ZK on Bitcoin? 🤯 @0x_orkun from @citrea_xyz unveils Citrea's ZK Rollup, unlocking Bitcoin's programmability for the first time! 🚀 Curious how this changes crypto? Learn how it boosts scalability and functionality. Full episode drops soon, click 'Show More' for a sneak peek!
Transcript:
Block By Block
Maybe I could give you a maybe I could just tease that up a little bit. So you've described Citrea as Bitcoin's first ZK roll up. So for listeners who aren't tech experts, how would you explain in simple terms what that means and why making Bitcoin more programmable is important or a big deal?
Orkun Kilic | Citrea
Yeah, the ZK rollup is basically how we make Bitcoin programmable. But in ideal world, it's not the important piece, but currently it's important because so far people think Bitcoin is a very limited blockchain where you can only send and receive Bitcoin and that's the whole function, right? That caused some issues. The mainly the lack of scalability around this payments and customer's ability led to use of custodians.
In the last cycle we saw BlockFi, Celsius and others basically that you can deposit your Bitcoin, it's very easy to use but you don't actually own the Bitcoin in that platforms. That was the one weakness of Bitcoin and the second is people wanted to use their Bitcoin in DeFi and then they have to move their Bitcoin over Ethereum which still uses custodians like Wrapped Bitcoin, like TBTC, right? They use Bitgo, so they actually trust another company to hold their Bitcoin which still involves the trust.
But over these years, like the last 10 years, show us that people actually want to use their Bitcoin. Buy and hold is one strategy. But even if holding on Bitcoin is really hard, have you ever used like a Bitcoin wallet? It's really painful to use those wallets. And then we realized, okay, what if we can actually make Bitcoin more usable? That is tied to be making Bitcoin more programmable, because if you are making it programmable, then you can have account abstraction, like very easy to use smart contract accounts.
Spending limits, social recovery, those kind of stuff can be added on top. And then we started researching ways around how to make Bitcoin programmable. And basically a Zero Knowledge rollup is the best way of doing it because it doesn't involve any trust assumption rather than the math. ZK basically allows us to mathematically prove that something happened on Citrea and then verify that results on Bitcoin, which means
If you are already trusting Bitcoin, which means if you have a Bitcoin node, then this doesn't include any other trust assumption. It's just pure math that you are doing and then Bitcoin becomes programmable without changing Bitcoin, without introducing more complexities. We just built the system. You transact on top, you do DeFi on top, you hold your Bitcoin there, you have very advanced social recovery and other features and everything you do is actually getting verified on Bitcoin.
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ALEX | ZKsync ∎ reposted
ZKsync (∎, ∆)
From "don't be evil" to "can't be evil." Zero-knowledge proofs are going mainstream.
Matthias ∎ (🇦🇷,🧉)
Google announces using Zero-Knowledge Proofs (ZKPs) for Digital Identity.
We did the world's first rollout w/ @gcba last year. >600k citizens now own marriage licenses, birth certificates, digital id, and driver's licenses. Google is now catching on.
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ZORD CRYPT reposted
ZORD CRYPT
Gprove
@SuccinctLabs is a San Francisco-based company dedicated to advancing cryptographic proofs and software verification to "Prove the world's software."
𝐇𝐞𝐫𝐞 𝐚𝐫𝐞 𝐬𝐨𝐦𝐞 𝐜𝐨𝐧𝐜𝐢𝐬𝐞 𝐮𝐩𝐝𝐚𝐭𝐞𝐬 𝐨𝐧 @𝐒𝐮𝐜𝐜𝐢𝐧𝐜𝐭𝐋𝐚𝐛𝐬' 𝐫𝐞𝐜𝐞𝐧𝐭 𝐩𝐫𝐨𝐣𝐞𝐜𝐭 𝐝𝐞𝐯𝐞𝐥𝐨𝐩𝐦𝐞𝐧𝐭𝐬:
- @SuccinctLabs, focused on zero-knowledge (ZK) proofs and blockchain technology, has shared several updates recently.
- These updates include new features, performance improvements, and partnerships, reflecting their work in advancing ZK applications.
𝐁𝐞𝐥𝐨𝐰, 𝐰𝐞 𝐛𝐫𝐞𝐚𝐤 𝐝𝐨𝐰𝐧 𝐭𝐡𝐞 𝐤𝐞𝐲 𝐚𝐫𝐞𝐚𝐬 𝐟𝐨𝐫 𝐚 𝐜𝐥𝐞𝐚𝐫𝐞𝐫 𝐮𝐧𝐝𝐞𝐫𝐬𝐭𝐚𝐧𝐝𝐢𝐧𝐠.
𝐑𝐞𝐜𝐞𝐧𝐭 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐬 𝐚𝐧𝐝 𝐈𝐦𝐩𝐫𝐨𝐯𝐞𝐦𝐞𝐧𝐭𝐬:
▪︎ SP1-2FA: They likely introduced a new security feature, SP1-2FA, using Trusted Execution Environments (TEEs) for added protection.
▪︎ SP1 Turbo (v4.0.0): An upgrade to their SP1 technology, offering significant cost and latency improvements for various ZK workloads.
𝐏𝐚𝐫𝐭𝐧𝐞𝐫𝐬𝐡𝐢𝐩𝐬 𝐚𝐧𝐝 𝐂𝐨𝐥𝐥𝐚𝐛𝐨𝐫𝐚𝐭𝐢𝐨𝐧𝐬
- vApps with LayerZero: It seems they've partnered with LayerZero to launch vApps, a new way to build verifiable applications with web3 security and web2 ease.
- IBC Eureka: They appear to have powered the IBC Eureka bridge between Cosmos and Ethereum, enabling affordable transactions with ZK proofs.
- Galxe Partnership: Research suggests a collaboration with Galxe to bring ZK verifiability to raffles, using SP1 and a drand oracle.
- Phala Network Support: The evidence leans toward supporting Phala Network in launching the first OP Succinct rollup on mainnet, advancing verifiable AI agents.
𝐒𝐔𝐂𝐂𝐈𝐍𝐂𝐓 𝐋𝐀𝐁𝐒 𝐈𝐒 𝐁𝐔𝐈𝐋𝐃𝐈𝐍𝐆.
Shout out to @0xCRASHOUT
》Tagging @SuccinctLabs Chad's 💎
▪︎ @0xfarmor
▪︎ @Mars_DeFi
▪︎ @stacy_muur
▪︎ @BlurCrypto
▪︎ @BigOsCrypt
▪︎ @NiphermeDave
▪︎ @brave_raf
▪︎ @DeFiMinty
▪︎ @0xNairolf
▪︎ @RaAr3s
▪︎ @TweetByGerald
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reka reposted
Eda
Here’s my newbie post on an introduction to Zero Knowledge Proofs, which is still one my favorite topics & blog posts:
Jacob Everly ✨
Wake up, @Google is adopting ZK.
One reason ZK will be adopted is it reduces the security overhead of companies who manage large data sets of sensitive information. It is not uncommon for companies to spend 10s of billions a year protecting this data.
Reduce sensitive data -> Reduct costs -> Adoption
The current price of ZKsync is ₺2.0101. Over the last 24 hours, ZKsync has decreased by -8.78%. It currently has a circulating supply of 3,675,000,000 ZK and a maximum supply of 21,000,000,000 ZK, giving it a fully diluted market cap of ₺7.38B. At present, the ZKsync coin holds the 130 position in market cap rankings. The ZKsync/TRY price is updated in real-time.
The rating provided is an aggregated rating collected by OKX TR from the sources provided and is for informational purpose only. OKX TR does not guarantee the quality or accuracy of the ratings. It is not intended to provide (i) investment advice or recommendation; (ii) an offer or solicitation to buy, sell or hold digital assets; or (iii) financial, accounting, legal or tax advice. Digital assets, including stablecoins and NFTs, involve a high degree of risk, can fluctuate greatly, and can even become worthless. The price and performance of the digital assets are not guaranteed and may change without notice. Your digital assets are not covered by insurance against potential losses. Historical returns are not indicative of future returns. OKX TR does not guarantee any return, repayment of principal or interest. OKX TR does not provide investment or asset recommendations. You should carefully consider whether trading or holding digital assets is suitable for you in light of your financial condition. Please consult your legal/ tax/ investment professional for questions about your specific circumstances.
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ZKsync is a Layer-2 zero-knowledge (ZK) rollup designed to scale the Ethereum network and reduce the cost of transacting on the blockchain. ZK rollup, which underpins the platform, is a trustless protocol that allows validators to confirm a transaction's authenticity without revealing any information about the transaction. As a result, the protocol preserves user privacy and security on the network while supporting faster and cheaper transaction processing.
Built by Matter Labs, ZKsync is the first zkEVM (Ethereum Virtual Machine) chain. It's designed to "look and feel like Ethereum," according to the project team, to help simplify adoption. Meanwhile, just like Ethereum, smart contracts are written using the Solidity and Vyper smart contract languages, and can be called via the same clients as other EVM-compatible chains.
How does ZKsync work?
ZKsync adopts ZK technology, a cryptographic method used to confirm the proof of a statement while obscuring any information about the statement itself. Think of the technology like an identity card that confirms you're an adult without revealing your actual age, name, or any other personal details.
ZK rollups help to improve the scalability of the Ethereum blockchain by performing computation and state offchain. The solution bundles transactions together at Layer-2 before they're posted on Layer-1. This method allows users to benefit from all the security advantages of Ethereum's base network but with higher throughput and lower fees.
ZKsync is compatible with EVM, and almost every smart contract written for EVM will be supported by the platform. That means most projects can be migrated over to the network with little to no modification.
Why is ZKsync significant?
ZKsync helps to address one of the most pressing limitations of the Ethereum network — scalability. Ethereum's relatively limited transaction throughput can lead to network congestion during periods of high demand, an issue that's only compounded as more users adopt the network. Meanwhile, congestion can lead to high gas fees, making transactions and interactions with decentralized applications costly. High latency is another challenge impacting the network's performance, as transactions are typically confirmed in a relatively slow 13 to 15 seconds.
ZKsync's use of ZK technology helps to ease these limitations while providing a platform that retains Ethereum's robust security and familiar usability. In theory, this should incentivize more developers to adopt Ethereum, strengthening the network's appeal at a time when competing solutions continue to launch.
ZK price and tokenomics
The ZK token has a total circulating supply of 21 billion. In June 2024, an airdrop was completed to distribute 17.5% of the token's supply to the project's community. Of the approximately 3.6 billion tokens reportedly airdropped to 695,232 wallets, 89% went to those who'd transacted on ZKsync — although the exact criteria wasn't announced — with 11% going to ecosystem contributors. This included ZKsync native projects, onchain communities, and builders. Meanwhile, 49.1% of the ZK supply will reportedly be distributed through "ecosystem initiatives", while 17.2% will go to investors and 16.1% will be allocated to Matter Labs members.
Due to a lack of liquidity, no ZK price was available as of the June 2024 ZK token airdrop. However, based on existing pre-launch futures available on Aevo, ZK perpetuals look to be trading at about $0.22.
About the ZKsync founders
ZKsync was developed by Berlin-based blockchain developer Matter Labs. The company was founded in 2018 by Alex Gluchowski and Alex Vlasov, and first deployed ZKsync to a closed testnet in December 2021. The platform was made publicly available on the mainnet on March 24, 2023.
The Matter Labs team, comprised of engineers, researchers, and technical experts, has made clear its focus on redrawing the limits of blockchain scalability through zk technology and open source developments. The organization is working towards the mainstream arrival of public blockchains, and is backed by numerous major players in the space, including the Ethereum Foundation.
Number of posts mentioning a token in the last 24h. This can help gauge the level of interest surrounding this token.
Contributors
Number of individuals posting about a token in the last 24h. A higher number of contributors can suggest improved token performance.
Interactions
Sum of socially-driven online engagement in the last 24h, such as likes, comments, and reposts. High engagement levels can indicate strong interest in a token.
Sentiment
Percentage score reflecting post sentiment in the last 24h. A high percentage score correlates with positive sentiment and can indicate improved market performance.
Volume rank
Volume refers to post volume in the last 24h. A higher volume ranking reflects a token’s favored position relative to other tokens.
In the last 24 hours, there have been 1.6K new posts about ZKsync, driven by 1K contributors, and total online engagement reached 310K social interactions. The sentiment score for ZKsync currently stands at 77%. Compared to all cryptocurrencies, post volume for ZKsync currently ranks at 2477. Keep an eye on changes to social metrics as they can be key indicators of the influence and reach of ZKsync.
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Posts
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Contributors
1,029
Interactions
309,629
Sentiment
77%
Volume rank
#2477
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Posts
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Interactions
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ZKsync FAQ
How much is 1 ZKsync worth today?
Currently, one ZKsync is worth ₺2.0101. For answers and insight into ZKsync's price action, you're in the right place. Explore the latest ZKsync charts and trade responsibly with OKX TR.
What is cryptocurrency?
Cryptocurrencies, such as ZKsync, are digital assets that operate on a public ledger called blockchains. Learn more about coins and tokens offered on OKX TR and their different attributes, which includes live prices and real-time charts.
When was cryptocurrency invented?
Thanks to the 2008 financial crisis, interest in decentralized finance boomed. Bitcoin offered a novel solution by being a secure digital asset on a decentralized network. Since then, many other tokens such as ZKsync have been created as well.
Watch this video to learn about what happens when you move your money to a crypto exchange.
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