The Ethereum Network has always been in the headlines for its improvements and updates, which are coming out every other day. One such breakthrough, launched by Matter Labs, saw the introduction of a long-awaited second iteration of its Ethereum scaling framework, zkSync, on October 28, 2022.
Users can transact swiftly and affordably over the zkSync network without losing security. It received severe criticism from rivals skeptical of its bold technological claims. Let’s look at all the details regarding this brand-new offering from Matter Labs.
What is zkSync v2?
Most network activity is anticipated to occur through layer 2 rollup platforms in the upcoming years due to Ethereum’s adoption of a rollup-centric road map. Ethereum’s expensive fees and poor speeds are addressed by these speedy and affordable networks that lie on top of Ethereum.
zkSync is a zero-knowledge (ZK) rollup – a layer 2 network that combines user payments and sends them to Ethereum so that they may be included in its ledger. It uses intricate cryptographic arguments to demonstrate the integrity of the data transmitted to Ethereum.
In contrast to the last iteration of its roll-up, zkSync’s v2 platform will be perfectly consistent among all Ethereum smart contracts, which is the technology that powers blockchain-based applications. ZkSync 2 will speed up personal sovereignty for everybody, from the biggest ecosystem initiatives in Web3 to over 150 creative projects emerging from founders worldwide. It is constructed using an LLVM compiler and enables Account Abstraction, Vyper, and Solidity.
The first of three anticipated zkEVM projects to deploy in some capacity on Ethereum’s network is zkSync, even though access to its v2 network will initially be highly limited. All the projects claim to be compatible with any Ethereum smart contract and outperform the network’s existing scaling solutions regarding security and performance.
What Criticisms Surround Zksync V2?
Since the news of its launch, zkSync has received a ton of criticism. Whether zkSync’s zk-SNARKs genuinely exist or not is at the heart of the accusations thrown at it. The intricate mathematical proof mechanism known as zk-SNAEKs is what’s meant to keep the network functioning as a whole.
The proof system used by zkSync is intended to make it safer than scaling systems like Ronin and Polygon PoS, which are sidechains that transmit information to Ethereum without permitting layer 1 base network players to verify its accuracy.
Offchain Labs CEO Steven Goldfeder asserted that there was no proof that zkSync’s proven technology actually functioned as promised. He tweeted, “We really aren’t 12 days away from the initial important zkEVM on mainnet.” He added, “If you look at the fine print, you will see that their test net does not yet have zk-proofs activated.”
Response to Critics
Nevertheless, Matter Labs refuted these claims. Chief Product Officer of Matter Labs, Steve Newcomb, stated, “We would just stress that we released our end-to-end prover precisely as specified with public validation and that we did it on time as indicated in our road map.”
“Tweets from Arbitrum’s founder are untrue and reflect poorly on our entire industry,” he added. “We would like to see an industry benchmark for mainnet updates, open source, and numerous other areas since it would stop fraudulent claims.”
The initial iteration of zkSync’s technology, restricted to particular types of apps, has $62 million locked away. However, with the zkSync v2 platform’s increased generalization, this number is anticipated to increase. Comparatively, the two top layer 2 platforms, Optimism and Arbitrum, presently make up over 80% of Ethereum’s layer 2 network and have $3 billion in overall investment locked up.