Place/Date: Melbourne - September 9th, 2021 at 7:57 pm UTC · 6 min read
Contact: zkTube, Source: zkTube
The Melbourne-based project, zkTube, has gained a lot of attention as the best Layer 2 scaling solution on Ethereum. zkTube, upon completion of mapping, is ready to launch their Mainnet on September 10th, 2021, and is being dubbed the next “Layer 2 unicorn”. zkTube is the first Layer 2 protocol powered by ZK-Rollups technology and PLONK algorithms to ensure secure, fast, and low-cost transactions. After its launch, the general public will be able to engage in stake-mining of zkTube’s native token to generate rewards and profit.
Ethereum’s sensation, due to its strong consensus, led to numerous projects being built on top of it. The recent outbreak of DeFi promoted the prosperity of the Ethereum network, but while this may appear to be a great win for Ethereum, the massive flood of applications and transactions on the network has resulted in a series of problems. Once known for speed and affordable gas prices with various outstanding features, nowadays the network’s congestion has led to delayed transactions, high gas prices, and a poor user experience. These issues, among others, have made Ethereum progressively less attractive, leading developers to search for solutions.
As a result, developers have collectively created a series of solutions called “Layer 2”. Layer 2 solutions have been specifically designed to scale the applications by taking advantage of the decentralized security model of Mainnet. Zero-knowledge rollups (ZK-Rollups), one of the solutions, executes transactions outside the Ethereum main chain and later submits the transaction data on Layer 1 (Ethereum).
zkTube’s unique technology uses ZK-Rollups that can integrate into Dapps, resulting in higher transactions per second (TPS), lower gas fees, and a more efficient way to record transactions on the Ethereum mainnet.
zkTube is the first Layer 2 protocol powered by ZK-Rollups technology and PLONK algorithms to ensure secure, fast, and low-cost transactions. It is a decentralized platform supporting multi-chain ecosystems open to the general public. Network congestion, capacity expansion, privacy, and data availability are obstacles removed by zkTube.
zkTube provides unique and enhanced scalability by rolling-up transaction batches into a single transaction, allowing it to process over 3,000 TPS. In other words, zkTube is 200 times faster than Ethereum (Layer 1). zkTube runs on top of Ethereum and transfers some of the workload off-chain, making block validation quicker and cheaper. The massive calculations and data storage are processed on Layer 2, transactions are then sent to Layer 1 with no delay. Transaction fees on zkTube are one percent of those in Ethereum, making cost almost negligible. Using SNARK proof, zkTube undergoes real-time transactions for all types of tokens, including ETH. zkTube’s security is equal to that of Ethereum’s mainnet. zkTube is a unique solution with exceptional performance, scalability, and security.
Blockchain technology has become notoriously infamous for its consumption of electricity. Currently, most mining is done by using non-renewable, greenhouse-gas emitting energy that has a significant impact on the environment and its resources. Global warming is rising due to increased air pollution and temperature rise. In 2021, global carbon dioxide emissions reached 1.5 gigatons due to the ever-growing demand in power. High energy consumption in mining is one of the main roadblocks for the blockchain industry’s growth.
zkTube is based on zero-knowledge proof mining technology (PLONK), which is much more environmentally friendly than previous solutions. zkTube independently developed the zero-knowledge proof algorithm into a miner, making the “prover network” undergo the mining task. The entire framework is composed of a prover grid and zkTube miner verification nodes and it is designed to consume lower energy and provide a green mining solution. zkTube provides high transaction volume while reducing greenhouse gas emissions.
zkTube believes in the universal applicability of the “Power Law” in nature for using resources to mine responsibly.
zkTube is expected to be the next unicorn given its exceptional technological features. zkTube offers its PayTube wallet to enrich the ecosystem by supporting various protocols in Layer 2.
PayTube Wallet is zkTube’s wallet. It is based on zkTube protocols providing a one-stop decentralized financial solutions to users. It is an open-source wallet that is attracting users by enabling reliable interactions with blockchain for value transmission. It offers multi-factor security via private keys, PINS, multiple signatures, and biometric authentication, among others. It is a trustless and transparent wallet that values the user’s privacy while ensuring swift and cheap transactions. PayTube Wallet supports 3,000 digital assets, including 40 different stable coins. It also supports cross-border transactions via Visa and MasterCard.
NFTs and GameFi are new digital sensations with a rapidly growing user base worldwide. NFTs are different from usual virtual games, as users own the in-game characters and collectibles, which they can sell in the open market. NFTs adoption is surging so rapidly that OpenSea, an NFT marketplace, surpassed the $1 billion monthly trading volume milestone in August 2021. The “Play to Earn” model of GameFi has attracted millions of users via its popular games such as Axie Infinity, CryptoBlades, Decentraland, Roblox, etc. In August 2021 alone, the Axie Infinity marketplace exceeded $960 million in trade.
The increasing demand and use of NFTs and GameFi are contributing to the network problems of congestion, high gas fees, and delayed transactions, resulting in poor user experience.
zkTube not only solves these problems via its framework providing high-throughput, but also reduces transaction costs and provides a smoother user experience. Recently, zkTube created a $10 million joint investment fund with OneUni in Canada to support the ecosystem’s development. Its purpose is to encourage the developers to bring out more creative and innovative projects. zkTube is bullish on the GameFi market’s future, and is planning on building a GameFi Layer 2 ecosystem.
zkTube is making rapid progress and has continually achieved its growth targets. Its next milestone is the launch of its Mainnet on September 10th, 2021. The launch will include an innovative mining mode, as well as the launch of the PayTube wallet.
zkTube is one of the most innovative projects of 2021, with numerous advantages that will enable blockchain technology to reach the next level. zkTube’s community is robust with more than 100,000 users recently participating in a bounty at Bitcoin Talk.
zkTube is close to reaching its ultimate goal of bringing a financial revolution in crypto payments and enabling mainstream adoption of public blockchain worldwide.
Join us and be a part of this financial and technological revolution!
For more news and latest updates please visit zkTube Medium and Reddit accounts, follow the team in Discord, Facebook, and Gitter. Feel free to join zkTube community in Telegram, Twitter and Instagram, or just check out their latest videos on YouTube.