we had an amazing AMA hosted by Crypto Titans on the 30th of June. And here we will put some of the best questions:
Q1. Can you please introduce your project zkTube?
Dave: zkTube is a project that has been built and developed on Layer 2 with the use of ZK-Rollup technology and the PLONK principle. It can improve scalability via the transfer of batch transmission to single transactions
This is a trustless protocol for the scaling solution of Ethereum, powered by ZK-Rollup technology. It utilizes Zero-Knowledge proof to offer solutions to the problems and issues of scaling, data availability, privacy for Ethereum, and all data is synchronized and stored on the mainnet.
zkTube is poised to become the best Layer 2 environment for payments with no more than $0.01 per transaction, and TPS up to 3000+. It offers great value for people. Soon, it will be a point for financial institutions to move to Ethereum, to provide a more friendly payment system worldwide.
Q2. Every project has a story behind its name, can you tell us more about the story behind this? Who is the team behind this project? Can you tell us their background?
Dave: The concept of the zkTube protocol prototype originated as early as 2018. Ethereum founder Vitalik Buterin proposed a mining solution for anti-ASIC (Application-Specific Integrated Circuit) on the discussion. zkTube founder Lance participated in the Ethereum Scaleability and new ideas Exploration of POS mining and casting zkTube. Therefore, it is strongly recommended by the Ethereum open grant and contributes to the Ethereum ecosystem.
Q3. Please tell us about the goal you want to achieve this year.
PayTube Wallet will be launched on July 26, 2021. We are going to soon release our new platform and unique proposition for a Bounty campaign that will use a referral mechanism that will help us reach a wider global community.
And here we will put the best questions from our zkTube fans:
Q1: zkTube offers the following advantages: Low Gas fee and high throughput, Safety guarantee at the level of Ethereum mainnet, Quick Transaction Verification, Transfer payment received in real-time. Can you tell us about these advantages of zkTube?
Dave: zkTube uses the advantages of the Ethereum platform and it uses the ZK-Rollup technology which is based on the PLONK algorithm protocol to improve its functions. ZK-Rollup relies on the censorship resistance of Layer 1, and the security is not lower than the first layer network, so it has the main network level of safety performance.
The advantage of PLONK is that it supports a universal and scalable reference string, and as long as the size of the circuit design，it does not exceed the upper limit of the SRS threshold, some scenarios and functions can actually share an SRS, which is very helpful for zkTube.
So zkTube takes advantage of this feature. In some cases, such as deposits, withdrawals, and transfers. The verification time of zkTube was originally about 1/5 of SNARKs, but after the optimization of zkTube, the verification time was shortened by 15–20 times;
Q2: PayTube is a revolution of decentralized digital currency payment wallets. and PayTube’s aim to become the most user-friendly digital wallet. There are various types of digital wallets available in the crypto world. I need to know How is PayTube different.
Nicholas: For now, decentralized wallets are focusing on a certain point of wallet performance according to their own development needs, but Paytube wallet has a strong comprehensive function, we have done lots of innovations. Of course, we have to pass the test of the market. Next, I will briefly introduce the PayTube Wallet.
PayTube Wallet is a smart contract wallet that supports multi-asset interaction developed based on the zkTube Protocol, and it is committed to providing users with a convenient and cost-effective payment environment. The main advantage is that there is no fear of asset loss, and it is safer compared to existing wallets. Another advantage of Paytube is that users can directly perform decentralized financial applications such as Defi and NFT on Layer 2. Secondly, application providers can also directly transfer their own Dapps. Put it on Paytube and directly connect to Paytube L2 account for related operations. With continuous development and updates, we will also add more user who needs and more popular service functions to meet users’ more demand for decentralized wallets.
Q3: What are your top priorities in 2021? Could you share some plans for the upcoming year? Which part of the project are you most focused on right now?
Janet: At present, according to the Roadmap, the testnet has been launched on April 27, 2021. We also achieve good results and more and more in-depth users who see the potential value of zkTube’s long-term development is participating.
We will focus on the development and innovation of project technology and constantly update and strengthen the fundamentals of technology, and follow the development of the project in our next step. And the zkTube Mainnet will be launched on July 26.
Of course, from my personal point of view, what I am most looking forward to is Cross-Rollup, because this will mark the interaction between the different protocols of the Layer 2 ecosystem in order to get a further step, which will greatly attract the influx of users of many other protocols. This is also the direction we have been working hard and insisting on doing better.
Q4: The crypto asset market is experiencing severe shocks, does Zktube have a solid financial foundation? do you have a solid team? What plans will you prepare for the newest?
Nicholas: 2021–03–24 Uniswap, a decentralized cryptocurrency exchange, officially issued a document introducing its V3 version (the V3 version has launched the mainnet on May 6th). The zkTube technical team participated in the development of Uniswap V3 and obtained Uniswap V3 Hackathon Granted.
2021–04–08 in the Time (GMT + 10) 16:00, zkTube won the public donation and project promotion of the Ethereum Foundation.
2021–04–27 zkTube testnet is officially launched. At the beginning of the testnet’s launch, it received close attention from all parties. More than 60,000 early users around the world participated in the testnet’s Deposit function experience, and the “Angel Right” 100,000 ZKT donation plan launched at the same time, it was 100% completed in 2 hours only.
At present, our development team is strong and stable. At the same time, zkTube also attracts developers and community users from different countries to participate and support. The consensus of these communities is beyond our expectations. I am very grateful to these supporters for their support of our team.
Q5: I think security is very important, especially with regard to data and funds, very sensitive for us. My question How do you ensure the safety of our funds and data?
Dave: The user’s assets are stored in the smart contract, and only the user can operate it. The service provider can only interrupt the transaction, but cannot steal the transaction. zkTube uses ZK-Rollup technology. Before it becomes valid, each state transition is verified by the Rollup smart contract. Speaking strictly, operators cannot steal funds or destroy Rollup status
ZK-Rollup relies on the censorship resistance of Layer 1, and its security is not lower than that of the first layer of the network. It is just for its activity and does not require anyone to monitor ZK-Rollup. After block verification, user funds are always guaranteed to be eventually recovered, even if the operator refuses to cooperate.
Therefore, users do not need to worry about the safety of their assets. Even if all service providers go on strike, users can still actively withdraw their legal assets through smart contracts.
zkTube embodies the basic idea of the encryption world more fully, in order to achieve flexibility，by replacing trusted parties through cryptography and game theory incentive mechanisms.
Q6: How do you plan to spread awareness about your project in different countries where English is not good? Do you plan to develop many different communities such as Vietnam, Indonesia, Korea, … about your project so that they can easily communicate and understand your project?
Janet: zkTube Protocol is a global project, and it has been recognized by users and developers from different countries around the world, such as Australia, China, France, Arabia, Vietnam, India, etc., and users from some countries have spontaneously formed communities to promote the operation of the zkTube Protocol. This is very exciting, and we appreciate the support and efforts from our communities.
Q7: Paytube is your native wallet, so can you please explain to us what are the most attractive elements that this wallet has in comparison with huge reputable wallets as Metamask and Trust wallet? Paytube have a web3 browser?
Dave: PayTube is a Layer 2 wallet. Metamask, Trust, etc. belong to the Layer 1 wallet. Compared with this wallet, the PayTube wallet can directly exchange stable currency with legal currency on the second layer, and the currency purchased with legal currency can directly reach L1 and L2. At the same time, the L1 and L2 layers can also directly sell the currency to obtain legal currency. The advantage of this is that it directly opens up the data interaction between the legal currency and L2, and does not need to go through L1, directly improving the efficiency of capital operation and reducing the user cost.
In addition, users can deposit L1 assets to L2 accounts on PayTube, or choose to transfer between L2. The transfer fee is almost negligible. L2 assets can participate in any Dapps listed on Paytube, the purpose is to reduce costs and improve the efficiency of data interaction, where L2 assets can mention any Ethereum address at any time.
Regarding security issues
First of all, PayTube is a decentralized wallet. All information will not be retained on the platform. All information is stored on the chain. You need to keep your mnemonic words and private keys. Smart contracts are used for management, so there is no security risk.
According to the current situation, the loss of many user assets is caused by accidental loss of private keys, mnemonic words, etc. Therefore, we have also proposed a social double-anonymity retrieval method in the prevention of loss, so this method does not have to worry about privacy. Exposure, and can further protect the user’s financial security and facilitate the user’s unified management of assets.
Q8: As ZkTube Testnet Mining Will Provide Revenue to the Community Miners, can you tell us more about this revenue sharing with Community Miners? How much would be the rewards for miners? Aside from this reward, are there any other opportunities open for Community as incentives?
Nicholas: To inspire the global community of miners and prepare for the upcoming launch of the zkTube Mainnet, zkTube will launch the first phase of testnet mining revenue from 0:01 on July 5, 2021, to 23:59 on July 14, 2021 (Singapore Time). The total incentive amount is 100,000 ZKT. Mining in this phase does not require staking. At that time, community miners will receive the zkTube Testnet Token ZKTT, and its mapping ratio to ZKT will be announced after the Mainnet goes live. Specific mining revenue rules and mining tutorials will release soon.
According to the mining mechanism and incentive model, the zkTube Protocol official will distribute the mining revenue fairly and equitably to support the community contributors. If the community responds enthusiastically, zkTube will not rule out increasing the total incentive amount of ZKT in the second mining phase.
Q9: Do you have the platform ready? If yes, is it going to support other blockchain integrations as well if Ethereum cannot scale?
Dave: Our platform is called zkTube. We are a Layer 2 scaling solution based on EVM smart contracts. We are one of the expansion solutions for Ethereum. If Ethereum itself cannot expand, you are welcome to our products.
Q10: What do you think about NFT? Do you have any plan for implant NFT in your ecosystem? What is the main vision and goal of your project! What actually you trying to achieve in this highly competitive Blockchain space?
Nicholas: NFT has an indispensable position in the interface of the blockchain, and now the NFT products on the Ethereum mainnet are very rich. But the gas fee for user operations on Ethereum is too high and the network is too congested, which greatly hinders the rapid development of NFT. The Layer 2 expansion solution of zkTube is to solve the problem of reducing transaction fees and increasing transaction speed. The transaction will enjoy the ultimate experience brought by zkTube. At present, we have supported Layer 2 transactions of ETH and ERC20. We will also support NFT transactions soon. I hope you can continue to pay attention to the latest news on zkTube.
And this was the end of our AMA with Crypto Titans.
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