ZkSync 2.0 Integration in NFT Platform
ZkSync is a Tier-2 Ethereum scaling solution that can bring near-instant asset transfers and with zero fees and scalability. ZkSync features a smart contract that helps it to avoid the need for any other type of middleman network.
ZkSync is a decentralized payment and exchange network on Ethereum which enables the true blockchain scalability by utilizing advantageous zero-knowledge cryptography and improves the blockchain user experience by performing all the actions off-chain.
As NFTs become more popular and there’s a need for a decentralized, secure and trustless system for managing NFTs and their transactions, the integration of ZKS protocol, which offers faster and more secure transactions, as well as faster transaction times and much lower fees, seems like a great option for NFT platform.
By integrating ZkSync’sZero-knowledge Rollups (ZkRollups) technology into NFT marketplace, the platform would be able to achieve much higher scalability, increased privacy and security, as well as provide the users with minimal fees and much faster transactions.
Ethereum’s Founder, Vitalik Buterin, is a big fan of ZKS and thinks that ZkRollups offer a great solution to Ethereum’s scalability issues.
“ZkSync’s design is extremely elegant and it scales incredibly well. A lot of the scalability research has been focused on how to scale the data layer, and the consensus layer – but ZkSync designs a scaling solution on top of an existing eth1 infrastructure.”
With ZkRollups, each transaction is batched on-chain with the other transactions, and then committed off-chain in the form of a ZKSNARK. So, effectively, it’s like creating a batch of one transaction that has the same effect as many individual transactions, and the off-chain data is then committed to the Ethereum blockchain.
This way, not only all the data from the transactions is compressed, but the transactions are also much faster, and the fees are much lower.
Integrating ZkSync into NFT platform is one of the best possible options for increasing scalability and user experience.
As we discussed in our previous article about Non-Fungible Tokens and their types, NFTs can be divided into fungible and non-fungible.
While fungible NFTs can be traded or exchanged with a 1:1 ratio, the non-fungible NFTs are unique, and each NFT has a different price (or no price at all) depending on its value, which means that they can’t be traded with a 1:1 ratio.
This type of token can be used to represent digital or physical assets, like – works of art, real estate, unique virtual items in video games, loyalty and rewards points, tickets, and other unique items.
With all these various types of NFTs, the possibilities for functionality and customization are endless.
A great thing about NFT is that the underlying infrastructure of the NFT platform comes from blockchain technology. Since the blockchain is an immutable, distributed database of all the transactions, it can provide user anonymity, security, and decentralization.
Blockchain customization is a process of updating a blockchain platform or developing a blockchain from scratch to fit a certain business use case.
While developing a blockchain platform would require a significant investment and would take a lot of time, updating a blockchain platform can be a much more cost-efficient solution.
Within a large-scale enterprise, all business processes are connected. Using blockchain, we can create and include a small part of a business process in a blockchain as a distributed ledger.
The customization of blockchain can take many different forms, depending on the business needs.
In general, the processes we can customize on a blockchain are:
Setting up an environment and implementing an algorithm.
Determining the data set, data size, and data distribution by integrating the data processing layer.
Choosing an administrator or consensus algorithm.
Completing the process of developing a smart contract.
Deciding which transactions will be processed by a single-sided or two-sided blockchain network and how.
Building a front-end user interface (UI/UX) or an application programming interface (API).
Blockchain technology is a powerful tool, and it can do wonders for the implementation of digital assets and NFTs.
With great features that the blockchain technology can provide, non-fungible tokens are capable of changing the way we interact with the digital world and with each other.
As the popularity of NFTs continues to egrow and more and more businesses are interested in pursuing this technology, we’ll probably see a lot more different types of NFTs and more use cases for NFTs in the near future.
If you’re interested in pursuing NFT platform development or you’re looking for a team of experienced blockchain developers to help you with your project, feel free to contact us and schedule a meeting with our team. https://www.inoru.com/zksync2-integration-in-nft-marketplace
Crypto journalist and NFT Expert.