zkSync (ZK)

Scalability

zkSync helps blockchain apps handle many more users by increasing transaction speed and lowering fees. This makes it easier and cheaper to use Ethereum-based apps.

DeFi (Decentralized Finance)

It supports DeFi activities like token swaps, lending, borrowing, and yield farming with faster and cheaper transactions compared to Ethereum mainnet.

Privacy

zkSync uses zero-knowledge proofs to keep transaction details private, which is useful for sensitive financial and supply chain applications.

Developer Tools and Customization

Developers can build apps with features like custom wallet authorization, multi-signature support, and automated payments, making apps more flexible and user-friendly.

Interoperability and User Experience

zkSync enables smooth interaction between different blockchains and wallets without complex bridges, improving the experience for users and developers.

Gaming and NFTs

It allows games to mint and transfer NFTs with low fees and fast transactions, helping create new gaming experiences.

Governance and Fees

The zkSync token is used to pay for transaction fees and participate in governance decisions within the zkSync ecosystem.

Pros

• zkSync offers very low transaction fees compared to Ethereum mainnet, making it cheaper to use.
• Transactions are much faster, improving user experience.
• It supports Ethereum smart contracts through zkSync 2.0, which is EVM-compatible, allowing developers to easily build and deploy dApps.
• zkSync uses zero-knowledge rollups, which bundle many transactions into one proof, increasing scalability while keeping security strong.
• It supports flexible payment options for transaction fees, giving users more control.
• The platform is continuously improving with features like zkPorter for even faster and cheaper transactions.
• zkSync has strong backing and partnerships, helping its ecosystem grow.

Cons

• Some complexity exists due to the technology behind zkSync, which might be challenging for beginners to fully understand.
• Withdrawals to Ethereum mainnet can sometimes take longer compared to transactions within zkSync.
• As a Layer 2 solution, it depends on Ethereum’s mainnet for final security and settlement, which can add some delays.
• The ecosystem is still growing, so not all dApps or services are available on zkSync yet.

Overall, zkSync balances speed, cost, and security well, making it a popular choice for Ethereum scaling.

Founders

zkSync was founded by Alex Gluchowski, who is also the CEO of Matter Labs, the company behind zkSync.

Company Background

Matter Labs, a mostly European team headquartered in Berlin, started working on zkSync and zero-knowledge proofs around 2019. Alex Gluchowski is the main public figure representing the project.

Investors in zkSync

• Venture Capital Firms: Coinbase Ventures, Andreessen Horowitz (a16z), Union Square Ventures, Placeholder, LightSpeed Venture Partners, Variant, Dragonfly, Blockchain Capital
• Corporate Ventures: Huobi Ventures, Figment Capital
• Other Backers: Curve, Aave

These investors have supported zkSync through various funding rounds, including a notable $200 million Series C round co-led by Blockchain Capital and Dragonfly.

Halal Status of zkSync

• General Overview: zkSync is a Layer 2 Ethereum scaling solution that uses zero-knowledge proofs to make transactions faster and cheaper while maintaining security.
• Shariah Compliance: zkSync is integrated into MRHB DeFi, which is known as the world’s first inclusive and ethical DeFi platform designed to be halal-compliant.
• Reasoning: Since MRHB DeFi uses zkSync technology and is faith-compliant, zkSync is considered halal by association due to its trustless protocol, low fees, and secure cryptographic design.

Answer: Yes, zkSync is halal because it is used by halal-compliant platforms and follows ethical, trustless, and secure blockchain principles.