0 was released on the Ethereum Mainnet where users can deposit ETH onto the network and send payments between other zkSync accounts for much lower transaction fees.

@Be1garat Delphi Digital
7/ One caveat, zkSync uses #SNARKs (#PLONK specifically), which are slower than its #STARK counterpart used by @Starkware and is reliant on a trusted setup at genesis.
That means the entirety of the zkSync ecosystem is dependent upon a trusted ceremony conducted in 2019.
8/ The ceremony included over 200 well-known and public crypto figures including @the_matter_labs , @VitalikButerin , @ethereum , @ConsenSys , @argentHQ , and many others. The good news is the system is 100% provably secure if even just one participant was honest.
9/ zkSync 2.0
In April 2021, the ZkSync team announced zkSync 2.0 and its zkPorter technology which aims to provide ~$0.01 transactions by moving transaction data off-chain (Validium style) and offering 20K transactions per second (TPS).
blog.matter-labs.io/zksync-2-0-hel…
10/ It also boasts a sharded infrastructure design and arbitrary smart contract capabilities through the support of both #Solidity (via #zkEVM) and Zinc, the internal programming language of zkSync.
This means developers can easily deploy EVM code (#Ethereum L1) onto zkSync 2.0.
11/ With zkSync 2.0, the #L2 state will be divided into two distinct options: a zk-Rollup with on-chain data availability, and the #zkPorter option with off-chain data availability.
12/ zkPorter is the internal consensus mechanism for data availability within zkSync 2.0.

zkSync 2.0 can handle ~1,000 to 5,000 TPS as a standard ZK, but with zkPorter, it can accommodate ~20,000 to 100,000 TPS (depending on the complexity of each tx). 👀
13/ However, it should be noted that, when utilizing zkPorter, the user is relying on zkSync's internal consensus mechanism (CM). This requires the user to place their trust in Matter Labs and rely on a far less secure or decentralized rollup solution that leverages L1’s (CM).
14/ The good news is that users are able to choose either option based on their preferences and the trade-offs presented. Basically, each user is able to choose their own amount of security.
15/ zkSync centralization
The current state of zkSync is highly centralized (like nearly all rollups).
Contracts can be upgraded anytime via the 9/15 multi-sig from the "security council"
16/ Additionally, zkSync operates several critically important pieces of infrastructure for the zkSync ecosystem. While the zkEVM is not currently publicly available, it is being worked on and managed by the team. Important elements under the team’s control include...
17/
The Prover: generates validity proofs
Full Node: constructs blocks and runs the zkEVM via the virtual machine
Interactor: connects mainnet Ethereum and zkSync rollup, calculates transaction fees based on L1 gas costs
18/ Future
Matter Labs is working to decentralize 2.0 by implementing its own Proof of Stake (PoS) consensus mechanism. However, the overall security of zkSync will not be solely reliant on this new CM since the final verification of state transition proofs is still done on L1
19/ In order to release this new PoS system, Matter labs must introduce a new zkSync token and two new specialized roles: Validators and Guardians. Validators produce the blocks and generate the proofs while the Guardians’ role is to ensure the rollup remains censorship-resistant
20/ To do this, Guardians will maintain the state on zkPorter by confirming #dataavailability of zkPorter accounts. If there is any failure of data availability, the Guardians will get slashed (economic penalty).
21/ One important feature of the zkSync #PoS system is that, unlike in alt-L1s or #sidechains, Guardians cannot steal funds, only freeze the zkPorter state. And in doing so, they freeze their own stake.
22/ Even if this were to occur, remember, due to the ZKRU design, users would still be able to withdraw their funds. Conversely, optimistic rollups that are successfully attacked, can lose user funds. This is one big advantage of the zkPorter system.
23/ And that should do it for zkSync (for now!)

We glossed over a lot including the basics of rollups and ZK tech. If you need a refresher, all of that plus more on ORs, #ETH scaling, #TheMerge, and more can be found here
mirror.xyz/0x3D5FE39342e6…

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More from @mt_1466

Feb 10
1/ Previously, I covered #L222 zk-rollup projects Starkware and zkSync but looking back, I should have begun with sidechains.

The who, what, why/why NOT, security guarantees, etc.

So, here's a 🧵 discussing sidechains generally and then a bit on #Polygon
2/ In the context of #Ethereum, sidechains are separate, Ethereum-compatible blockchains. Sidechains can be independent #EVM -compatible blockchains as well as application-specific blockchains catering to #ETH users and use cases like @0xPolygon or @Ronin_Network .
3/ Sidechains design themselves to be EVM-compatible so they can essentially copy and paste their code to easily interoperate with Ethereum and all of its infrastructure including wallets, block explorers, and more.
Read 24 tweets
Feb 10
1/ Yesterday, I highlighted zkSync.

So it only makes sense that I do the same for @StarkWareLtd and their #Ethereum rollup solutions #L222 #StarkEx and #StarkNet

Another deep-dive thread into one of the projects changing the scaling world 🧵...
2/ First, again, some high-level Pros and Cons
Pros with using Starkware products

- Increased TPS compared to ORs (~9,000+ TPS on Ropsten testnet)
- Faster withdrawals (no challenge period), enabling better capital efficiency and liquidity
- #Validiums (discussed below)
3/ Cons

- Developer UX and porting of dApps from L1 to #L2 is more challenging than OR options
- #Cairo language less popular among developers = less talent pool to build on Starkware
- With Starkware's #Validium option, there's a technical challenge in solving DA problem.
Read 25 tweets
Dec 3, 2020
1) THREAD
I'm working through a thought experiment concerning #BTC and #ETH. It is totally theoretical and speculative but definitely has a > 1% of becoming a reality. So if you have exposure to either or both, GET IN HERE!

Would love others' input....
2) #Bitcoin and #Ethereum undoubtedly have some ideological differences. If you disagree with that statement, then the thought experiment will be lost on you and you may return to your alternate reality!
3) #BTC is far more #cypherpunk, rebellious, anti-state, defensive-minded, underground, and "bring down the banks/government/state"

#ETH is more speculative, less hostile, less "religious", more enterprise-friendly, and probably less inclined to subvert nation-wide regulations
Read 14 tweets

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