The advancement of blockchain technology has dramatically affected all areas of industries including the fast changing technology sector. Global technology changes including the future of digital currency enable us to transact online at any time, quickly and instantly thus guaranteeing that digital money is here to stay. A high technology blockchain project from zkTube Labs (or “zkTube”) uses zero-knowledge proof approach and introduces a decentralized protocol to facilitate and secure decentralized transactions between zkTube users using zkRollup for low transaction costs and high throughput.
The prototype for the zkTube protocol was conceived as early as 2018. Co-founder of Ethereum, Vitalik Buterin presented an alternative to ASIC (Application Specific Integrated Circuit) mining solution during a debate using zero-knowledge proof approach. Lance Zhang of zkTube who participated in the Ethereum Scalability hackathon came up with an innovative concept on Proof of Stake (“POS”) mining and created the zkTube protocol using zero-knowledge proof approach for zkRollup, that is rolling up multiple transactions from mainnet to a single transaction on the sidechain. zkTube received a donation from Ethereum to encourage and contribute to enhance the Ethereum ecosystem.
The zkTube protocol is an Ethereum Layer 2 scaling solution based on zkRollup technology. Smart contracts on the Ethereum mainnet hold all main transactions. zkTube batches all transactions into a single transaction using off-chain storage and the zero-knowledge rollup draws the efficacy of its side chain.
Using the zkTube Network, users can perform different transactions with ERC20 token transfer functions with a throughput of TPS 3000+ in real-time, and Mainnet Ethereum level security. For each transaction gas price, this premium and seamless experience costs 200 times lower than the present Ethereum Mainnet.
ZKT is zkTube main utility native asset and has a total supply of ZKT 330 million. This asset serves as a certification of the community's commitment to governance since those with a certain level of ZKT may vote to propose changes to the ecosystem to make them more effective. ZKT may be utilized for a range of reasons representing member’s voting rights and has a practical application value.
zkTube transaction fees: ZKT tokens will be utilized as transaction fees, sales and purchases using the zkTube ecosystem.
Ethereum Compatible Asset: As a compatible Ethereum platform asset, ZKT will gradually increase in value over time as the blockchain and cryptocurrency sector grows with greater public confidence. ZKT will be quite popular as a digital asset for long-term investment.
With mining, the zkTube ecosystem will support the DeFi platform services, including staking and liquidity mining.
Equity Certification: The ZKT ecosystem enables cross-DeFI and NFTs services. It is comparable to that of what is provided by the Polkadot network, the Binance network BNB and the ETH network and others to name a few.
ZKT is the bearer's rights as the zkTube protocol's native token and has a practical use value. ZKT is used in the following:
zkTube has a community-led decentralized governance initiative. ZKT is also the community's governance participation certificate: users who have a specific amount of ZKT may submit upgrade proposals, such as modification of the ZKT long-term incentive plan; all ZKT holders can vote on the proposal; and, the development team will approve and implement the recommendation from a majority of votes taken by holders.
ZKT may be utilized in the zkTube network as a transaction fee.
As the zkTube Network expands, demand for ZKT will increase its market value as a digital asset of investment.
ZKT is used for staking, CPU mining, and import wallet mining as the value carrier of zkTube. The mining reward is in the form of ZKT tokens.
Defi and NFT circulation
zkTube Network will be running as a DeFi service, performing swap activities and providing liquidity. It is launching ZKT Insurance and lending services on the insurance and lending platform.
We are pleased to report that zkTube and Bagels Finance have decided to cooperate on a strategic level. In future versions, zkTube Network will aid Bagels in implementing an intelligent contract for Dokodo on the zkTube Network. Users can engage in cross-chain liquidity mining with cheaper gas costs and an additional security level. ZkTube will also continue to partner with Bagels Finance to increase the usability of the Ethereum network and provide all DeFi customers with the highest yield strategies.
The Ethereum Layer 2 solution is a vital part of DeFi. zkTube protocol on Layer 2 protocol which employs Zero-Knowledge Proof and ZK-Rollup to provide Ethereum high-performance transactions with cheap transaction fees.
Community Miners will earn money via zkTube Mining Testnet
From 5 July 2021 until midnight on 14 July 2021, zkTube will begin the initial phase of trial mining income at 0:01 to encourage the worldwide mining community and prepare for the impending launch of zkTube Mainnet (Singapore Time). The whole amount of the prize is 100,000 ZKT. Staking is not necessary during this mining phase. At that moment, the zkTube Testnet Token ZKTT is received by community miners, and the zkTube Mainnet Token ZKT shall be announced when the Mainnet go Live. The rules on mining income and mining courses will be available as soon as possible.
According to the mining technique and model, the zkTube Protocol officer will distribute mining money honestly and fairly to promote community efforts. zkTube will consider an increase in the second mining phase of ZKT's total reward amount if the community responds favorably.
How can zkTube contribute to the Ethereum ecosystem, and why does it matter?
Most new technologies are regarded to be too abstract to comprehend. So, how can zkTube essentially add value to the Ethereum ecosystem?
We are confronted with everyday issues associated with the aforementioned questions. Satoshi Nakamoto faced these challenges as he developed Bitcoin using the new blockchain technology. The main objective is to address the issues to safely perform cash transactions over the internet. The world is widely embracing blockchain as a breakthrough technology that Satoshi Nakamoto invented in 2008, when he launched the world's first cryptocurrency called Bitcoin. Most conversations addressed current blockchain difficulties and prospective solutions to tackle everyday problems and improve decentralized apps (DApps) for business purposes.
Other blockchains were created for public usage and Ethereum is one of the widely used public blockchain platforms introduced in July 2015. Today, it is the most significant cryptocurrency public blockchain operated by the community powered by Ethereum and decentralized apps. When we look at blockchain history, the fundamental role of blockchain is to perform transactions for cryptocurrencies. The blockchain core application is to securely and adequately transfer values in the blockchains. The whole blockchain business and innovations are centered primarily on cryptocurrencies.
With hundreds of decentralized apps, more and more limitations have been identified in existing blockchains. The major obstacles in the blockchain industry are:
1) Throughput capacity of TPS (transaction per second)
2) Cost of transaction.
For example, Bitcoin's current throughput for a transaction is around 10-30 minutes per transaction, but the actual transaction speed may take about an hour or even more than a day. The current Ethereum throughput is approximately 14 seconds for a transaction, while the actual transaction speed may last over 10 minutes or even over a day.
By comparison, Visa and MasterCard can perform 24,000 and 5,000 transactions per second, widely utilized by millions each day. The poor transaction speed prevents bitcoins from being employed in the actual business grade environment. At the same time, each transaction generates costs of the trade in the form of a transaction fee.
Two type of costs are firmly linked with transferring value between the parties. They are,
1) Verification costs, and;
2) Networking costs
In theory, the transaction cost for bitcoin transfer is considerably cheaper than traditional financial services because no intermediary parties or services are involved in the transaction.
Unfortunately, the actual transaction cost of larger transfer of cryptocurrencies is vastly greater compared to conventional payment tools, such as bank transfers or credit card payments. In conclusion, the industry needs to find a solution to overcome the transaction throughput and lower the cost. Otherwise, cryptocurrencies are not appealing as a method of payment by the general public. Hence, zkTube's Layer 2 solution has an advantage by coming up with a new 3,000-second transaction throughput for TPS.
By using zkTube rollup, it has successfully cut transaction costs by almost 98 percent compared to Ethereum Layer 1 and has made significant progress in the scalability of the Ethereum network.
zkTube project introduces a protocol to facilitate and secure decentralized transactions on the zkTube network. It uses a zero knowledge proof approach and with ZK roll-up for low transaction costs. For each transaction gas price, this premium and seamless experience costs 200 times lower compared with the present Ethereum Mainnet. zkTube uses slicing technology for decentralized finance, dex transactions, and other gaming applications to accelerate the flow of transactions between the layers 2 and 3. For application scenarios with more extraordinary transaction reception, timeliness, and high-performance Dapps requirements, zkTube is suitable for use. zkTube protocol is a Layer 2 solution which employs Zero-Knowledge Proof and ZK-Rollup.
Currently, the total prize for mining is 100,000 ZKT. zkTube will begin the initial phase of trial mining income at 0:01am on 5 July 2021 Singapore time (SGT UTC+8). zkTube's Layer 2 solution offers its advantages, allowing a new 3,000-second transaction throughput for TPS. In addition, they have successfully lowered transaction costs by almost 98 percent compared to Ethereum Layer 1 and have made significant progress in the scalability solution for the Ethereum network.