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About ZKBase
- ZKBase is a platform consisting of ZKSwap, ZKSquare, and ZKSea.
- Developed by L2 Labs Foundation, led by Alex Lee, with 20 blockchain developers and investors from major Chinese VCs.
What Makes ZKBase Unique?
- ZKBase is an AMM modeled Layer-2 DEX using ZK-Rollups technology.
- Advantages: security, cost, transactions per second (TPS), and privacy.
- Decentralized, community-led project with benefits: decentralized, complete control over users’ assets, no authorization requested, highly liquid process, and
About ZKBase: Empowering Decentralized Data Storage
ZKBase (ZKB): A Comprehensive Overview
The revolutionary ZKBase ecosystem comprises three integral components: ZKSwap, a pioneering Layer 2 Automated Market Maker (AMM) Decentralized Exchange (DEX) harnessing the power of ZK-Rollups technology, ZKSquare, a payment service, and ZKSea, a comprehensive NFT minting center and marketplace. Boasting a sleek, revamped user interface, NFT support, unlimited token listing, seamless withdrawals, enhanced efficiency, and multi-chain compatibility, ZKSpace is poised to integrate EVM-compatible ZK-Rollups and introduce a diverse range of Layer 2-based products in the near future.
The Visionaries Behind ZKBase: Meet the Founders
According to available information, the L2 Labs Foundation is credited with developing ZKBase, a project spearheaded by Alex Lee, a seasoned expert with a wealth of experience in zero-knowledge proof research and smart contract development. The ZKSpace team boasts a talented roster of approximately 20 skilled blockchain developers, many of whom have been active in the crypto industry since 2013. Notably, the team has secured investments from prominent Chinese venture capital firms, including Bixin Capital, FBG Capital, and Longling Capital.
Unveiling the Unparalleled Attributes of ZKBase (ZKB)
ZKBase is an Automated Market Maker (AMM) modeled Layer-2 Decentralized Exchange (DEX) leveraging ZK-Rollups technology – a cutting-edge, Level-2 scalable solution within the Ethereum network, built upon zero-knowledge proof. Notably, ZK-Rollup boasts several distinct advantages over similar solutions, including enhanced security, reduced costs, increased transactions per second (TPS), and bolstered privacy. By grouping transactions and offloading certain calculations from the Ethereum network, this technology achieves a significant reduction in load, thereby optimizing network performance.
ZKBase is a decentralized project driven by the community, offering a plethora of benefits. These include: decentralized control, granting users complete autonomy over their assets; transactional freedom, with no authorization required; a highly liquid process that maintains a stable level of confidentiality; ultra-high transaction per second (TPS) capabilities courtesy of the ZK-Rollup; and, notably, the elimination of exorbitant gas fees for liquidity providers and users alike.
ZKBase functions as follows: the protocol is accessible via the application at zks.app, where an Ethereum wallet is required for connection. Through Ethereum smart contracts, users facilitate token trades and contribute assets to the ZKSpace liquidity pool. The ZK-Rollups system efficiently bundles and processes user transactions off-chain at Level-2, subsequently synchronizing with the main network, thereby mitigating the limitations of low Ethereum throughput and exorbitant fees.
The ZKBase architecture is comprised of a user-friendly front-end interface, on-chain smart contracts, and an off-chain ZKSpace server, which encompasses a memory pool, block proposer, state keeper, and prover server. The ZKSpace server serves as the pivotal module responsible for processing all off-network transactions.
At the heart of our technological infrastructure lie two pivotal developments: the Layer-2 server and the innovative Plonk zero-knowledge proof system.
Thanks to the WebSocket protocol, the ZKBase server seamlessly interacts with platform users, featuring a transaction tracking function that enables real-time monitoring. All approved requests are subsequently routed to the ZKSpace memory pool, where they are meticulously processed by the swap engine. Notably, ZKSpace’s innovative zero-knowledge proof system leverages a distributed architecture and parallel developments to generate evidence, specifically the Plonk zero-knowledge proof algorithm. Meanwhile, the ZKSpace status tree meticulously maintains a comprehensive record of all account balances within the system.
What Is the Circulating Supply of ZKBase (ZKB) Coins?
ZKB, an ERC-20 token, is issued by the ZKBase project, boasting a capped supply of 1,000,000,000 tokens. The token’s distribution ratio is allocated as follows: 60% is reserved for community mining initiatives; 15% is allocated to the ZKBase team; 8% is dedicated to fostering ecosystem growth and supporting ecosystem developers; 6.7% is assigned to angel investors; 5.3% is reserved for potential A-round investors; 4% is allocated to initial liquidity provision; and 1% is designated for advisors.
ZKB constitutes a pivotal component of the ZKBase system, and its versatility enables its application in a multitude of scenarios, including:
Governance. Empowered by their ZKB holdings, stakeholders can instigate proposals for refining and enhancing the protocol. With every token holder possessing voting rights, proposals that garner a majority of votes are ratified, and the development team assumes responsibility for their implementation.
Voting and pledging for listing are facilitated on the platform, which accommodates a limited selection of trading pairs, with the exception of those specifically designated by the ZKBase team. ZKB holders are empowered to participate in the voting process and, additionally, have the opportunity to initiate a listing proposal. By securing a majority of votes, holders can successfully list a coin. Furthermore, users possessing a substantial amount of ZKB can pledge their tokens to support a listing.
The ZKBase Network’s Robust Security Framework: A Comprehensive Overview
ZKBase leverages a suite of smart contracts on the Ethereum blockchain, serving as the pivotal nexus between Ethereum and the ZKBase exchange server. These contracts securely store tokens, dynamically update balances, and provide a robustly secure environment.
Notably, the liquidity and security of ZKBase are safeguarded by the collective efforts of its users through community-driven mining initiatives. In return, participants in this process are incentivized with rewards in the form of ZKS tokens.
Community mining encompasses a diverse range of activities, including the provision of liquidity (Proof-of-Liquidity-Mining or PoL), the payment of commissions on the Ethereum network (Proof-of-Gas or PoG), the generation of zero-knowledge proofs (Proof-of-ZK-Snarks or PoZK), and trading on ZKSpace (Proof-of-TransFee or PoT).
Furthermore, ZKBase incorporates ZKS staking, a novel approach that leverages smart contract staking. This innovative methodology is underpinned by the Proof-of-Stake (PoS) consensus mechanism, which plays a pivotal role in verifying transactions and mitigating potential issues. By design, PoS significantly diminishes the risk of cyber attacks, as the inherent structure discourages miners from engaging in fraudulent activities.
Acquiring ZKBase (ZKB): A Comprehensive Guide to Exchanges and Marketplaces
The ZKSpace exchange rewards airdrop and community mining participants with ZKS credits.
Notably, ZKS is also listed on prominent exchanges, where it can be traded against other cryptocurrencies, including Huobi Global, Gate.io, Uniswap (V2), Poloniex, ProBit and ProBit Global, LBank, BitWell, BitZ, 1inch Exchange, BiKi, CoinTiger, Hotbit, Pionex, Bilaxy, HitBTC, Huobi Indonesia, CoinW, TokenIon, WBF Exchange, MEXC, CoinBene, and Jubi.
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