zkSync Era offers everything that Ethereum can, only faster and cheaper, all without compromising on security. This is possible as zkSync is a Layer 2 scaling solution which means it's a network built on top of Ethereum to scale the network.
Layer 2 scaling solutions, such as zkSync Era, make Ethereum transactions cheaper and faster for users, creating a far better user experience. While there are different Layer 2 solutions available, we'll only focus on zkSync Era in this article, and why Argent has chosen to use it in their Layer 2 wallet.
We already have zkSync Lite, so why do we need zkSync Era?
When zkSync initially launched, it didn't support smart contracts, meaning the things that you may enjoy doing on Ethereum, like using DeFi or buying NFTs, isn't possible. Although, the network did offer a dramatic scaling for Ethereum. For this reason, the network was called "zkSync Lite".
zkSync Era is the upgrade to zkSync that will provide all the functionality that Ethereum offers, while also offering cheaper and faster transactions.
What is the zkSync Era timeline?
zkSync Era is solving the very difficult challenge of building a ZK-rollup that's EVM compatible, which means smart contracts written for Ethereum that power your favorite dapps, like Uniswap and OpenSea, can be moved easily to the network.
As a result of this, the launch of zkSync Era will be phased to ensure that everything will work as intended.
- Baby Alpha (only open the zkSync team)
- Fair Launch Alpha (opens to zkSync approved developers)
- Full Alpha (opens up to all users)
First - Baby Alpha - Oct 28th ‘22
No external teams, including Argent, have access zkSync Era at launch - only the Matter Labs team.
Second - Fair launch Alpha - Q1 ‘23
Approved developers, like Argent, can move their smart contracts to zkSync Era and develop them on mainnet. Still, users will still be unable to access the network - only Matter Labs and developers.
Full Alpha - Q2 ‘23
After the network has been battle-tested, and audited, that's when users will be able to access zkSync Era Alpha and benefit from everything a ZK-rollup that's EVM compatible offers!
Put differently - It’s when the fun begins!
Listen to this excellent podcast to learn more about zkSync Era
Bankless interviewed zkSync's Chief Product Officer, Steve Newcomb, to discuss zkSync Era in-depth and how it will transform the industry. If you want to learn more about the network, then we highly recommend you listen to it!
Who’s the team behind zkSync?
zkSync is developed by Matter Labs, who's received funding from the Ethereum Foundation and other top-tier investors, such as Union Square Ventures.
Argent and Layer 2
Argent chose zkSync as one of their mobile wallet's Layer 2 scaling solutions. This choice over alternatives is based on the impressive team at Matter Labs and the ability of zkSync to bring Ethereum to the masses with cheap and instant transactions with near-frictionless transfers between Layer 1 and Layer 2.
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