The Biggest Weakness Of zkSync

Do repost and rate:

As someone who has been following the developments in the world of crypto for quite some time now, I have always been intrigued by the idea of decentralized finance (DeFi) and its potential to revolutionize the way we transact and interact with money. One of the most promising projects in this space is zkSync, a layer 2 scaling solution for Ethereum that aims to provide fast and cheap transactions while maintaining the security and decentralization of the Ethereum network. However, as promising as zkSync may be, and as big their future potential airdrop might be, it has one major weakness - centralization.

The primary goal of zkSync is to enable fast and cheap transactions on the Ethereum (ETH) network by offloading some of the computational work to a separate layer, known as layer 2. This is achieved by using a technology called zkRollups, which allows for the aggregation of many transactions into a single proof, thereby reducing the amount of data that needs to be stored on the Ethereum blockchain. By doing so, zkSync is able to offer transactions that are up to 100 times faster and cheaper than those on the Ethereum network.

However, this speed and efficiency come at a cost - centralization. In order to ensure that transactions are processed quickly and efficiently, zkSync relies on a single sequencer to order transactions and add them to the zkSync blockchain. This sequencer is operated by a company called Matter Labs, which is responsible for ensuring that transactions are processed in a timely and accurate manner.

While the use of a single sequencer may seem like a minor issue, it is actually a significant weakness of zkSync. If the sequencer goes down or is compromised in any way, it would effectively render the zkSync blockchain useless. This is because there is no mechanism in place to ensure that transactions can be included if the sequencer is down or censoring.

Another weakness of zkSync's centralization is the fact that Matter Labs has the ability to change the delay of withdrawals to Ethereum wallets through a simple multisig. This means that if Matter Labs were to become compromised, they could potentially change the withdrawal delay to indefinitely hold onto users' funds.

As someone who values decentralization and the security it provides, the centralization of zkSync is a major concern. While it is true that zkSync is still in its early stages and that improvements are being made to address these issues, it is important for users to be aware of the potential risks associated with using a centralized system.

In conclusion, while zkSync is undoubtedly an impressive project that has the potential to greatly improve the efficiency and speed of transactions on the Ethereum network, its centralization is its biggest weakness. As the DeFi space continues to evolve and mature, it will be interesting to see how zkSync and other layer 2 scaling solutions address these concerns and strive towards greater decentralization and security.

Disclaimer: this article does not containany financial advice. The information is provided for general informational and educational purposes only.

Please find below some referral links to earn a bit more crypto...

  • Fountain: get paid to listen
  • Sweatcoin: get paid to walk
  • Plutus: earn $10 PLU

Regulation and Society adoption

Events&meetings

Blockchain News

Ждем новостей

Нет новых страниц

Следующая новость