zkTube — A Solution to Lower ETH Gas Fees

Introduction

The issues of Ethereum network congestion and excessive processing fees are getting increasingly severe. Many academics have been working hard to solve the problem of network congestion and to achieve scalability. An effective solution to the scalability challenge of public blockchain must include more than just transaction throughput. The system caters to the demands of millions of users while maintaining decentralization.

Existing scaling solutions must make significant sacrifices to one or more of the aforementioned objectives in the absence of technical breakthroughs. However, recent advances in Zero-Knowledge proofs have opened up completely new avenues for tackling this challenge.

The zkTube Protocol is intended to provide Visa-level throughput of thousands of transactions per second to Ethereum while guaranteeing that money are as secure as Layer 1 accounts. The zkTube concept is based on the zkRollup concept. In a nutshell, zkRollup is a Layer 2 scaling solution in which all money are kept by smart contracts on the main chain while computations and storage are handled off-chain. Each Rollup block will create a state transition Zero-Knowledge proof, which will be confirmed by the main chain contract.

What is zkTube?

zkTube is a project built on layer 2 that uses ZK-Rollup technology to implement the PLONK algorithm protocol. It can enhance scalability by combining several transactions into a single transaction. Its core is to compress the user state on the chain and store it in a Merkle tree before transferring the user state modification to the chain and confirming the accuracy of the user state change process under the chain using a Zero-Knowledge proof technique. The cost of directly processing user state changes on the chain is quite high, while the cost of merely utilizing the smart contract on the chain to validate the validity of a Zero-Knowledge proof on the chain is relatively cheap.

Key Components of zkTube

  • Lower Fees for Transactions

Transferring off-chain tokens costs just 300–500 Gas since each rollup operation equally distributes the settlement cost of a single block over the packed block from L2 to L1, lowering the Gas fee. The Merkle tree may be updated, and proof of this can be supplied. Furthermore, if the cost of transferring the single-chain L1 token is at least 20,000 Gas, then Gas price can be lowered using the Rollup.

  • Scalability & Performance

Each transaction contains less data, which improves L2’s performance and scalability. Users can transfer funds immediately from thier L2 account balance without having to wait for confirmation from the L1 layer. Users can freely utilize their balance during this procedure, but at the end, a Zero-Knowledge proof mechanism is required to fulfill the final certainty at the L1.

  • Security

A large number of computations and data storage operations are placed in L2 for processing in the zkTube network, after which a large number of users are aggregated and filled into the same block, and a Zero-Knowledge proof is produced and sent to L1 for verification, which can improve the overall network’s transactional speed and ensure security.

  • Ecological Value to ETH

The ETH Gas price is decreased by employing the underlying protocol of zkTube, and user transactions at Layer 2 are more frequent than previously at Layer 1, alleviating the problem of ETH congestion. Furthermore, on zkTube Layer 2, applications requiring high TPS or similar functions have been solved. When the Mainnet goes live, zkTube will provide underlying protocol support services to users and application vendors based on the zkTube Protocol, allowing for easier Layer 1 application and contract migration. This is exactly what zkTube need; the plan is to create an ecosystem built on ETH Layer 2.

zkTube Scaling Effect

The current Ethereum chain has a gas cap of 12.5 million. Each byte of data in a transaction costs 16 gas. This means that if a block only includes one batch (which we define as packing a ZK Rollup and spending 500,000 gas on proof verification), the batch can contain (12 million/16) 750,000 bytes of data. Each user operation for an Ethereum transfer Rollup requires just 12 bytes, implying that the batch of transactions can include up to 62,500 transactions. The average block time is now 13 seconds, which equates to around 4807 transactions per second (the current direct transfer rate on Ethereum is 12.5 million /21000/13=45 transactions/second).

zkTube Technology Improvement

In Layer 2, zkTube employs the Zero-Knowledge proof PLONK algorithm.
The SNTARKS method is the most secure in theory. It is an anti-quantum computer attack since it does not rely on the premise of pairing and exponential knowledge to calculate but is entirely based on hash value and information theory. As a result, the number of evidence bytes has risen from the original 288 bytes to several kilobytes, which is insufficient for zkTube to create a full Layer 2 protocol. Second, one of the most serious issues with STARKs is that they are not universal. They demand various mathematical answers for various situations or settings. It is not yet feasible for zkTube.

Mining Model

𝑅 = 𝛽 ∗ 𝐷𝑛 + 𝜇

R:Miner’s income per task 38

β:Bonus base permission

𝐷𝑛:Degree of difficulty, Difficulty levels are𝐷1 𝐷2 𝐷3 𝐷4 𝐷5 𝐷6

μ: Miner’s increasing coefficient

PayTube Wallet — Cross Platform Mobile Wallet

PayTube Wallet is a zkTube network Web3.0 application. Users may use a one-click connection to the wallet to access any Ethereum Dapp. After connecting, users may buy/sell bitcoin, explore Dapp, staking, insurance, games, and a variety of other operations. PayTube Wallet is a decentralized non-custodial wallet. Users must save their own private keys in the initial version.

PayTube Version 1.0 will provide customers with basic PC and mobile terminal services such as deposit, withdrawal, transfer, purchase, sell, and so on. Simultaneously, PayTube Wallet will make iOS and Android apps available for customers to download and use.

PayTube Wallet will allow users to:

  1. Deposit from L1 to L2;
  2. Transfer between L2 and L2; and
  3. Withdraw from L2 to L1.
  4. Realize data contact between L1 and L2 and DeFi Dapps such as DEX and NFT
  5. Seamless connection with zkTube Dapp
  6. Support buy and sell between L2 and over 40 stable currencies such as USDT, USDC, TUSD, GUSD, EURS, and others.

zkTube ($ZKT) Tokenomics

Token Name: zkTube

Token Ticker: ZKT

Token Type: Ethereum

Total Supply: 330,000,000 ZKT

Initial Supply: 295,020,000 ZKT

Mintable Token: Yes

Roadmap

Conclusion

zkTube is a layer 2 protocol which uses zero knowledge proof and rollup of ZK
rollup to realize low transaction fee and high throughput transaction between ETH and erc20. The main objective of this project is to allow users to hold, send and receive tokens with ease and by paying less fees. With continuous developments to the project from the hard working team, the success of this project not doubtful at all.

For More information about the zkTube project:

Author Details:

Bitcointalk Forum Username: auda159

Telegram Username: @auda159

ERC-20 ETH Address: 0xA22807d5561950643FEc0415B4e7c835F6f341B2

Bitcointalk Forum Profile

Proof of Authentication Post

Crypto | ICO | IEO | Exchange | Reviews

Love podcasts or audiobooks? Learn on the go with our new app.

Recommended from Medium

Welcome to QuickSwap.exchange

A Fundamental Analysis of Crypto Markets in Early 2022: China Soon To Stop Selling Bitcoin?

uAPE Collection Claimed for $5.6 million

Highstreet AMA Highlights: A Conversation with Satoshi Club on August 16, 2021

Computing True Gain/Loss in Cryptocurrency Trading

Bitcoin and the Public Markets, 1/20/22: Miner Valuations Driven by Low Cost, Low Growth; CME…

Dungeons and Data Puzzle Series I: Round 5— Solved

Crisis Management 101 — Who was the G.O.A.T of the #Wirecard Crisis

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store

Umesh Goonasekera

Crypto | ICO | IEO | Exchange | Reviews

More from Medium

How to use DeFi on Avalanche🔺in less than 10 minutes

On wonderland.money Saga, I stand!

https://www.wonderland.money

Introducing Blendi

Vikings & Villagers Pre-Sale & Launch Announcement (Pre-Sale starts Dec. 10 3:00pm PT)