Overview
The explosion of DeFi applications- lending, investing protocols such as Compound and Aave, decentralized exchanges such as Uniswap, and new token launches contributed to a sharp rise in competition for transaction priority. The gas price is dependent on demand block space- for the transaction to be included in the next block.
While this is fantastic for the development of the decentralized economy, increased demand and use of applications, high gas fees in a congested and slow network are creating friction. At such gas prices, trading at decentralized exchanges (DEX), which are based on Automated Market Makers (AMMs), has become relatively expensive.
By transferring some workload on-chain to the off-chain, there will have opportunities to quickly realize people’s expectations for Ethereum’s low fees, high throughput, and a good user experience. ZkTube will become a satisfactory solution for application scenarios with higher requirements on the transaction delivery, timeliness, and high-throughput Dapp.
What is zktube?
zktube is a protocol with ZK Rollup solutions of zero-knowledge proof building for users and developers, providing underlying protocol support services, which can enable better migration of applications and contracts on Layer 1. It can improve scalability by transferring batch transmission to a single transaction.
The zkTube protocol is an Ethereum Layer 2 scaling solution based on ZK Rollup technology. All funds are held by smart contracts on the main chain. zkTube performs off-chain calculations and storage, and the effectiveness of its side chain is proved by zero-knowledge.
In zkTube network, users can perform various transactions and transfer functions of ERC20 tokens in the wallet with TPS 3000+, real-time arrival, and the same Security assurance of Mainnet Ethereum level. This premium and smooth experience cost for each transaction gas fee are 200 times lower than the existing Ethereum Mainnet.
Features of zkTube Protocol
Lower cost per user transfer - The transfer between off-chain tokens costs only 300–500 gas, since each rollup operation splits the settlement cost of a single block evenly across the packing block from L2 to L1, reducing the gas charge. The proof of updating the Merkle tree can be provided. Also, if the cost of transferring the single-chain L1 token is at least ~20,000 gas, we can reduce the gas charge in the form of the rollup.
Throughput and scalability - Each transaction contains less data, thereby improving the throughput and scalability of the second layer. You can directly use the L2 layer account balance to transfer directly, and you do not need to wait for the confirmation at the L1 layer to arrive. In this process, Users can freely use their own balance, But in the end, it is necessary to complete the final certainty at the L1 layer through a zero-knowledge proof mechanism.
Ethereum mainnet level security guarantee - In the zkTube network, a large number of computations and data storage operations are placed in L2 for processing, after which a large number of transactions are aggregated and packed into the same block, and a zero-knowledge proof is generated and sent to L1 for uniform verification, which can improve the transaction processing speed of the whole network and ensure security.
ETH brought to the ecological value - By using the underlying protocol of zkTube, the ETHGAS charge is reduced, and user transactions at Layer 2 are more frequent than previously at Layer 1, solving the problem of ETH congestion. In addition, applications that require high TPS or related functions have been solved on zkTubeLayer2 this time. The zkTube mainnet is online, and both users and providers of applications built on the zkTube protocol will provide the underlying protocol support services, which can enable better migration of applications and contracts to Layer 1. This will be what zkTube desperately needs. The idea is to build an ecosystem based on ETHLayer2.
The functionality of zkTube Protocol
- It supports transfers from the first tier of Ethereum to the second tier, and also from the second tier to the first tier. Users can receive funds without creating a wallet.
- Supports transfers to Ethereum address or Ethereum contract address (contract address supports L2zkTube protocol).
- For the transfer of the second layer or withdrawal to the account of the first layer, the processing fee is temporarily supported by Ethereum to pay. After the mainnet is launched, only the native token zkt of the zkTube protocol is supported for payment.
- The zkTube protocol supports all swap transactions in the ETH ecosystem at both level 1 and level 2.
- The zkTube protocol supports purchases in fiat currency directly to the first tier account or to the second tier account.
- The zkTube protocol supports sales of legal tender currency directly to the first-tier account or to the second-tier account.
- Both the first-tier account and the second-tier account support linking to NFT applications.
- Support for the Polkadot cross-chain protocol.
- Support Solidity language for developing smart contracts.
- ERC721 support
What is Paytube?
PayTube is the first ETH 2.0 smart wallet building on zktube, with this L2 solution offers the same security guarantees as Ethereum mainnet, and a big scalability boost: a Layer 2 protocol to achieve low transaction fees and throughput of ETH and ERC20/ERC721 transactions up to 200 times the original Layer 1 transaction.
PayTube was created based on a simple principle: the wallet is an indispensable entrance and exit of the entire ecosystem.
PayTube Wallet is a Web3.0 application on the zkTube network, users can access the wallet through any Ethernet Square Dapp a key link is established, users can buy/sell encryption currency, Dapp exploration, mining deposit, insurance, games and a number of operations. PayTube Wallet is a free hosted decentralized wallet, should be kept private by the user in the first version.
zkTube Scan
zkTube web3.0 also developed its own browser, currently supports the main network and test network (temporary support Ropsten and Rinkeby) deposits, withdrawals, transfers, purchase, sale, and other related records check.
NFT
zkTube underlying protocol NFT also do field extended support NFT on the second floor above the transaction, while the main floor of bytes submitted to do if the proof by zkPLONK agreement, moreover, zkTube will support a large number of games will DApp displayed in the PayTube wallet, it provides the underlying protocol for these DApps. Because no matter from the scene or the terms of the protocol layer on the game project will bring great value, there are many application scenarios, zkTube will be online after the test line, worked out this.
Advantages of zkTube
The technical team of ZkTube has accessed Uniswap V3 Hackathon Granted to promote development of V3 version.
Deployment of Uniswap V3 on Layer 2 will introduce many apps to transfer to zkTube, and zkTube Protocol will provide more products in the Defi field with extended services. It will help Uniswap V3 to explore ETH capacity expansion, expense, privacy, and security to improve the capital efficiency and liquidity, reduce Gas consumption of the oracle machine and improve the expense level.
Strengths of zkTube compared with zk Rollup
The following changes have been applied to zkTube based on ZK Rollup:
- Review incentives for operators are added;
- Batch packaging and state root are separated and handled independently;
- ZkTube based common language ZKTVM.
- PLONK based algorithm optimization.
Road Map
- Testnet was launched on April 27, 2021
- Testnet POS Mining launch on May 30, 2021
- Paytube wallet will be launch on June 30, 2021
- zkTube Mainnet Launch on June 30, 2021
- Miners voting day, July 1, 2021 (Testnet miners will be invited for voting, regarding the mining launch date)
- Support Solidity for Smart Contract August 1, 2021
- Support Layer2 Dex September 30, 2021
- Support Cross-Rollup November 30, 2021
Conclusion
Improvements of these technical principles make zkTube stand out among many ETH capacity expansion programs and become an outstanding and leading Layer 2 solution. zkTube can provide the same TPS and experience as centralized services in the DEX field, but the trading formality fee is decreased by about 100 times. According to the testing result, the current tps is 3,000+, which has even been faster than the handling speed per second of centralized exchanges.
Read More Here:
Website: https://zktube.io/
Telegram: https://t.me/zkTubeProtocol
Discord: https://discord.com/invite/Z6Hdz3Bu25
Twitter: https://twitter.com/zktubeofficial
Medium: https://zktube.medium.com/
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