Crypto 101: What Are Zero Knowledge Rollups Coins

- Advertisement -

Zero Knowledge Rollups is a Layer 2 network established for the Ethereum blockchain. It offloads the main Ethereum network using 2 functions:

  1. Separation of transactions into suitable groups.
  2. Moving a certain part of computational processes outside of the Ethereum blockchain.

The second layer is a so-called extension of the first Etherium network layer, powered by more advanced technologies that lower Ethereum fees, speed up transfers within the network, and improve the security of your crypto assets.

ZK-Rollup aggregates hundreds of transactions off-chain and generates a zero-knowledge proof, known as SNARK. It enables one party to confirm that it holds a particular piece of information in its possession while keeping that information undisclosed. This type of feature provides a high level of privacy in public blockchains and other nets.

Crypto 101: What Are Zero Knowledge Rollups Coins

Popular ZK Rollups coins

The following are a few crypto top 100 coins that work on the Zero Knowledge Rollups solution:

  1. LRC
  2. SYS
  3. MINA
  4. HEZ
  5. IMX
  6. MUTE
  7. MATIC

Let’s take a closer look at some of the coins.

Loopring (LRC)

Loopring is a company that designed the blockchain protocol of the same name, based on Ethereum (Layer-2) using ZK-rollup. The Loopring price as of the date of this article is approximately $0.290360. Market capitalization is $386.2 million.

Advantages of Loopring (LRC):

  1. Low fees. The commission for transfers within Loopring is less than $1;
  2. Practically instantaneous transactions;
  3. All transactions are secure because they are duplicated in the Ethereum network making them independent of whether Loopring is operating or not.

Syscoin (SYS)

Syscoin (SYS) is a potentially groundbreaking cryptocurrency. Syscoin enables low-cost financial transactions. The current version is Syscoin 2.1 with an algorithm to merge with Bitcoin. Merged mining refers to the ability for miners to simultaneously mine two different cryptocurrencies based on the same algorithm. SYS price as of the date of this article is approximately $0.16. Market capitalization – $107.8 million.

Advantages of Syscoin (SYS):

  1. Project Syscoin has been operating since 2014, so the contributors have a lot of experience in this sector;
  2. The SYS token is presently among the cryptocurrencies with the lowest fees on the market and is second only to cryptocurrencies without transaction fees, such as NANO and NEO;
  3. Syscoin also uses amplified smart contracts, which cannot be compromised in the same way as usual smart contracts.

MINA coin

Mina Protocol has a tiny size – It is always 22kb. It is low-weight, privacy-preserving, and easy to verify. Mina allows users generate confidentiality-preserving smart contracts and decentralized applications based on zero-knowledge rollups. The protocol is a certificate that verifies the status of the network while keeping the contents of the chain secret. The price of the coin is approximately $0.59. Market capitalization is $411.1 million.

Advantages of MINA:

Mina uses decentralized applications called zkApps (previously Snapps), which:

  1. Performs all of its calculations outside of the main chain. This ensures that network bandwidth would not be the problem;
  2. It also verifies the consistency of data, not exposing the data itself;
  3. Mina easily integrates stablecoins into applications. Other blockchains require expensive software to do that. Developers integrate digital assets into their applications with just a few lines of code.
- Advertisement -
- Advertisement -
- Advertisement -

Latest

- Advertisement -

Must Read

Read Next
Recommended to you