Chainfir Capital Announces Investment in zkTube
Published：Sep 14, 2021
We are delighted to announce our investment in zkTube, an excellent Ethereum Layer 2 project.
In recent years, Ethereum has rapidly grown into the most powerful smart contract network protocol in the blockchain field since its inception. At present, there are more than 3000 DApps running on it. Almost all transactions are processed through Layer 1, which leads to serious network congestion, high gas costs, low work efficiency, transaction delays, and frequent security issues. However, Eth 2.0 still requires several years to be entirely deployed, and its improvement to the underlying scalability of Ethereum remains to be tested.
Against this backdrop, zkTube took the lead in the in-depth exploration and deployment of ZK-Rollup's Layer 2 project, which turns out to be the most advanced scaling protocol for Ethereum. zkTube perfectly fits the application scenarios that have high requirements for transaction receipts, timeliness, and high-throughput Dapp, and can provide protocol services for DeFi, NFT, DEX, payment, and other aspects.
Earlier this year, zkTube received financial support from the Ethereum Foundation (EF) and was fully recognized by Vitalik Buterin at the Enterprise Ethereum Alliance, according to press reports. zkTube has raised more than $7 million in co-funding in the first half of this year alone.
zkTube is a world-first Layer 2 scaling solution based on ZK-Rollup technology using the Plonk protocol. In terms of tokens trading under the ERC20/ERC721 protocol, it can greatly reduce the transaction cost and achieve the throughput 200 times higher than that of Layer 1, with TPS up to 3000+, providing a perfect solution to the problems of network congestion, capacity expansion, data availability and privacy on Ethereum.
The company behind this efficient network protocol is zkTube Labs, a blockchain technology enterprise based in Melbourne, Australia, with more than 50 people, including MIT educated CEO Daniel Puzny, CTO John Sajadi, COO Raul Heraud, and others.
What are zkTube's strengths？
● Low gas fees and low energy-consumption
The unique zero-knowledge proof mining mode of zkTube Protocol helps significantly reduce the energy consumption of on-chain transactions, which reduces gas costs for users while also saving resources for the planet. Currently, zkTube Protocol can accurately achieve that only when Prover is calculating, the machine will consume energy.
● High throughput and scalability
The zkTube protocol plans to set the block size to 12M and theoretically, the throughput can reach 3000+ TPS, with a single transaction fee of less than 2% of the corresponding procedure fee on L1. This protocol improves throughput and scalability at Layer 2 by using off-chain storage to convert batch transfers into individual transactions, each containing fewer data.
● Strong security at Ethereum Mainnet level
On the zkTube network, a large number of calculations and data storage operations are placed in Layer 2 for processing, after which a plethora of transactions are aggregated and packaged into the same block and a zero-knowledge proof is generated, and then uniformly sent to Layer 1 for verification, which improves the transaction processing speed of the entire network while ensuring strong security.
● Quick transaction verification
Thanks to the Plonk algorithm optimization scheme, a brand-new efficient general ZK-Snark architecture, the verification time has been shortened by about 15–20 times. When a block with Snark proof on the zkTube network is sent to the L1 smart contract and verified, it only takes about 10 minutes from submission to verification. It is worth noting that the verification time will be reduced to less than a minute as the zkTube throughput further improves in the future.
● Real-time transfer & payment
zkTube adopts zero-knowledge ZK-rollup to save one week's withdrawal time compared to Optimistic Rollup. Submission of the Rollup batch together with validity proof to Layer 1 is all that is needed, and funds can be withdrawn without any delay.
● An open-source payment network
PayTube Wallet is an open-source payment wallet developed based on the zkTube protocol for all users. This cross-platform mobile wallet can provide users with a friendly payment method that is convenient, low-cost, and 100% private.
● N+Dapp solution
The zkTube protocol will interconnect with more applications and interact with DeFi, NFT, and more via PayTube Wallet. PayTube Wallet will become the gateway for various Dapp applications to access zkTube and an important portal for decentralized finance.
Based on the ZK-Rollup architecture, zkTube can not only achieve VISA-level throughput reaching 3000+ TPS; it can also fully guarantee the security and privacy of on-chain funds and Layer 1 accounts; compared with similar scaling solutions, it boasters a faster transaction speed. Chainfir Capital believes that zkTube has enough strength to play an outstanding role in the Layer 2 environment.