Sidechains Crypto Academy / S4W8 – Homework post for @pelon53

A side chain can be defined as a parallel blockchain usually linked to a particular blockchain know as the mother or main blockchain through what we call the two-way peg system and it is developed to solve specific type of problem associated with the main blockchain. It functions by sending your coin or digital asset from a main chain to an address where it is then locked for a period and unused until the transaction is verified and sent across the chain,then it is sent to the side chain where user can now have access to the coin after a short waiting period.

Zk-Rollups can be defines as one of the viable development categorized under layer 2, is notable for scalability in terms of mass transfer processing that is rolled up into one single transaction. In other word ZK rollup put together hundreds of transfer together in on single transaction unlike plasma that create one transaction per transfer. Its really a big improvement as regards to transfers and transaction processing. Futher more it is important to mention that a “zero knowledge proof” is the mechanism used to publicly display and record the validity of block on the ethereum network. One major thing Zk helps in achieving is the fact that it helps saves storage resources by reducing the amount of size of data held per transaction.

ZK rollups has two key user, they are; - Transactors - Relayers The transactors are those that initiate transfers and broadcast the transfer data on the networks. The transfer data contains the “to” and the “from” address signifying who is sending and who should be receiving, the amount or value to be transacted, the network fee and nonce. The transactor can create a deposit with value of transaction greater than zero likewise a withdrawer with value of transaction less than zero. With the help of smart contract, the data is recorded in two Merkle tree with the address on one Mekle tree and the amount transfers in the other. The Relayers on the other hand do the collection of massive amount of transfer even in hundreds and then create a rollup. They then generate the SNARK proof which is used to compare a snapshot of the blochain before and after a transfer and then a report is then made to the mainnet.

Pros.

• Users pay less as transfer fee
• It is faster than the plasma mechanism and optimized rollup
  High scalability
• Fraudulent acts are brought down to the bearest minimum in this system

Cons.

• Initial set up of Zk rollup has an element of centralization
• The security scheme has an iota of unverifiable trust
• Quantum computing exposes the chain to threat

ZkSync

Question 2: Explain the liquid network Sidechain

Liquid Network.

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How it works

Conversion of BTC & LBTC

Describe the steps to connect the Metamask wallet and the Polygon network wallet. (show screenshot)

The steps in connecting the wallets can be seen below following the steps.

Step 1: I accessed the polygon network wallet via my mobile browser. https://wallet.polygon.technology/

Step 2: clicked on it and then walletconnect

Step3: clicked on "connect"

Step 4: click on Metamask

Step 5: connect the wallet

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According to the polygonscan block explorer, when will the block 25,000,000 be generated? Show screenshot. Explore the 12,000,00 block at that time ,what was the price of the matic?

Step 1: I logged into he polygonscan block explorer to carry out this assignment.

Step 2:I Inputed the value(25000000) in the search box

Step 3: it brought out a result showing that the block has not been produced,it's a future block.

The future time forget block production has been highlighted.

Checking for 12,000,000

The price of magic as at the time of assignment is $0.38

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Conclusion.