Crypto News

Matter Labs, a startup launched zkSync solution for scalability of Ethereum

Startup, Matter Labs has announced the launch of a solution of 2-level scalability of Ethereum.

A tool called zkSync developed on the basis of technology zkRollup, allows to handle up to 2000 transactions per second. For comparison, the blockchain Ethereum is currently processing an average of 15 transactions per second.

zkSync stores data about transactions in sidechained, not in the main Ethereum blockchain. Then transactions are grouped for inclusion in the main Ethereum blockchain. “Zk” refers to the report of the proof with zero knowledge, which is used in zkSync to confirm the validity of the data before sending it to the main blockchain.

At the moment the main functions that are available in zkSync is to transfer tokens. Users can connect their Ethereum wallets to zkSync to send or receive tokens; the functionality of the smart contracts at the moment not supported.

Matter Labs is not the only startup that develops solutions based on the technology zkRollup. According to data DeFi Pulse, the total cost of blocked funds in Loopring, decentralized exchange based on zkRollup, last week exceeded $9 million.

Source:

coinspot.io

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