a big fan of blockchain

zkTube is an excellent Layer 2 solution, and its scaling on the Ethereum network has achieved great success. Recently, the rapid development of zkTube has attracted the attention of the Columbia New Foundation, and it has reached a preliminary strategic cooperation with the Columbia New Foundation. The foundation will invest heavily in zkTube and further promote the development of zkTube in terms of compliance.

It is known that most of new technologies are too abstract to understand. Today, I would like to start with a question, how important does zkTube contributes to the Ethereum ecosystem？

Most of our daily discussions were about the existing challenges of blockchain and any possible innovations to solve the present problems and how to enhance the decentralized applications (DApp) for commercial use.

If you have ever asked yourselves the following questions:

S:What is the purpose for all of us to go to work?

S:Why should I make money every day?

S:What's the mechanism for money to be securely transferred over the internet?

S:What's the best way to transfer money?

S:…

Because we are all living in a globalized society, no matter whether we are aware of such questions or not, all of us will have to face the problems related to them from day to day.

When such questions came to Satoshi Nakamoto, he created Bitcoin by developing a new technology named "blockchain". His primary aim is to resolve the problems to securely move value on the internet

The world has extensively acknowledged that blockchain is a revolutionary technology originally developed by Satoshi Nakamoto when he created the first cryptocurrency in the world in 2008.

Thereafter, many new blockchains have been launched for public use, and Ethereum is one of the most popular public blockchains launched in July 2015. It has become the largest community-run public blockchain powering the cryptocurrency, ether (ETH) and thousands of decentralized applications today.

When we look over the history of blockchain, it will be very easy to find that blockchain's core function is to make cryptocurrencies transactions. That is, how to properly and securely transfer values in the blockchains is the core application of the blockchain. The entire blockchain industry and new developments are mostly focused on cryptocurrencies because it benefits the global market.

However, with thousands of decentralized applications, more and more limitations of the existing blockchains have been discovered. The biggest challenges for the blockchain industry are the following:

1) TPS capability; and

2) Transaction cost.

For instance, the current TPS rate for Bitcoin is about 10-30 minutes for a transaction, while the actual transaction speed may last about one (1) hour or even LONGER than one (1) day to complete.

The current TPS rate for Ether is about 14 seconds for a transaction, while the actual transaction speed may last about 10 minutes or even LONGER than one (1) day to complete.

In compression, Visa and MasterCard may respectively complete 24,000 and 5,000 transactions per second, which are extensively used by millions of people every day.

Accordingly, the low transaction speed makes it impossible for cryptocurrencies to be used in the real commercial world.

At the same time, any transaction will generate expenses which will be the cost for the transaction. There are two (2) types of costs associated with moving value securely between parties:

1)      the cost of verification; and

2)      the cost of networking.

Theoretically, cryptocurrency's transaction cost shall be much lower than traditional financial services because no intermediary parties and services being involved in the transaction.

Unfortunately, after we tested many crypto exchanges and wallets and tried various payments and purchases, the actual transaction cost for most cryptocurrencies is mostly higher than traditional payment instruments, such as bank transfers or credit card payments. 

In conclusion, at present, the industry must find a way to overcome the TPS limit and the high-cost challenges. Otherwise, there will be NO WAY for cryptocurrencies to be extensively accepted by the general public.

Luckily, we are here today to testify zkTube's blockchain innovations to Ethereum blockchain, i.e., Ethereum Layer 2, which will enable a new TPS capability of 3,000 transactions per second.

Meanwhile, zkTube's Ethereum Layer 2 has successfully lowered about 98% transaction cost in comparison with Ethereum Layer 1.

To prevent global warming, various countries signed the "Paris Climate Agreement" in 2015, which agreed to limit the global temperature rise to less than 2 degrees at the end of the century and strive to achieve the goal of 1.5 degrees. All countries must put forward proposals for this purpose. Achieve your carbon reduction and carbon neutralization plan.­­

 In the context of the global promotion of carbon peaks and carbon neutrality, criticisms of encrypted mining energy consumption and greenhouse gas emission are rampant. Especially for those environmentalists who question the value of the Bitcoin network, maintaining such a huge power consumption will consume a lot of non-renewable energy and emit a lot of carbon dioxide, which will cause air pollution and temperature rise.

In this situation, the regulatory policies in many countries have suddenly tightened, and most Bitcoin mining farms are facing closure. The most fundamental reason is the waste of energy caused by BTC and the destruction of the ecological environment. ​

According to a report by the Cambridge Center for Alternative Finance Research (CCAF), the consumption in China accounts for 70% of the total energy consumption of "mining" in the world, while the electricity consumption of Bitcoin is as much as 120 billion kilowatt-hours per year, ranking 27thin the world, which is more than that in Sweden.  

This phenomenon runs counter to the long-term stable and sustainable development of nature. Green environmental protection, energy-saving innovation is the way of development. At the same time, blockchain technology is a disruptive innovation that can change the entire human financial system.

Therefore, it is obviuously known that the green and low-carbon goal is the key to global environmental governance, and it has become a trend for the crypto industry to join the green initiative. More and more encryption organizations are involved in this green campaign, trying to provide solutions:

1. Established by the Energy Web Foundation, the Rocky Mountain Institute, and the Alliance for Innovative Regulations, The Crypto Climate Accord, which has 45 members including Ripple, CoinShares, Compact Mining and others, promises to bring the global cryptocurrency industry to net zero emissions by 2030.

2. The Crypto Carbon Accord was established in May this year, promising to make the cryptocurrency mining industry Carbon neutral by 2040.

3. On May 13, Tesla CEO Elon Musk said on Twitter that Tesla is considering using a cryptocurrency with lower energy consumption. They also concern about the impact of Bitcoin on the environment.

More and more crypto institutions and practitioners tend to invest, develop or participate in green blockchain projects. Green transformation is the inevitable choice for the crypto industry to have a better development.

The zkTube network protocol developed by zkTube Laboratories in Australia uses zero-knowledge proof mining (PLONK) technology, which is an innovative mining model based on environmental protection. Compared with the traditional public chain node, it contains the miner code, so as long as it is compiled on demand, mining can be carried out. Also, it can also be used in the mining pool mode and only needs to be developed based on secondary development.

zkTube has independently developed the zero-knowledge proof algorithm into a miner, and the Provers network will undertake the mining task. Therefore, the zkTube framework is composed of Provers grid and zkTube miner verification nodes.

In the entire zkTube network, smart contracts need to be deployed into the Ethereum network first. These smart contracts are responsible for managing user balances and verifying the correctness of zkTube network operations. Then you need to get zkTube-node up. Node is divided into four microservices:

1) zkTube-core service

2) zkTube_api service

3) zkTube_token_sender service

4) zkTube_witness_generator service

In addition to the above Node, it also includes the Provers network, which is zkTube's zero-knowledge proof technology miner network. Regarding the Provers mining network, in the entire mining architecture, zkTube has set a more detailed mechanism for this. The zero-knowledge prover is equivalent to the miner side of the command line, and the node part is responsible for the miner verification node work.

In addition, the Zero-Knowledge proof algorithm requires a higher CPU and memory because it involves a large amount of computation. Therefore, miners have relatively high requirements for erecting this machine. It is mainly used to compete for the generation of zero-knowledge proofs of transactions participating in the zkTube network. It is mainly used to compete for the generation of zero-knowledge proof of transactions in the zkTube network. The profit of miners is greatly related to the amount of computation obtained. The generation of zero-knowledge proof requires a large amount of CPU and memory to participate in. Therefore, a miner suitable for zkTube needs to have a certain configuration.

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Are you a Cryptocurrency enthusiast and you want to share your opinion and observation? Not sure how to start? Write for us share your unique and interesting content about the disrupting technology blockchain, cryptocurrency or about your favorite coins! We invite cryptocurrency related contributions from guest writers. we are strict about what we publish on our website. Please be sure to read it twice before you apply to become a contributor and submit a guest post on Thecoinrepulic.

The zkTube Labs Scaling Solution Release Conference at the World Forum of Ethereum Scaling and Upgrading 2021 will be organized by the global alliance and co-hosted by the global official community of zkTube Labs and Hot Chain Culture Media. It will be officially launched at W Hotel on the Bund in Shanghai on July 19 and will be broadcast live worldwide.

Core members of the zkTube team and key industry players will be at the event together with thousands of blockchain scaling developers. The conference will provide an in-depth analysis of the ecology and the market of Ethereum with a fresh outlook on the technical discussion among many blockchain technology developers and enthusiasts.

About the conference

The scaling of the Ethereum network has been one of the most discussed topics since its launch. The debate about scaling has been the highlight of discussions after major congestion in the Ethereum network. The debate appeared as early as in the crypto bull market in 2017, when the boom of CryptoKitties and fundraising campaigns on the internet clogged the entire Ethereum network, causing a huge spike in gas fees and even resulting in unverified transactions across the Ethereum network.

Without sharding and with Ethereum 2.0, the current Ethereum performance is heading toward maximum capacity. Additionally, the various liquidity mining of decentralized finance, decentralized exchange, gaming, the launch of other applications, and even the boom of stablecoins overwhelmed Ethereum. The current Ethereum is inefficient and cannot support the agility, smoothness and low cost of its eco-applications.

During the 2020 Ethereum Technology and Application Conference in China, Vitalik Buterin, the founder of Ethereum, addressed Ethereum developers, saying, “If you are building applications, you must also be facing problems in scalability. Every transaction consumes gas and the price of Ether (ETH) has been high. Therefore, if you are looking for ways to optimize your applications, a rollup scaling solution is highly recommended.”

Blockchain networks need a layer two

One of the many solutions that emerged to solve the “impossible triangle problem” of blockchain technology is the layer-two network.

The team at zkTube Labs aims to improve the Ethereum system, which is currently used as a secure base layer to massively reduce data processing on the blockchain, by running computations off-chain. Ultimately, its goal is to break through the existing performance limitations to host a larger ecosystem.

In the upcoming conference, the zkTube Labs team plans to unveil the zkTube Protocol — an extended network built on layer one known as layer two. Layer two does not require any changes to layer one as it is simply built on top of the existing components of layer one. The layer-two solution, which comprises the zkTube Protocol, can also enjoy the security of layer one by anchoring its state to it, and could significantly increase the number of transactions. Depending on the solution, it can achieve 2,000 to 4,000 transactions per second. On the other hand, the zkTube research and development team will have a joint discussion on future technologies for cross-rollup scaling solutions to communicate with each party of layer-two projects and discuss the trends involved in layer-two scaling and cross-rollup technology solutions with everyone.

The release of PayTube Wallet

Another big surprise is the first official release of the PayTube Wallet, which is a Web 3.0 application on the zkTube network. Users can access any Ethereum decentralized application through a one-click link to the wallet. After the connection is established, users can do a series of operations on PayTube. Version 1.0 of PayTube will provide the basic PC and mobile terminal functions for users such as deposit, withdrawal, transfer, buy and sell, among others. It will also become the “entry” for various DApp applications to access zkTube.

Highlights of the conference

The highlight of the conference is the official launch of the zkTube Protocol which will see many blockchain enthusiasts from around the world coming together at the Bund, Shanghai. Additionally, there will be exciting guests invited to discuss the cross-rollup proposal and the cross-rollup technology solution. Layer-two technology developers will also conduct interactive Q&A and presentation sessions on-site to discuss layer-two scaling solutions and market trends with everyone.

This conference is supported and promoted by the media globally.

The W Hotel on the Bund in Shanghai will be the center of technology innovation in the East and a new chapter of blockchain networking will be opened for participants to embrace contemporary technological innovation. Top layer-two digital intelligence will be revealed at the zkTube Labs Scaling Solution Release Conference during the World Forum of Ethereum Scaling and Upgrading 2021.