Sidechain-crypto Academy S4W8, home-work post for @pelon53

source

Introduction

Ever since the inception of blockchain technology things has really changed from the way it use to be to a refined model, as we now have blockchain in our health care industries, you can be at the comfort of your home and access everything about your health and it will be seen within the public space which is the public blockchain.

All the fantastic characteristics that blockchain posesses can't be overemphasized, blockchain is a distributed ledger technology where transactions are been recorded and along the process can't be altered.

Transactions recorded on blockchain's are immutable and and has cryptographic signature called hash that's is why informations recorded in the blockchain can't be compromised this brings us to one of the facets of blockchain called Sidechain.

Explain in detail the Sidechains with the use of ZK-Rollups

---

Before I go into explaining the use of ZK-Rollups I will hint extensively on Sidechain and different aspect of it, Sidechain can be defined as a mechanism that aid at making blockchain more efficient and scalable, this mechanism is aimed at allowing token's from one blockchain technology to be extremely secured by so doing used in another blockchain before going back to the initial blockchain where they are required.

As we know blockchain is secured with cryptographic hash, which makes it almost impossible for information's in there to be hacked, we have so many Sidechain projects around today, we have the RSK & Liquid, I will hint on this later as the lesson progresses.

Overview on how Sidechain works

---

Federation;this particular aspect in side-chain operates as a point between the parent chain and a solitary Sidechain. It has a cluster and it's duty is to know when a particular token an investor earlier used are released, those who invented Sidechain has upper hands in decision making as they can decide members in alliance.

Security;in our day to day activities security is key, same is applicable to Sidechain as their accountability is key to whatever upgradement coming to fruition at the right time. Remember each Sidechain is self determinant, so if there is any form of authority to secure Sidechain, it will most likely be erased and the parent chain will still work effectively.

Let's say the parent chain on one hand was tempered with the functionality will still come to lime light but there will be massive problem courtesy the peg as some values will be lost. in Sidechain miners are always needed and they can be infused through what is called fused mining

• fused mining can be defined as a process that involved the same disconnected cryptocurrency mined together courtesy the fact that they posess the same allogrithm.

source

ZK-ROLLUPS

---

ZK-ROLLUPS is a double layer solution, the solution has a key mandate of transgressing transaction computerization in off-chain, the transaction data though are practically been stored in the Etherium chain, by this explanations I will tell you for free that rollups are basically secured by layers.

Rollups movement is computational courtesy off-chain, but they still pass out a reciprocate and highly consolidated data to the Etherium mainnet, their gain in scalability is superb as they produce it even without galvanizing data availability which is the case courtesy layer 2 solutions.

Most rollups bears option of off-chain data, this means that no data is been imputed in the Etherium mainnet, there might be profit courtesy transaction through-put, but security will be minimal.

Intense of transaction validity we have the zero knowledge and the optimistic rollups, they are responsible for transaction validity this is how it works, the zero knowledge rollups produces a cryptogrphic that can be used for transaction validity and each sets of transaction is associated with their various forms of validity proof and at the latter stages they are officially been taken to the Etherium mainnet.

Note ZK-ROLLUPS doesn't need a challenge period, if you watch the validity proof with upti-most best, it has officially accessed and verified the intimacy as a result of various transaction data's, ZK-Rollups grants huge access to efficient withdrawal procedures, they are basically splendid if it's been used in an exchange.

Explain the Liquid Network side chain

---

Liquid network Sidechain is a rejuvenated Sidechain of cryptocurrency Bitcoin (BTC), the aim of Liquid network sure chain is to grant access to every person to give out assets and have control over it at the same time, including taking advantage over it.

Liquid network gives intensive acessibility to other blockchain's that looks similar to bitcoin blockchain at the same time doesn't compromise it as a result of the base layer security.

Assets issued on Liquid Network

---

There are various assets expecially cryptocurrencies issued on Liquid network I will be highlighting then shortly, keep reading.

Tokenized Crypto assets;liquid bitcoin can be initiated into a liquid network and verified along the process the verification process is triggered as a result of the various nodes running on the network, L-BTC is a topical example of a tokenized Crypto assets.

Stable-coin's;those responsible for issuing tokens are bound to receiving cash into their various bank accounts, this can be triggered courtesy the total number of token officially been deposited by the depositor.

Utility Tokens;issuing this tokens comes with a special purpose, like granting massive access to a platform and the services been rendered, for example digital event ticketing.

Security Token;some liquid platform are bound to be used in issuing digital assets like bounds, and stocks, or other derivatives that can be consolidated in a non-coutodian Liquid wallets.

Describe the steps to connect the Metamask wallet and the Polygon network wallet. Show screenshots

Connecting your Metamask wallet to polygon is pretty simple if you follow the right step, as I will be highlighting shortly keep reading and enjoy how it's been done.

• First you need download metamask on your device and set it up thereby configuring it, customize the RPC to your Metamask wallet.

• After which open your Metamask wallet and click on the three dotted line at the left hand side.

• After you are done clicking, screw down and click on settings,

• Another phase will pop up, where you have to click on network to add the polygon network to metamask.

• when another phase comes up, you can click on Add network, as you can see there are other network been listed, but since we are adding I clicked on Add network.

• I filled in the required details for the network phase requirements and I clicked on Add network.

• If your RPC is not customized it can't connect when I finally clicked on Add token it was successfully added into the Etherium network

• Looking at the screenshot's uploaded I have zero 0, MATIC, this is practically the process of connecting the the metamask wallet and the polygon Network wallet.

According to the polygonscan block explorer, when will the block 25,000,000 be generated? Show screenshot.

---

Before knowing when the next block will be generated first you need to access the polygonscan inter-phase to doing that
click here

• After accesssing the homepage I imputed 25,000,000 at the search axis of the landing home-page and a productive result came on-board.

• Looking at the productive result showned the time for 25,000,000 to be generated is 120 days, 10 hours, 19 mins, and 27 sec,.

• it will officially be generated on February 24th 2022, time 21:50 14GMT.

Explore the 12,000,000 block, at that time, what was the price of the Matic? Show screenshots.

I explored the block of 12,000,000 just to know the matric and below was the result found.

• Looking at what has displayed so far, the block generation took place 227 days 1 hrs ago, in the month may 14 2021, 09:35:48AM.

• The total gas consumed was 3,022,128, that is 15.11%.

• The gas limit was 20,000,000, the MATIC price was $0.38, it is well showned from the screenshot's provided.

• Below is the transaction hash.

Hash

0x54c6805f441801ea05620f26950ca70c401e1642ab27f76d5097f9f500689965

Conclusion

---

• From my homework task I defined Sidechain as a mechanism, that is poised to making blockchain more efficient and scalable, this mechanism strengthen's various tokens operating in various blockchain technology, we know that blockchain is basically secured using a cryptographic hash functions which makes it impossible for anyone to intrude and make away with vital informations been stored in there.

• I also hinted on the ZK-ROLLUPS where I highlighted that it is a double layer solution aimed at transgressing transactions courtesy a computerized off-chain model, the transaction are been stored in the Etherium chain, rollups are basically secured by layers. thankyou very much for this wonderful lecture professor @pelon53 hope to keep doing your homework task.

Cc;@pelon53