Mediaboss Marketing

tl;dr (Don't worry if you don't understand, a full explainer follows): A zkEVM is an EMV-compatible rollup that is secured by a ZKP. Zero-Knowledge Rollups (zk-Rollups) are a type of rollup that uses Zero-Knowledge Proofs (ZKPs). A ZKP is a cryptographic proof that verifies the transaction data within a zk-Rollup is accurate.

The ZKP in a zk-Rollup enhances both the privacy and security of a rollup as this proof verifies the transactions in it no trust or optimism is required. It is called zero-knowledge in the sense that you can verify the truth of all the data and transactions in a zk-Rollup without needing to know the details of every transaction contained within it.

In order to understand zkEVMs, we need to go back a few blocks and explain this dense portmanteau of acronyms (zk-Rollups and EVMs). The Ethereum Virtual Machine (EVM) is the computing environment of the Ethereum blockchain. The EVM could be thought of as a decentralized virtual computer; this is why Ethereum is sometimes referred to as the global supercomputer. The EVM is where smart contracts and decentralized applications (dApps) on Ethereum interact with each other. Ethereums EVM is one of the core protocol features that has made it a pillar of the blockchain ecosystem.

Rollups bundle transactions in order to improve a blockchains throughput (data or transaction processing capability over a specific time frame) while lowering transaction costs at the same time. In essence, a rollup rolls up (combines) a number of transactions from a Layer-1 protocol (a blockchain like Ethereum) and executes them off-chain (not on the primary blockchain) using a Layer-2 protocol such as a sidechain or an EVM-compatible blockchain.

Some rollups are optimistic, meaning they are assuming (optimistically) that all the transactions in a rollup are valid and not fraudulent. For this reason, there is a period (typically several days) where one can challenge the validity of a transaction. Examples of Optimistic Rollup (ORs) for Ethereum include Optimism, Arbitrum, and Boba Network. While ORs significantly lower costs and increase transaction throughput, faulty transactions can get through if they are not challenged in a timely manner.

Popular zk-Rollup solutions include dYdX and Loopring. While these have security advantages, zk-Rollups tend to be a little more computationally expensive than ORs.

Comparing these two Ethereum rollup types, they both have some downsides. While ORs tend to be EVM compatible, they come with some concerns about fraud and security. While zk-Rollups tend to be praised for having better security, they generally can only used in specific transactions as they typically lack EVM compatibility; this means that zk-Rollups are limited to being used for bespoke processes that limit their adoption and use cases.

For these reasons, many have expressed the desire for a rollup that combines the best features of these alternatives into one solution; that solution is now here.

A zkEVM is an EMV-compatible rollup that is secured by a ZKP. This gives it the enhanced functionality of some of the Optimistic Rollup solutions that are EVM-compatible while also giving it the security of earlier zk-Rollup options that didnt offer compatibility with Ethereums EVM. These new zkEVMs allow for enhanced Ethereum process functionality (smart contracts and dApps) while also lowering gas costs and increasing Ethereum network throughput.

Ethereum as a blockchain has suffered at times from high transaction fees and transaction confirmation delays. Further, the Ethereum blockchain itself can not natively process more than approximately 30 transactions per second (TPS). Each rollup solution can increase transaction throughput by up to 2,000 TPS or more. While Ethereums recent upgrade (called The Merge) will increase scalability, many expect Layer-2 scaling solutions such as rollups to remain popular for some time in order to ameliorate Ethereum transaction congestion issues. Scalability is one major benefit of zkEVMs.

While scalability had already been enhanced via earlier rollup iterations, zkEVMs combine this scalability with privacy, security, and enhanced interoperability. By combining ZKPs with EVM compatibility, zkEVMs keep the security and privacy-preserving features of zk-Rollups while enhancing Ethereum interoperability by preserving EVM compatibility. This allows zkEVMs to be interoperable with smart contracts and dApps used on Ethereum. Further, these zkEVMs should also work on EVM-compatible blockchains such as Avalanche, Solana, and Fantom.

Like other rollup solutions, zkEVMs significantly lower transaction costs. At the time of writing, Ethereum transaction costs were approximately $0.90/transaction (when converted to USD). As zkEVMs can process hundreds or thousands of transactions in a batch off-chain, this transaction cost can be split amongst all the transactions in a rollup by simply verifying the proof of the rollup on Ethereum in a single transaction. This can lower the cost per transaction to less than $0.01 for simple solitary transactions and a bundle of around 100 transactions could be executed for less than $0.10 worth of crypto.

Another big benefit of zkEVMs is their interoperability. Existing smart contracts and dApps can easily be migrated to a zkEVM to take advantage of rollup benefits without requiring any coding changes. And because zkEVMs are verified on Ethereum just like other rollups, they have largely the same level of security as the native Ethereum blockchain protocol.

Launched just days apart in late March 2023, the first two zkEMVs to be released to the public were from zkSync and Polygon (on March 24th and 27th, respectively). In development since 2019, zkSyncs solution called zkSync Era went live to much fanfare and is the first zkEVM to be publicly available. The Polygon zkEVM is open source and Ethereum creator Vitalik Buterin was given the privilege of sending the first transaction following its public release.

Both options already have long lists of crypto projects that have indicated they plan to use one or both of these zkEVM solutions. It should be noted that while these zkEVMs have undergone significant security testing, both teams have cautioned that these are early versions that should initially be used carefully. Like the first iterations of other blockchain breakthroughs, they may go through some developmental growing pains and security upgrades over the coming years.

While these are the first two zkEVMs to be available for public use, there are numerous other zkEVM projects in development with a public release on the horizon, including alternatives from Consensys, Scroll, and Taiko. While Ethereum continues to work towards on-chain scaling through future upgrades to its protocol, these upgrades can often be delayed significantly due to their requirements and technical complexity. Layer-2 solutions like zkEVMs are continuing to solve pain points for Ethereum as it continues its developmental goals of scalability, security, throughput, decentralization, and enhanced functionality.

Read more:

What Is zkEVM? The Zero-Knowledge Proof's Role in Smart Contracts - Decrypt

The OpenZeppelin Defender smart contract security platform has now integrated with Coinbases Base network, allowing Web3 app developers on Base to automate security tasks.

According to an April 19 announcement from blockchain cybersecurity firm OpenZeppelin, app developers on Base can now use the Defender software to create multi-signature admin contracts and timelocks, employ Relayers to store keys and sign transactions along with creating automated sentinels to monitor the blockchain and react when events occur.

These tools can be used for routine but sensitive admin tasks such as upgrading contracts, tweaking numerical parameters, or pausing a contract should an emergency occur according to the programs documentation.

The Defender app was available on Ethereum and most other networks in the past, but as it was not integrated with Base, developers could not use it on the new testnet until now.

OpenZeppelin's CTO Jonathan Alexander stated in the announcement that the integration will make smart contracts "more secure and expansive while Base lead Jesse Pollak signaled excitement at the team-up saying that security is key for a thriving onchain ecosystem."

Related: Unchained raises $60M to offer collaborative custody Bitcoin services

Coinbase announced the launch of the Base test network on Feb. 23. It plans to produce a mainnet version as a layer-2 of Ethereum once testing is complete.

Some Ethereum users have speculated that Coinbase wants to help onboard institutional investors to Web3 through the new network as it will feature Masa Finance identity verification tools.

OpenZeppelin is most known for its library of open-source smart contracts which are often modified by developers and used for their own purposes throughout the Ethereum ecosystem.

Read more:

Coinbases Base network gets OpenZeppelin security integration - Cointelegraph

Ethereum layer 2s, such as Optimism, Arbitrum and Polygon, increased in popularity in the first quarter of 2023, according to a report from Web3 development platform Alchemy. Over 635,000 Ethereum users bridged crypto assets to these networks from January to March, an increase of 44% over the fourth quarter of 2023 and 518% over the first quarter of 2022.

The report, titled simply Web3 Development Report, cited Dune Analytics as its source for this data. It showed that only 103,000 users made bridging transactions to layer 2s in the first quarter of 2022, whereas the same three months saw over 635,000 users perform these transactions.

Alchemy suggested that this increased activity may have been reinforced by successful airdrops from Optimism and Arbitrum in Q1, 2023.

In addition to increased asset bridging from users, layer 2s also showed greater activity from developers. Although the deployment of smart contracts related to layer 2s decreased by 30% relative to Q4 2022, it still increased by 160% when compared to Q1, 2022, the report said.

The crypto industry is coming off the back of a steep downturn in trading volume and crypto prices during 2022, with scandals like the UST depegging and FTX collapse causing many investors to shy away. But despite this negative sentiment, users still flocked to these new scalability solutions.

Related: 3 signs Arbitrum price is poised for a new record high in Q2

The Ethereum ecosystem as a whole also showed increased developer interest. Ethereum software development kits (SDKs) such as Ethers.js, Web3.js, Hardhat and Web3.py were downloaded 1.3 million times in Q1 2022. This became 1.9 million in the first quarter of 2023, an 8% increase. In addition, downloads of the MetaMask SDK, a tool used to develop apps that can interact with Ethereum wallet MetaMask, increased in each month of the first quarter.

Ethereum layer 2s have been offered as a solution to Ethereums scalability problem, which has been periodically causing high gas fees since as early as 2020. Some experts have argued that sharding the Ethereum network will also help to cut down on gas fees.

This story was updated on April 18 to clarify that the number of users bridging has increased by 518%, not the amount of assets bridged.

Read the rest here:

Ethereum layer 2 bridging up sixfold year-on-year in Q1 Alchemy - Cointelegraph

The EVM is a computing machine that manages the network. However, the smart contracts on the Ethereum blockchain are accounted for by the environmental houses of Ethereum. Most of the smart contracts of Ethereum were written in the dominant programming language. A blockchain program contains a smart contract in the form of a line of code and an application executed under some mandatory conditions. However, smart contracts make it possible for users in an anonymous condition and permissionless to lead to greater trust and security on the network. For more information, you can visit the oil trader app.

Smart contracts are typically able to function by following simple statements such as when/ifthen, which are written as code on a blockchain. Other than this, elements that influence activities are executed by a network of computers when foreordained conditions are met and checked.

Such actions may include such things as registering a vehicle, sending notices to the appropriate parties, releasing funds, or issuing tickets when the transaction is finished; the blockchain is then updated. As a result, transactions cannot be changed by anyone, and results can only be viewed by those parties that are granted permission.

In addition, within a smart contract, there may be prerequisites that enable participants to satisfy that the task will be performed satisfactorily. If participants wish to establish these conditions, they must first determine how the data and their transactions are represented on the blockchain.

Those transactions if sorting out every single imaginable special case and system a structure for settling debates. A designer may then have the option to program the shrewd contracts notwithstanding, associations that inexorably use blockchain for business give web points of interaction, layouts, and other internet-based devices to improve on brilliant contracts.

At the point when the condition is successfully met, the contract is executed rapidly, starting there. Smart contracts are completely digital and automated, as a result of which there is no paperwork of any kind for the process, and at the same time, there is no time to fix errors which usually, manual forms for filing documents occur as a result.

The records of blockchain transactions cannot be hacked because they are completely encrypted. Also, when hackers attempt to hack it, they are more likely to change a single record rather than the entire chain because each record has a distributed ledger that is closely linked to the prior and following records.

It doesnt involve any third parties and because encrypted records of transactions are usually shared between participants, therefore, there is no need to ever give any thought to whether the purpose of changing this information is to gain personal advantage.

Smart contracts rely heavily on handling transactions without intermediaries and, by extension, their associated delay and time fees.

Explore how business can be poured over from smart contracts in dynamic blockchain solutions.

IBM Supply Chain and Sonoko are helping to reduce problems in the transportation of life-saving drugs by increasing transparency. Discussing the Pharma Entrance ends up being a blockchain-based stage fuelled by IBM Blockchain Straightforward Stockpile. It tracks temperature-controlled drugs through the inventory network to give exact information and keep up with dependability across various gatherings.

Businesses are looking to build an ecosystem of trust in global trade by joining We Trade, the trade finance network hosted by IBM Blockchain. It uses simplified trading options and standardized rules to simplify the trading process and eliminate friction and risk while expanding trading opportunities for banks and participating companies.

Excerpt from:

What Are Smart Contracts on the Blockchain? - Techgenyz

The Lightning Network is a revolutionary technology that has been developed as a second-layer network for Bitcoin. This network enables smart-contract functionality for the primary blockchain, which has been a significant limitation for Bitcoins adoption as a mainstream payment system.

The Lightning Network is a decentralized network of payment channels that allows users to make instant and low-cost transactions without the need for confirmation on the primary blockchain. This network is built on top of the Bitcoin blockchain and uses its security features to ensure the safety of transactions.

The Lightning Network was first proposed by Joseph Poon and Thaddeus Dryja in a white paper published in 2015. The network was designed to solve the scalability issues of the Bitcoin blockchain, which has a limited capacity of around seven transactions per second. This limitation has been a significant obstacle for Bitcoins adoption as a mainstream payment system.

The Lightning Network works by creating a network of payment channels between users. These channels are like virtual pipes that allow users to send and receive Bitcoin instantly and without any fees. The channels are funded by locking up some Bitcoin in a multi-signature address, which requires the approval of both parties to spend.

Once the channel is established, users can send and receive Bitcoin instantly and without any fees. The transactions are not recorded on the primary blockchain but are instead recorded on the payment channels ledger. This means that the transactions are not subject to confirmation times or fees on the primary blockchain.

The Lightning Network also enables smart-contract functionality for Bitcoin. Smart contracts are self-executing contracts with the terms of the agreement between buyer and seller being directly written into lines of code. The code and the agreements contained therein exist on a decentralized network, which means that they are not controlled by any central authority.

Smart contracts have many potential use cases, including escrow services, micropayments, and automated payments. The Lightning Network enables these use cases by allowing users to create smart contracts on the payment channels.

The Lightning Network has the potential to revolutionize the way we use Bitcoin. It enables instant and low-cost transactions, which makes it ideal for micropayments and other small transactions. It also enables smart-contract functionality, which opens up a whole new world of possibilities for Bitcoin.

The Lightning Network is still in its early stages of development, and there are still some challenges that need to be overcome. One of the biggest challenges is the liquidity problem. In order to use the Lightning Network, users need to have a payment channel open with another user. This means that there needs to be enough liquidity in the network to support all the transactions.

Another challenge is the user experience. The Lightning Network is still a complex technology that requires some technical knowledge to use. This means that it may not be accessible to the average user, which could limit its adoption.

Despite these challenges, the Lightning Network has already made significant progress. There are now over 20,000 nodes on the network, and the number is growing every day. The network has also processed over 10 million transactions, with a total value of over $1 billion.

The Lightning Network has the potential to transform Bitcoin into a mainstream payment system. It enables instant and low-cost transactions, which makes it ideal for everyday use. It also enables smart-contract functionality, which opens up a whole new world of possibilities for Bitcoin.

In conclusion, the Lightning Network is a revolutionary technology that has the potential to transform Bitcoin into a mainstream payment system. It enables instant and low-cost transactions and smart-contract functionality, which opens up a whole new world of possibilities for Bitcoin. While there are still some challenges that need to be overcome, the Lightning Network has already made significant progress and is poised to become an essential part of the Bitcoin ecosystem.

Read more here:

Lightning Network: Overview and Functionality - GVS United ... - Global Village space