Buy zkSync (ZK)

zkSync (ZK) is a layer 2 scalability solution enabling efficient transactions on the Ethereum network. Meanwhile, it maintains the decentralized aspect and the security of the network. Sometimes, delays occur while processing transactions on the blockchain. This issue is called congestion and often arises from an excessively high transaction volume. Consequently, the network becomes overloaded, and it can take hours to complete a crypto transaction. The blockchain simply lacks the capacity to handle the large volume of transactions.

To enhance the scalability and efficiency of the blockchain, layer 2 scalability solutions like zkSync have been developed. This protocol utilizes zero-knowledge rollup technology. This is a unique scaling method that combines all transactions on the network into a single transaction on the blockchain, and enables blockchains to process more transactions at a faster rate.

Who founded zkSync?

zkSync (ZK) is a project by Matter Labs. This is a relatively young company headquartered in the German capital, Berlin. Since its founding in 2018, a young and ambitious team has focused on enhancing the scalability of the Ethereum network. This aims to improve the user-friendliness of the continually growing ecosystem. The founder of Matter Labs is Alex Gluchowski. Together with a team of crypto and blockchain experts, he developed a layer-2 scaling solution with zero-knowledge rollups in 2019. This led to the launch of zkSync, which was released on the Ethereum mainnet in the summer of 2020.

One of the features of zkSync (ZK) is its compatibility with the Ethereum Virtual Machine (EVM). This is a decentralized computer that runs smart contracts on the Ethereum network. The connection allows developers to port their Ethereum dApps to ZK. The transfer is decentralized and secure. Major adjustments are not necessary, and users pay lower GAS fees.

zkSync is of course not limited to just making blockchain technology more accessible to a broad audience; it also offers the following functionalities:

• Design and deployment of dApps: It is possible to develop and use user-friendly decentralized applications that facilitate complex processes within the ecosystem, such as completing a transaction with GAS.
• Fast transaction execution: Congestion and other network issues occur rarely, allowing users to execute transactions quickly.
• Pay transaction fees: Users can pay, schedule, and automate GAS transaction fees on the network.
• Use of the ZK token for staking: Anyone can stake tokens to strengthen and secure the zkSync network.
• Participation in ZK nation: Any ZK token holder can join this collective system. Community members are allowed to vote, propose, and discuss important protocol upgrades.

The ambitious team behind zkSync (ZK) aims to make transaction processing on the Ethereum (ETH) network more efficient and secure than ever. A challenge, considering the thousands of transactions occur per second. ZK-rollups streamline this process by storing transaction data off-chain (outside the blockchain). In contrast, transaction proofs are stored on-chain, meaning on the blockchain.

Thanks to the above contrast, transactions occur more rapidly without compromising the security of the Ethereum network. Simultaneously, users of the protocol pay less in GAS fees. This definitely enhances user-friendliness. Zk-rollups form the foundation of the zkSync scaling solution.

Rollups bundle transactions into a single transaction. This transaction is then placed on the blockchain. The transaction verification process occurs using cryptographic techniques that maintain the sender's privacy. The exact content of a transaction is unknown. This process is the 'Zero Knowledge' part of the ZK-rollups.

Delegated Proof-of-Stake (DPoS) and Byzantine Fault Tolerance (BFT)

The zkSync protocol utilizes Delegated Proof-of-Stake (DPoS) and Byzantine Fault Tolerance (BFT) for fast and efficient transactions. BFT enables blockchains to verify each other's errors. This leads to problems being detected more swiftly. In DPoS, delegates validate the next block in a blockchain. Users can select which delegates are chosen for block validation, adding a democratic aspect to the existing Proof-of-Stake consensus mechanism.

ZK is one of the cornerstones of the zkSync ecosystem, as it is a native utility token with various applications. It can be used for staking and paying transaction fees. Additionally, this token enables participation in the network's governance. The more ZK someone holds, the more influence they have on the network's development.

The zkSync team values accessibility for both users and developers highly. As such, the native utility token is compatible with most Ethereum wallets. Additionally, the community plays a significant role. A decentralized governance model is in place, allowing project participants to partly determine the project's future. This governance model promotes loyalty among ZK token holders and encourages collaboration.

Staking is one of the options that zkSync (ZK) uses to attract a large number of crypto investors. Those who stake their ZK tokens for an extended period receive rewards in the form of additional ZK tokens. This method of holding is not only beneficial for the digital wallet but also contributes to network security. Decentralized networks often have liquidity pools for depositing tokens. They store the cryptocurrencies, sometimes making them inaccessible for a certain period. In this case, staking results in more liquidity, leading to a secure and stable zkSync network.

To start staking ZK tokens, you first need to purchase these tokens. Fortunately, they are easy to buy from Bitvavo. After purchase, you lock the tokens for a set period, where 3 to 6 months is not uncommon. Participants receive a reward in the form of additional ZK tokens for staking. Active trading is not necessary, and you don't need to constantly monitor the market.

There are ever more layer 2 solutions entering the market. In this highly competitive market, zkSync (ZK) aims to position itself as unique and innovative, and the network accomplishes this in the following ways:

• ZK-rollup technology: It uses ZK-rollup technology, something the competition does not do. By employing this groundbreaking technology, the network uniquely combines scalability, security, and cost-efficiency.
• Extensive options for developers: The Ethereum Virtual Machine (EVM) code enables efficient dApp implementation, promoting the growth of the ZK ecosystem.
• Focus on low transaction fees: This layer 2 solution handles most transaction fees, reducing congestion on the Ethereum network. With no delays, GAS fees are considerably lower.
• Strong community involvement: ZK token holders can participate in meetings and vote on the strategic direction of the zkSync network, giving the community a significant role in the project's development.
• Interoperability: Chains in the ZK ecosystem are interconnected, greatly facilitating communication and asset transfer between blockchains, allowing users to conduct faster and more affordable transactions.

Would you like to buy zkSync (ZK) securely? zkSync tokens are available on Bitvavo. Our platform is accessible for both beginner and experienced traders. Follow these steps to purchase ZK via our website or mobile app:

1. Sign up or log in to your Bitvavo account.
2. Make a deposit by clicking "Deposit".
3. Go to the zkSync (ZK) sales page to see the token's current price.
4. Specify the amount in euros you wish to invest or the number of ZK you wish to purchase, then click "Buy".

How expensive ZK tokens are is directly linked to the current rate. After purchase, the tokens are automatically added to your Bitvavo account, where you can easily manage and trade them. This allows you to respond quickly and accurately to current market movements. You can also see at a glance how much the cryptocurrency is worth. Keep a close eye on the latest news around zkSync to stay informed about developments.

Looking to store ZK tokens securely and reliably? This is possible through your Bitvavo account. The exchange stores the majority of customer assets in secure and offline cold storage. Despite these security measures, it's wise to use two-factor authentication (2FA) as an additional security measure, which means that in addition to a password, you enter an extra code when logging in.

Activating 2FA is simple. Just download an app like Google Authenticator and link the app to your Bitvavo account. A code will then appear on your screen when logging in. This code changes every minute to guarantee security.