Thread by @polkastarter

ZK-fever is spreading in the #blockchain community!

Let's catch you up on the latest developments in this blooming #ZKrollups ecosystem 🔥

0/6👇🧵

1/ Do you struggle with high gas fees & slow tx times on #Ethereum?

Fear not, because Ethereum CAN and is scaling up!

Instead of doing all tx by itself, Ethereum now has a blossoming #L2 ecosystem of fast & inexpensive off-chain execution environments to ramp up users. 📈

2/ Popular L2s, like #ZKrollups, use zero-knowledge proofs (ZKP) to verify tx off-chain, allowing faster processing while keeping data secure.

ZKP uses cryptography to prove a statement w/o revealing extra info, which strengthens security & privacy in blockchain.

Example here👇🏻

3/ The simplest way to prove that you know something without giving it away can be shown with the often-used “Where’s Waldo?” example.

More on bit.ly/3kQHopT

4/ The largest ZK rollups today are:

1️⃣ @zksync - $65M TVL

@the_matter_labs raised $458M, $200M from @blockchaincap.

zkSync public testnet is live, rumors of the airdrop, but no zkSync token yet.

zksync.io

@zksync @the_matter_labs @blockchaincap 5/ 2️⃣ Polygon zkEVM (mainnet soon)

@0xPolygonZK plans to launch at the end of March and promises to offer Ethereum-compatible smart contract execution at higher speed and lower cost.

Stay tuned for updates: bit.ly/3L5uJKc

@zksync @the_matter_labs @blockchaincap @0xPolygonZK 6/ Zooming out, ZKP has more use cases in blockchain, including:

• Decentralized storage with @Filecoin & privacy projects like @aztecnetwork
• Increases privacy, security & replaces weak authentication methods
• Enables proof of ownership/access w/o revealing sensitive info

@zksync @the_matter_labs @blockchaincap @0xPolygonZK @Filecoin @aztecnetwork Want to catch up on why ZK-rollups are regarded as the ultimate solution to Ethereum's scaling challenges by many?

Interested in learning how it works in ELI5? 💡

Check out our latest blog post for a deep dive! ⬇️
bit.ly/3kQHopT