In the rapid development of blockchain technology, zero-knowledge proof (ZKP) has gradually become an important technical support. Since 2020, our team has been committed to researching and applying ZK technology to build key infrastructure such as decentralized exchanges (DEX), NFT markets, and payment tools. We firmly believe that the potential of ZK technology is unlimited, and ZKMarket is the concrete embodiment of our belief.
What is ZKM arket?
ZKMarket is a decentralized hash rate market designed to provide users with computing power an opportunity to participate in the ZK network. Through ZKMarket, computing power demanders (such as the ZK-Rollup network) and computing power providers (individuals or organizations running proof software) can efficiently connect to meet each other's needs.
Computing power provider: ZKMarket is built on the ZK-Rollup network ZKSpace. The registration, computing power supply and income distribution of all miners are completed through the decentralized Layer 2 network. Miners only need to run simple mining software to provide computing power to the market, lowering the threshold for participation.
Computing power demanders
Currently, many teams such as Scroll, ZKSync, Polygon, etc. are designing decentralized prover networks to attract more participants. The efforts of these teams have led to an increasing demand for ZKP's computing power. ZKMarket was born for this reason, helping miners calculate costs and benefits, and dynamically select available proof tasks to maximize mining benefits.
Why did we build ZKMarket? Our team has been exploring the development of ZKP since 2020 and recognized that the ZKP market will become the infrastructure in this field. So, we decided to create ZKMarket, the first decentralized hashrate marketplace for ZK applications and miners.
Provide a transparent and secure mining platform
The design concept of ZKMarket is to provide miners with a convenient, transparent and safe mining platform. Computing power demanders, including all Layer 2 expansion solutions, do not need to worry about security issues caused by insufficient computing power. Relatively speaking, computing power providers no longer need to face complex protocol technical problems. ZKMarket will handle all complex matters for them. Miners only need to focus on running the software to provide computing power for the market.
Decentralized & Secure: ZKMarket is a decentralized Layer 2 hash rate marketplace. The registration information of all miners is recorded on the ZKSpace network, and the hash rate provided is also recorded on Layer2 in a transparent and clear manner. This design effectively avoids the loss of computing power that may be caused by centralized mining pools.
Additionally, mining revenue is distributed in a decentralized manner and secured by the Ethereum network, ensuring that every participant benefits from the success of the market. Decentralization is the core value of blockchain, and we believe that the decentralized hash rate market will become an important infrastructure for ZK applications.
Incentive model
ZKS buyback: In order to promote the healthy development of the market, ZKMarket will charge a certain percentage of service fees, part of which will be used to buy back ZKS tokens. This mechanism can not only enhance the value of ZKS, but also attract more users to participate.
Mining revenue distribution: Taking Aleo as an example, during the mining period, ZKSpace will receive Aleo mainnet token rewards and mint an equal amount of ERC20 WAleo tokens. These tokens will be distributed to users’ Layer 2 wallets based on their share of computing power. Users can withdraw WAleo to their own Ethereum mainnet address to achieve flexible management of income.
future outlook
We very much look forward to revealing more details about ZKMarket to the community in the days to come. Our goal is to join hands with active participants in the blockchain field and use ZK technology to create a fair and decentralized network.
In 2023, we hope to promote the application and development of ZKP through the ZKMarket platform and provide users with more efficient and secure services. We encourage everyone to follow us on Twitter and join our Discord community to stay informed about the latest happenings.
Introduction to ZKSpace
The ZKSpace (formerly known as ZKSwap) platform mainly consists of three parts: ZKSwap, the first Layer 2 AMM DEX using ZK-Rollups technology, ZKSquare, a payment service that supports fast and cheap batch transfers, and ZKSea, an NFT casting center and market. Since its operation in February 2021, ZKSpace has experienced hundreds of functional iterations and has always remained safe and stable.
With innovative NFT L1-L2 transfer, unlimited token listing, cheap and smooth deposits and withdrawals, and Layer 2 domain name system ZNS, ZKSpace is committed to realizing EVM-compatible ZK-Rollups and bringing more Layer 2-based ones to the community. product.
Conclusion
In this rapidly developing blockchain era, ZKMarket will become an important force in promoting ZKP applications. We look forward to working with every participant to create a better future and let ZK technology bring convenience and security to more users. Let us create great achievements together in 2023!