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zkTube Mapping Starts with an Aim to Reduce Ethereum’s Gas Fee by 99%

zkTube Mapping Starts with an Aim to Reduce Ethereum’s Gas Fee by 99%

CryptoCurrency Press Release

22nd September 20213:46 pm

zkTube is the first Layer 2 mining network and the best Ethereum Layer 2 scaling solution based on the ZK-Rollup technology. zkTube has been diligently working on Mapping, upon completion of which users can experience low cost and high performance on Ethereum. zkTube has aimed to reduce gas prices on Ethereum by 99%. It can easily solve problems of congestion, capacity expansion, data availability, and privacy.

The adoption of Ethereum is rapidly increasing with an increased number of applications and transactions on the network. Meanwhile, the blockchain is facing certain limitations. The transaction speed is greatly affected with poor user experience, and gas price is increased, resultantly users have to pay high fees to use the network.

Ideally, a blockchain should be able to handle an infinite number of transaction throughput, while ensuring decentralizing and security. But as the Ethereum network is getting busier, throughput is significantly affected, which created the need for scaling solutions.

#Ethereum Layer 2 Scalability Solutions

Increasing the Ethereum network capacity in terms of throughput and economic transactions is highly important for its mass adoption. Ethereum Layer 2 can easily tackle the problems mentioned above.

Layer 2 is a series of solutions that solve scalability problems by handling transactions off the Ethereum mainnet that reduces the workload on the on-chain. The main goal of Layer 2 is to increase transaction speed and throughput without affecting decentralization or security.

There are several implementations of Layer 2 solutions, and zkTube is one of those utilizing ZK-rollups.

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#zkTube with Great Potential to Innovate

zkTube is a Layer 2 scaling protocol based on the PLONK algorithm powered by ZK-Rollup technology. ZK-Rollups run computation off-chain and submit the validity proof to the chain to ensure fast transaction throughput and reduced fees.

zkTube has a lot to offer, meeting the demand of today and the future blockchain ecosystem.

#High Throughput

zkTube is working to enhance scalability by transferring batch transmission to a single transaction. zkTube ensures 3,000+ transactions per second (TPS), 200 times faster than Layer 1.

#Minimal Gas Fee

zkTube setups a block size of 12M, and the transaction fee on zkTube is extremely low, only 1% of the Layer 1.

#Highly Secure

zkTube is also concerned about the security of users when ensuring high speed and reduced cost. It ensures 100% security at the mainnet level. All massive calculations and data storage is processed on Layer 2 while numerous transactions are sent to Layer 1 for verification. It improves TPS and also ensures security.

#Real-Time Transactions

zkTube undergoes quick transactions using the SNARK proof. It only takes 10 minutes for a transaction from submission to complete verification.

#zkTube Browser

zkTube has also developed its web 3.0 browser, currently supporting the mainnet and test network deposit, transfer, withdraw and buy & sell.

#High Scalability

zkTube supports a multi-chain ecosystem that is decentralized and open for everyone to join.

#Ease

zkTube supports straightforward transactions between Layer 1 and Layer 2 by simplifying the complex transaction completion process with an enhanced user experience.

#ZKT

ZKT is the native token of the zkTube network. It can be used for staking, paying transactions fee, CPU mining, and voting on proposals.

#Open Source Payment Wallet

zkTube has a web 3.0 open-source payment wallet application, i-e PayTube Wallet. It is based on zkTube Protocol, super easy to use and serves as a one-stop decentralized financial solution to its users. It offers multi-factor security while supporting more than 3,000 digital assets. It allows cross-border payments without any limit. It also supports numerous Dapps, including games, etc. It is highly secure and transparent that not even the platform can take user’s funds.

With the growing adoption of Ethereum in the future, zkTube has great potential to meet the high throughput demand.

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#zkTube Mapping Starts

At the start of August 2021, zkTube announced in its weekly report that they’ll start mapping on 3rd, September. Recently, zkTube has made a lot of development. zkTube has announced that the End-to-end staking, ZKTR mapping and miner revenue acquisition, and interphase functions have been tested. Also, the Rinkeby rehearsal of Mapping, staking, and mining revenue distribution has been completed.

#zkTube Assurance on Completion of Mapping

Congestion on the Ethereum network is increasing due to the recent popularity of stable coin and DeFi applications such as Compound. As a result, some users are paying high fees for faster transaction execution. It has led the prices to soar to a level never seen before since 2017.

zkTube is the best solution in this situation. It is assuring to reduce gas prices by 99% via its consensus mechanism, which is entirely an incredible success. zkTube is a technological breakthrough enabling the system to meet the demands of millions of users.

#Benefits of Reduced Gas Fees in Hot Areas

zkTube is also supporting various fields such DeFi, NFTs, GameFi, Metaverse and many other financial sectors.

#zkTube Metaverse

zkTube is providing significant advantages in implementing the metaverse. In this place, users can interact with each other in a digital world where they can play games, own digital characters, build digital houses, etc.

Being part of the metaverse, users have to undergo transactions to buy and sell digital items in the digital universe. In the Ethereum network, the transaction requires gas depending upon the complexity of the transaction. Because of network congestion, the gas fee is to be as high as 1,000 Gwei or as low as 1Gwei. In the case of DeFi applications, it can reach up to 100,000.

Whereas in zkTube, it costs very low gas for transmission between off-chain. So, enjoy the enhanced metaverse experience while saving a lot of costs.

#NFTs & GameFi

NFTs and GameFi markets are new promising industries with a rapidly increasing number of users globally. For example, OpenSea has become the first NFT marketplace that recently crossed a monthly trading volume of $1 billion. Similarly, Axie Infinity, a Pokémon-inspired video game, generated $220 million in July 2021, the highest among all GameFi projects available.

The bright future of these industries is evident, but these are also facing problems of congestion, transaction fee, transaction time, etc. When the traffic in these sectors increases, the user experience is badly affected, that it becomes difficult to play games smoothly. Transactions take a longer time than usual for buying and selling items. Even in some cases, users have to make multiple attempts to complete transactions. Not only this but, users also have to pay high gas fees losing a significant part of their profits margin.

For NFTs and GameFi market, zkTube can prove to be a game-changer. Using zkTube, users have to pay only a marginal fee per transaction. zkTube network runs on the top of Ethereum by transferring some of the load to off-chain, ensuring 200 times higher throughput than Layer 1; 3,000+ TPS with 100% mainnet level security.

So, keep developing and playing games without thinking about high fees, delayed transactions, and security.

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#The Bottom Line

zkTube has an extraordinary team of developers who continuously work to shatter down the current network performance limitations to support a larger blockchain ecosystem. zkTube has a particular position in the Ethereum ecosystem because of its unique features. It is also receiving massive supports from all over the world. It was officially launched in 2020, but it has achieved remarkable results in the existing blockchain network in a brief period.

zkTube has enormous potential to provide a broader development space by scaling Ethereum. Dapps can work more efficiently worldwide and improve their value by avoiding the negative impacts of scaling. It is the only Layer 2 project that supports mining, giving it a significant edge over its competitors.

zkTube is steadily making progress and working on the launch of Mainnet very soon. After its launch, zkTube will head on towards a greater mission and continue innovating the financial sector, including DeFi, GameFi, Metaverse, etc. The main goal of zkTube by the end of 2021 is to support solidity for Smart Contracts, Layer 2 DEX, etc. zkTube will open grounds for other notable projects to step forward, leaving behind the network congestion.

zkTube is based on the solid underlying technology and forging ahead on the track of Layer 2 devotedly. It is on the road to bring financial revolution in crypto payments by enabling users to experience high network capacity, reduced costs, a user-friendly ecosystem, and smooth accessibility worldwide.

Stay tuned to learn more about zkTube!

 

THE AUTHOR
zkTube
zkTube