1.- Explain in detail the Sidechains with the use of ZK-Rollups.
ZK rollups which is spelt out as Zero-Knowledge Rollups assembled a series of offchain transfers and a Crytptographic proof called Succinct Non-interactive Argument of Knowledge (SNARK) was generated for them. This SNARK refers to a kind of validity proof that is being utilised by many Blockchains today for their sidechain operations which is posted on the Blockchains layer 1.
Layer 2 Blockchains (sidechains) make use of ZK rollups in the maintenance of the layer 1 blockchain transactions status and only Validity Proof can be used in making updates. In essence, validating a block via ZK rollups require only the Validity Proof. Since the data needed to validate a block is not much, then it makes for a cheap and quick block validation.
Validity Proof takes care of the verification process for fund transfers between the layer 2 and layer one hence time wastage is totally reduced. Below are some sidechains that has already employed ZK rollups
- Hermez
- ZKSync
- Aztec
- Loopring
- ZKTube
Below, I will discuss ZKSync.
ZKSync
ZKSync is a project whose aim is to assist in the better scalability of the Ethereum blockchain by being independent on trusted protocols and also providing low cost payment. This project employs ZK rollups for the validation of the on chain data availabile to it with an aim of securing stored user funds.
ZKSync offers low Transactions cost, hence cutting down the high gas fee of the Ethereum network. This project also offers to its users various specific services. For example, Crypto wallets like Dharma plans to use ZKSync in the provision of Alternative to Banking Services. Since, ZKSync is a sidechain of the Ethereum network, then it's security is also equal to that of the Ethereum network. When compared to the 14 transactions per second of Ethereum blockchain, it's 2000 tps makes it 142 times faster hence aiding the Ethereum blockchain scalability. The ZKSync is a frictionless project hence, assets can be moved to and fro at anytime between the layer 1 and layer 2 without delay.
Matter Lab is the team behind the ZKSync project. Matter Lab is an engineering company whose works extends to mathematics and Blockchains.
2.- Explain the Liquid Network side chain
A Liquid Network is an off-chain payment network that is ethereum Blockchain based and is structured to make transactions more efficient (* faster with less transaction cost*). On this platform, the users can make transactions in a brink a with low gas fee advantage and also,the users at all times posses complete control of their funds.
The goal of this payment network is to ensure the increase or boost in the transparency, security and scalability of the Ethereum blockchain. It also offers some interesting services and experiences to its users.
Since the inception of Blockchain technology till date, it has faced a major challenge which is scalability. Now, the scalability of most Blockchains I intertwined with their decentralization. That is to say that if a Blockchain project should be as fast as centralized networks, then it will surely lose its decentralized feature. So it seems as though the scalability challenge cannot be helped directly. This has now brought about the sidechains we know today. The ethereum network has employed Liquidity Network as a sidechain to aid ethereum scale better.
It is known that ethereum is the second largest, valuable and most important network yet it is still posses with the challenge of scalability. As at today, ethereum network processes 14 transactions per second which makes it a total of 500,000 transactions for each day. This is a poor figure for a Blockchain like that of ethereum.
What this Liquidity Network does is to improve on the efficiency or the cons of of the Ethereum network while ensuring that important features of the Blockchain is not altered or adjusted in any way. Therefore, via Liquidity Network, Blockchain transactions can be carried out off-chain in a secure way and at a faster rate.
Liquidity Network is designed in a way that it contains the unique features of both centralized and decentralised systems and makes use of Revive protocol and NOCUST Hub as it's layer 2 solution.
NOCUST Hub refers to a chain of commitment which enables peer-to-peer payments to be made. In addition to what we know about centralised peer-to-peer, the user still maintains complete control over his private key and asset as well. Also, the off-chain payment is achieved because of the collaboration of the protocol with centralised severs to help process the financial operations in a safe and reliable way. For effective performance, NOCUST Hub employs a universal availability of hubs to provide users all around the world with peer-to-peer connection and transactions.
The Revive protocol is more like a complememt or a double check to the NOCUST Hub. Since the Liquidity Network employs a universal availability of hub then a user can transact with another user when the both users join the hub and this transaction is very cost less and is done faster without interference.
3.- Describe the steps to connect the Metamask wallet and the Polygon network wallet. Show screenshots.
Step I
Firstly, I navigate to Polygon. On the home page, I click on Use Polygon seen at the top of the screen.
Step 2
A drop down menu shows up. Next, I click on Polygon Wallet. Another page which shows the same info on the drop down menu pops up again. I still click on Polygon.
Step 3
On the next page is a list of mediums which I could use to connect to Polygon wallet. I click on Metamask wallet.
Step 4
Next, I got a prompt message that requires me to connect my Metamask wallet. I click on Next.
Step 5
Next, I get a prompt message which requires me to connect my Metamask wallet to Polygon. I click on Connect
Step 6
I get yet another prompt which says I input my signature to confirm the connection. I click Sign.
I have successfully connected Polygon to my Metamask wallet.
4.- According to the polygonscan block explorer, when will the block 25,000,000 be generated? Show screenshot. Explore the 12,000,000 block, at that time, what was the price of the Matic? Show screenshots
a. For this excercise, I navigated to Polygonscan. On the first page of the Explorer, I could see the
Price of mMatic which is $2.03
Latest block which is # 20733027
b. The maximum block that can be generated on Polygonscan is block 25,000,000. Next, still on the same page, I could see the time required for block 25,000,000 to be generated which is
Date: Thursday, February 24th 2022
Time: 21:49:45 GMT + 1.
c. Exploring block height 12,000,000 I could discover that the price of Matic was
$0.38
Conclusion
Sidechains are a vital element in the crypto space. It tries to boost the security and scalability of various blockchains. Sidechains is an excellent development as the Blockchains now have a platform that will assist them in their job and still maintain their integrity hence, bringing about a good scaling of the Blockchain.
Sone sidechains today use the ZK rollups. Remember that the ZK rollups. The ZK rollups facilitate transactions without requiring validators to confirm the transaction. Also, if double spending is suspected, then the transaction will have to undergo rigorous scrutiny until it is detected.
Liquidity Network is an active project which is in collaboration with the Ethereum network. It posses Centralized and decentralised system features with the main goal of aiding the scalability of ethereum network.
Regards to professo @pelon53
#club5050 😀
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