Sidechains - Crypto Academy / S4W8 - Homework post for pelon53

1.- Explain in detail the Sidechains with the use of ZK-Rollups?

ZK Rollups are also called zero Knowledge rollups. It is basically one of the layers of construction that are being developed to increase expandability through mass transfer processing that is combined into one transaction.

The smart contract deconstructs and verifies all of the transfers held in one transaction by ZK Rollups and, unlike Plasma, which creates per transfer in one transaction, ZK-Rollups create one transaction containing many transfers.

Zero knowledge proof reduces the computing and storage requirements for validating a block by reducing the amount of data held in the transaction. Such an approach is also used on the Ethereum blockchain to represent and record the validity of blocks.

In addition to generating cryptographic proofs to prove the validity of transactions, ZK rollups produce a 'validity proof' for each batch of transactions that is submitted to the main chain.

There are several side chains that make use of ZK roll ups. Zk Sync is one of the examples that makes use of ZK rollups.

ZKsync

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ZKSync is a platform which helps Ethereum's network scale by providing low-cost payments that aren't reliant on trusted protocols. It offers a Layer 2 scaling solution. Zero knowledge (ZK) roll up feature helps to secure funds and data that is stored by users and available on-chain respectively.

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With zkSync, gas costs can be reduced considerably without compromising user control. It gives upto 1 over 100 of layer 1 of low gas and provides more than 2000 transactions per second as compared to the L1 of 14 (tps) as its speed is very high. It is secured by ethereum blockchain Further it can easily move from layer 1 to layer 2 easily without wasting the time.

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2.- Explain the Liquid Network side chain?

Liquid Network side-chain is based on payment network that runs off Ethereum's blockchain in such a way as to enable issuance of assets and transactions to take place much faster, cheaper, and more efficiently.

It is basically designed for the Users including retail traders, OTC trading desks etc. to enhance and make improvements in the cryptocurrency trading market .

Ethereum is the largest known blockchains, but having scalability issue.However it is having more than 500,000 transactions in a day and about 14 transactions in every second.

In Liquid Network, transactions are faster and currency can be issued through federated sidechains.

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

Firstly we need to go to the polygon. At the top of the home screen, click Use Polygon under the item bar.

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After clicking on the screen, a list of options appears. Click on Polygon Wallet. This will take us to other page. there we will see options again so we have to click on the same polygon wallet.

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Now we will see the difference wallets on new page however we have to click on the first one Metamask which will connect us to the polygons network.

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Now in this step it will ask us to connect the polygon network with the MetaMask wallet so we have to click on Next button.

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In this step it will ask us again of want to allow polygon network to connect with our account no 1 so we have to click on Connect button.

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After it will request us for signature and we have to click on sign button.

Now Congratulations!! we have successfully connected with our MetaMask wallet to Polygon Network.

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4.- According to the polygonscan block explorer, when will the block 25,000,000 be generated? Show screenshot. Explore the 12,000,000 blocks, at that time, what was the price of the Matic? Show screenshots.

Initially, we need to go to Polygonscan.com. On the explorer, we can see the current block and the current price. The current block is $20,7983,003 and the current price is $1.92.

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By landing on the homepage the time for 25,000,000 with Estimated target Date to be generated is Tue Feb 15-2022, 04:34:39 GMT+0500 (Pakistan Standard Time) as we can see in the picture below.

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To figure out the block height of $12,000,000, Matic price at that time was $1.92 as shown in picture below.

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Conclusion

From this lecture I have learned all about the ZK rollups and it's features moreover its efficiency and effectiveness on blockchains. Moreover I come to know about liquid network enable issuance of assets and transactions to take place much faster, cheaper, and more efficiently. Further, I have learned the procedure to connect polygon and MetaMask wallet. I want thanks Professor for his efforts to make us learned a lot.

Cc;@pelon53
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