zkTube is the most advanced scaling solution on Ethereum Layer 2. It has adopted ZK-Rollups that run computations off-chain and submit the validity proof to chain to provide low gas fees, higher transaction throughput for Ethereum, mainnet security, and extra privacy. It has gathered a lot of attention from over 80 countries since its launch in 2020. And the mainnet will be launched on 10th, September, 2021.
zkTube Mining Mechanism is Launched
zkTube team is continuously working and achieving several milestones. The zkTube mining mechanism has launched. zkTube is the only Layer 2 protocol that supports mining, giving it an edge over its competitors. It supports an environmentally friendly mining mechanism based on decentralized distributed energy management.
In early 2018 Vitalik Buterin proposed a mining solution for anti-ASIC during a discussion. Mr. Lance Zhang, the founder of zkTube, participated in the Ethereum Scalability and Exploration of POS mining project. He is a huge admirer of Ethereum and called it the "world computer." Then zkTube was born as the first Layer 2 mining protocol that values sustainable resources.
Mining consumes a vast amount of power, most of which comes from non-renewable resources. Simultaneously the carbon dioxide emission is also increasing, leading to increased air pollution and temperature rise. Green mining transformation is the only choice for the crypto industry to flourish in the future.
zkTube has adopted zero-knowledge proof (PLONK) mining technology to innovate the prover-decentralized design to lower energy consumption, turning Ethereum into a green solution. zkTube contains miner codes with the Prover network responsible for mining tasks, hence the entire framework is composed of Prover grids and zkTube miner verification nodes. The Zero-knowledge proof algorithms involve a large amount of computation running through high CPU and storage. This computation generates Zero-Knowledge proof for transactions competition and participation in the network. The amount of computation obtained, and the profits of miners are linked together. Therefore, a miner machine for zkTube should have a specific configuration. zkTube, avoiding the risks of monopoly, allows providing professional mining machines to participate in the provision of the Prover to as many users as possible. zkTube believes in the implementation of 'Power Law' for reasonable usage of resources by mining machines on the blockchain.
The Layer 2 consensus mechanism is designed on a Bitcoin mining mechanism. ZKT, the native token of zkTube, follows the principle of value growth and quantity deflation in the financial market economy, with the ability to adapt and adjust the market itself. It supports Staking, CPU mining, and import wallet mining. The profits generated through mining are ZKT. A miner will be released at the end of the one year when he withdraws from mining, based on withdrawal time.
Daniel Puzny (CEO of zkTube) says,
"zkTube is a world-first Layer 2 mining protocol that adopts zero-knowledge proof which enhances scalability & transaction throughput, lowers gas fees, and improves privacy for Ethereum, all whilst significantly reducing energy consumption."
Advantages of zkTube
Ethereum is facing the trilemma that it cannot achieve decentralization, scalability, and security simultaneously. On the other hand, zkTube ensures decentralization, solves scalability, and mainnet level security.
zkTube is Layer 2 protocol developed using ZK-Rollups technology and zkSNARK principles. It improves scalability by transferring batch transmission to a single transaction. It separates batches, sorts them according to time, and updates their status by validating them when submitted to Layer 1. The operators on Layer 1 execute multiple batches at once; several operators can execute different batches simultaneously, saving a lot of time and costs. When several batches are released, it improves the audit resistance and avoids the ineffectiveness of batch processing.
zkTube is working to compress the user's state on the chain, storing it in a Merkle tree and then transfer the change of user state to the chain. During this, the zero-knowledge proof mechanism ensures the correctness of the user state change process under the chain. Using smart contracts, the cost to verify the correctness of Zero-Knowledge proof is very low compared to the cost of processing user states directly on-chain.
zkTube is the best solution to address the current Ethereum blockchain limitations. It can play an essential role in Layer 2 by strengthening the existing blockchain by providing fast, reliable, reduced-cost, high-performance, and reliable services. zkTube following the ZK-Rollups holds all funds on the main chain by smart contracts while calculations and storage are performed off-chain. The main chain smart contracts verify the state transition Zero-Knowledge proof generated by each rollup block.
Low-Cost Transactions
zkTube ensures low-cost transactions on Layer 2. The settlement cost of a single block is equally divided across packing blocks using rollups, from Layer 2 to Layer 1, which reduces the gas charges. The transaction cost is only 1% of expenses on Layer 1.
High Throughput
zkTube provides 3000+ transactions per second (TPS) 200 times faster than on Layer 1. zkTube runs on the top of Ethereum by transferring some of the workload off-chain, so transactions that contain fewer data improves the throughput on Layer 2. Users can directly transfer funds from Layer 2 balance without waiting for confirmation at Layer 1. So, users have the freedom to use their balance, but they have to complete the final certainty at Layer 1 through the mechanism of Zero-Knowledge proof.
Mainnet Level Security
zkTube ensures 100% security at Ethereum mainnet level. zkTube performs most of the computations and data storage on Layer 2, then these large numbers of transactions are aggregated and packed into the same block. The Zero-knowledge proof is then sent to Layer 1 for uniform verification. It dramatically improves the transaction processing speed for the whole network while ensuring security.
Solution of ETH Congestion
The ETH gas charges are significantly reduced using the zkTube protocol. The transactions on Layer 2 are significantly faster than at Layer 1, solving the ETH congestion problem. The applications that require high throughput can easily be deployed on zkTube Layer 2.
Support Service to Users
zkTube has aimed to build an ecosystem-based on Ethereum Layer 2. zkTube protocol provides support services to users and application vendors, enabling easy and quick migration of applications and contracts on Layer 1. zkTube supports a decentralized multi-chain ecosystem that is open for everyone to join.
Incentive Mechanism
zkTube provides ZKT as a reward to the Prover through the zkTube incentive mechanism. zkTube has a complex algorithm mechanism that judges the Prover’s submission of tasks, duration, and mortgage tokens. It checks to ensure that Prover does not produce any faults and only the qualified Prover receives the ZKT as a reward.
Real-time Transactions
zkTube undergoes quick transaction verification using the SNARK proof. It takes only ten minutes for a transaction confirmation from submission to verification completion. The SNARK algorithm utilizes the least number of bytes; therefore, the proof-time is shortened. ZK-Rollups compress the file size. A simple transaction on Ethereum size of 110 bytes is reduced to only 12 bytes on zkTube.
PayTube Wallet
Designed by the co-founder of zkTube, Ms. Charlene Xia, PayTube wallet is a cutting-edge digital wallet that provides better privacy and security than other well-known digital wallets. It is a Web 3.0 application that utilizes Zero-Knowledge Proofs to provide one-stop decentralized financial solutions.
The following are features of the PayTube Wallet.
Security
PayTube wallet ensures security by utilizing multi-factor security i-e private keys encryptions, biometric authentication, PINS, multiple signatures, etc. The multiple signatures split the payment authorization across 12 devices.
Transparent
PayTube wallet takes care of user's privacy and provides trustless & transparent service. It is an open-source, non-custodial wallet in which the user is the sole owner and can control the funds. The platform does not collect or store user's information nor share user's data.
Swift Transactions
PayTube wallet is based on zkTube Protocol designed to bring greater than VISA-level throughput of thousands of transactions per second on Ethereum. It provides a scalability boost achieving speed and low-cost transactions. All assets can be transferred between Layer 1 and Layer 2 with 1000 times higher throughout with only 1% of transaction costs of Layer 1.
Multiple Assets
Unlike traditional crypto wallets, PayTube wallets support more than 3000 digital assets, including 40 stable coins.
Cross-border Transactions
zkTube allows cross-border transactions as much as users want, proving to be the best option for enterprises and personal use.
Supports Blockchain Applications
PayTube wallet supports DeFi, NFTs, Metaverse, DEX, Insurance, Games, and many other financial applications with just a one-click link. Application developers can also transfer their Dapps by putting them on the PayTube wallet.
User Friendly
PayTube wallet is a user-friendly wallet that allows sending payments as quickly as sending a message to anyone in the world. It will enable seamless switching between Layer 1 and Layer 2, supporting quick and best-priced transactions.
Make Purchases
PayTube wallet enables users to have a balance in their wallet to use for buying or selling cryptocurrency. The high throughput provided by the zkTube underlying protocol makes it easier to use cryptos to make payments.
Dapp Ecology
This wallet provides seamless, simple, and secure connections between users and other networks. Users can utilise the available Dapp browsers for search use.
After Mainnet launch
zkTube team was passionately working on testing the PayTube wallet and zkTube testnet. After testing 50,000 beta versions of the wallet and almost 130,000 nodes testing in 80 different countries, zkTube mainnet is launching. It is now moving from testing to fully developed and tested state with products ready for real-world use.
The mainnet enables the migration of assets from Layer 1 to Layer 2 with great convenience, security, and speed. The zkTube underlying protocol provides services to users and application vendors, enabling better migration of applications and contracts on Layer 1. zkTube is entirely devoted to building an ecosystem based on Ethereum Layer 2.
The PayTube wallet release improves the ETH Layer 2 ecosystem formed around zkTube with excellent developmental prospects. PayTube Version 1.0 will open up basic PC and mobile terminal functions for users, such as deposit, withdrawal, transfer, buy, sell, etc. It will also support iOS and Android users to download and use the wallet.
The processing fee for transferring to Layer 2 or withdrawal to Layer 1 was supported by ETH, now will be paid by only the native token ZKT of the zkTube protocol. The only supported payment method will be ZKT.
Previous Achievements
zkTube has made remarkable developments achieving several major milestones.
• zkTube Global Support Plan is launched.
• The PayTube wallet official website has been launched.
• The mining and browsing function of zkTube Scan has been launched.
• zkTube mainnet mapping has been launched.
• zkTube and ONEUNI Capital established a $10 million seed fund to support GameFi development.
• zkTube has joined Ethereum Enterprise Alliance (EEA).
• A partnership agreement with Golden Mining Holding has been signed to build zkTube Canada Mining Pool in Quebec with an investment of $24 Million.
• zkTube has a partnership with Mixin Network to promote in-depth collaboration with Mixin's multi-chain network ecosystem and wallet service.
• The zkTube Labs Scaling solution release conference was held in Shanghai, which was a great success.
• zkTube made a strategic partnership with Bagels Finance to improve the Ethereum network and provide the best yielding strategies to DeFi users.
• zkTube had a bounty at BitcoinTalk with more than 100,000 participating users.
• A tech talent grant program was held, and 1000 pieces of ZKT and $2000 USDT were contributed to Layer 2 contributors who participated in R&D research work.
• zkTube community has grown to more than 200,000 members all over the world.
The roadmap of zkTube is very clear, and it is achieving each milestone aggressively. zkTube has a team of highly passionate and brilliant people working to achieve its goal of becoming the most viable technology to support mainstream adoption of a public blockchain. A lot of technical progress has been made, and a lot is under progress. It is a perfectly developed platform for NFTs, Metaverse, GameFi, and Dapps. The launch of the zkTube mainnet is a great success enabling users to get to know the platform practically, experiencing excellent opportunities on Layer 2.
After the mainnet launch, the next goal of zkTube by the end of 2021 is to support Ethereum’s Solidity for Smart Contracts, Layer 2 DEX, and Cross-Rollup. The development on this milestone is in progress, and expected to complete this on-time.
zkTube’s success is inevitable, and we expect to announce further achievements in the near future!