What Is zkTube (ZKT) and How Does It Work? | KuCoin Crypto Gem Observer

2021/10/25 08:00:00

Developing a blockchain is tricky and costly. It’s a new technology and so creating one that is functional, dependable and, perhaps most importantly, better in some way compared to the competition is very difficult. Thankfully, it is not always necessary to recreate the wheel - instead, it is possible to develop layer 2 networks on top of existing chains to enhance them without having to start from zero.

That is what zkTube has done with their layer 2 mining network built on top of Ethereum. It provides enhanced scalability, low gas fees, and higher transaction throughput for Ethereum while leveraging the chain's stability and recognition.

What is zkTube?

zkTube is a layer 2 mining network for Ethereum. It’s a protocol that utilizes technology to provide low gas fees, higher transaction throughput and enhanced privacy for Ethereum. It’s 200 times faster than Layer 1 with 100% security on the Ethereum level. It especially provides great value in the gaming space to enter Metaverse & NFT protocols through the PayTube Wallet gateway. Its mission is to be the best Layer 2 environment for supporting Cross-Rollup.

zkTube is the world's solution for blockchain mining that turns Ethereum green with a proven-decentralized design for lower energy consumption. Maintaining privacy in a data-based world by relying on the zero knowledge proof algorithm proposed into the mining network.

How does zkTube work?

zkTube is based on the PLONK algorithm protocol using zkRollup technology. zkRollup is a Layer 2 scaling solution where all funds are held by smart contracts on the main chain, while calculations and storage take place off-chain.

The Rollup blocks generate a state transition zero knowledge proof, which is verified by the main chain contract. SNARK contains proof of the validity of each transaction in the Rollup block. Additionally, the public data update of each block is released as low-cost call data on the main chain network.

Its approach to scalability is to transfer batches of transactions to a single transaction, essentially compressing the user state on the chain and storing it in a Merkle tree. User state changes are transferred to the chain while ensuring the correctness of the user state change process under the chain through a zero knowledge proof mechanism.

What is the ZKT token?

ZKT is a utility token for the zkTube network. The token distribution is as follows:

Mining: 89.4%

zkTube Foundation: 5%

Early Reward: 3.85%

Community Operation: 0.75%

Investors: 0.6%

Founding Team: 0.4%

How does the ZKT token work?

The ZKT token is closely tied to the zkTube network, and so has numerous use cases and functions such as:

Maintaining the consensus of the zkTube network

Paying for transaction fees when using the network

Paying for transfer fees

Cross Defi circulation

Cross NFT circulation

Applying for nodes and maintaining the security of nodes

It can also be used for elections and votes as part of the governance mechanism on the chain, and for voting on the proposal

Closing Thoughts

For some time now, Ethereum has been experiencing some significant issues that make it appear much less attractive to new developments, with high costs, ongoing congestion and more. Not overlooking the promise of the chain, zkTube has been able to develop a product that addresses these issues using an innovative and modern solution thanks to developments relating to zero-knowledge proofs, all while ensuring funds remain as secure as if directly on the chain.

The use case is clear, and there is plenty of demand for services such as zkTube that circumvent the issues plaguing Ethereum. Scalability is a key advantage of zkTube that is not only attractive to developers, but ensures that zkTube can continue to grow. And with Ethereum’s costs reaching new highs recently, zkTube seems well positioned to profit from this.

All in all, zkTube looks like a strong contender, and KuCoin will list zkTube (ZKT) and open ZKT/USDT trading pair as a world premiere on October 26th, so it is well worth a look when it launches on KuCoin.