blog

Digital Currency Payment Protocol: zkSync Vs. xDai Vs. everPay

0
Digital Currency Payment Protocol: zkSync Vs. xDai Vs. everPay
  • New payment and settlement processes are already developing as a result of technological advancements. 
  • They consist of the storage-based computing paradigm-based high-performance protocol everPay, the PoS sidechain xDai, and the zero-knowledge proof-based zkSync.

zkSync

In order to confirm zero-knowledge proofs, zkSync builds a smart contract on Ethereum and uses a merkle tree to manage accounts. By compressing information, a merkle root is constructed by hashing users’ ETH addresses and pertinent data. The ledger is stored on Layer 1 but user transfers can be performed off-chain thanks to zkSync. This is because zero-knowledge proofs, which are submitted to Ethereum for verification, are created by batching together all the relevant transaction information.

xDai

A sidechain built on a PoS consensus process is called xDai, short for xDai Stable Chain. The finality time is drastically shortened to 5 seconds, and the transaction price is reduced to $0.0002.

The cross-chain asset protocol of xDai, TokenBridge, locks up assets using an Ethereum MultiSig smart contract.

everPay

To conduct computation off-chain, everPay uses a brand-new storage-based computing paradigm, and storage consensus assures a trustworthy ledger. Currently, everPay uses a MultiSig contract to lock up assets. A user merely needs to transfer tokens into a MultiSig contract to mint assets. The everPay protocol then mints assets after getting the transaction data from Ethereum, which serves as an oracle. Relevant signers must get the transaction details from Arweave, confirm the transaction in accordance with EverPay’s standards, and sign it in order to withdraw the assets.

Contrastive Analysis

  • Security

The assets held on Layer 1 by zkSync users can be secured cryptographically using a zero-knowledge proof. It should be emphasized, though, that the current rollup solutions only require one node to operate. Even if a Layer 2 transfer is successful, it may not be regarded as genuine on Layer 1. A Layer 2 transaction cannot be regarded as cryptographically safe until it has been rolled up into a Layer 1 block. This is so that rollup operators can restrict or exclude user transactions.

  • Usability
  • How to interact with zkSync

Deposit Send the ETH to a zk lock-up contract to make a deposit. The associated assets will be minted on L2 after the deposit transaction is completed. Only an ETH transaction fee is required.

Transfer Prior to making the initial transfer, sign and register a public key to establish a zk account. An exchange costs about 0.001 dollars.

  • How to interact with xDai

Deposit Utilize the xDai bridge network to add the tokens to an Ethereum contract. The matching balance will appear on the xDai Chain upon confirmation of the deposit transaction by 8 blocks. Only an ETH transaction fee is required.

Transfer Before making a transfer, change to the MetaMask xDain Chain account. A transfer will roughly cost 0.0002 dollars.

  • How to interact with everPay

Deposit Go to everpay.io and use MetaMask to make a deposit. Upon receiving six block confirmations, the deposit transaction will be considered complete.

Transfer Use MetaMask to sign a transfer transaction. The transaction will be completed instantly and without charge.

Conclusion

Because of zero-knowledge proofs, zkSync is more secure than the other two protocols. Both xDai and everPay host assets on the origin chain and use MultiSig to secure them. To enhance security and transparency, everPay will be updated to store signatures on Arweave.

Radhe

Become Blockchain Experts With Online Blockchain Courses

Previous article

Friend.tech Copycat Stars Arena Patch Exploit After Funds Drained

Next article

Comments

Leave a reply

Your email address will not be published. Required fields are marked *