ZkSync Era Network Review: An Overview of Single Address and ETH Storage Capacity

03/30/2023 04:53 • AI Insights • 92 views

According to reports, according to Dune data, as of March 30, the number of single addresses on the zkSync Era chain had reached 160351, and 34188 ETHs had entered the zkSync Era network across the chain, with an average of about 0.2 ETHs stored per address.

The number of primary network addresses of zkSync Era has exceeded 160000, and the number of cross chain ETHs has exceeded 34000

Introduction

As the blockchain technology becomes more accessible and user-friendly, more individuals and businesses are looking into the potentials of decentralization, particularly with regards to the financial industry. One of the most popular use cases of blockchain technology is cryptocurrency, which enables individuals to send and receive digital assets directly without intermediaries. To ensure the efficiency and scalability of cryptocurrency transactions, developers are constantly creating new blockchain solutions with improved performance and functionalities. One such solution is the zkSync Era network. This article provides an overview of the recent reports on zkSync Era chain, particularly the number of single addresses and ETH storage capacity.

Background Information

zksync is a layer 2 scaling solution built on the Ethereum network developed by Matter Labs, which aims to solve the scalability issues that plague the Ethereum blockchain. One of the methods used by zkSync to enhance scalability is zero-knowledge proofs. The system permits users to operate on a layer 2 chain for quicker and cheaper transactions without the need to deal with the security trade-offs of utilizing layer 1 networks.

Reports on zkSync Era chain

According to reports, as of March 30, the number of single addresses on the zkSync Era chain had reached 160351. Furthermore, 34188 ETHs had already entered the zkSync Era network across the chain, with an average of about 0.2 ETHs stored per address. This data shows the increasing acceptance of the solution among Ethereum users.

Benefits of Using zkSync Era Network

One of the significant advantages of utilizing zkSync Era network is the reduced transaction fees. Compared to the high gas fees of the Ethereum network, transactions on the zkSync network are much cheaper because the computational overhead is offloaded to the layer 1 network. Another benefit of zkSync Era network is the enhanced transaction speed. Because the system’s validation logic is decentralised, zkSync Era network transactions are processed quickly, taking only seconds in most cases. Additionally, zkSync Era network ensures little to no trade-offs regarding security while still improving the network’s scalability.

Conclusion

Overall, zkSync Era network is a technology that serves to solve the scalability issues that plague the Ethereum network. The recent reports on the number of single addresses and ETH stored across an average in the zkSync Era network highlights its potential on the network while compelling more enterprises to take advantage of this scaling solution. With low transaction fees, fast transaction speed and excellent security measures, the network is poised to increase its dominance in the industry.

FAQs

1. What are the benefits of using the zkSync Era network?
Answer: the main benefits of using the zkSync Era network are reduced transaction fees, enhanced transaction speed, and improved network scalability.
2. Is the zkSync Era network secure?
Answer: Yes, zkSync Era network ensures excellent security measures and ensures minimal trade-offs.
3. What is Matter Labs’ role in the development of the zkSync Era network?
Answer: Matter Labs developed the zkSync Era network as a layer-2 scaling solution for the Ethereum network.

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