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LBank hosts Twitter Space with layer 2 phenomenon zkSync Era

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Global crypto exchange LBank hosted an AMA session on Twitter featuring Ethereum Layer 2 scaling solution zkSync Era on the 3rd of May. Representing zkSync was Omar Azhar, Head of Enterprise Business Development at Matter Labs, the developer of zkSync. An audience of about 10,000 listeners tuned in to learn more about the ambitious project.

The cryptocurrency space, especially the Ethereum ecosystem, has been experiencing a lot of exciting developments lately. The launch of zkSync on the Mainnet around five weeks ago has led to the creation of numerous interesting DeFi projects, creating a highly competitive environment.

zkSync Era scales Ethereum’s blockchain with zero-knowledge proofs (ZKPs). According to its developers, this technology is the most viable option for enabling the mass adoption of public blockchains. Azhar expressed excitement, saying “I’m pretty excited to see that it might shape up to be a pretty strong ZK summer.”

What’s even more exciting is the potential for innovation in the user experience of Web3 through a DeFi revolution. Azhar explained that “Developers can now focus on improving the way people sign transactions and possibly even removing gas fees altogether using paymasters, where applications pay for their users’ gas fees.”

This could bring in more mainstream users and make cryptocurrency use more accessible, he claims. However, scalability remains a significant issue.

“For blockchain to be used on a mass scale by companies like Visa or MasterCard, it needs to be able to support massive amounts of throughput, potentially millions of transactions per second. This is a long-term goal that will require a lot of work,” Azhar says.

zkSync is one company that is making strides in this direction. The company’s mission is to promote the use of crypto and encourage the mass adoption of crypto for public sovereignty. However, without the community, this mission would be meaningless. Thankfully, it’s clear that the community loves zkSync, and the company prioritizes the community.

“We are nothing without the community. An ecosystem or a blockchain is just code. It’s meaningless without the community,” Azhar concludes.

Disclaimer: This is a paid post and should not be treated as news/advice.

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Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
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