ZK Cross Chain Bridge, ZKB, is made up of the ZK Bridge protocol and the Cross Chain interoperability solutions. A combination designed to create both a time and cost-efficient ecosystem for digital transactions between blockchains and external systems, APIs, and even other blockchains.
Since the introduction of Bitcoin, blockchains have grown into a vast ecosystem of various applications and communities. Cryptocurrencies such as Bitcoin, Ethereum, and others are rapidly gaining traction and institutional investors are showing interest. The Decentralized Finance (DeFi) also demonstrates how blockchains can enable finance instruments that would otherwise be impossible such as flash loans. Recently, even digital artists and content creators have turned to blockchains for the transparent and accountable distribution of their works.
This growth now involves interactions between these blockchains through the Cross Chain Bridge. But one major challenge is how to enable secure cross-chain bridges through which applications on different blockchains can communicate.
While cross-chain bridges have been built in practice, existing solutions are either inefficient or reliant on central parties. But ZK Bridge allows for an efficient cross-chain bridge without relying on a centralized committee.
The Cross Chain interoperability itself is very crucial for building bridges between the Web 2.0 architecture and Web 3.0 services, and also for the development of the Web 3.0 ecosystem. It also reduces ecosystem fragmentation and enables higher capital efficiency and better liquidity conditions by enabling cross-chain smart contracts.
This solution typically involves validating the state of the source blockchain and relaying the subsequent transaction to the destination blockchain. Most cross-chain interactions require both of these functions to be completed.
The ZK Bridge on the other hand is a service that allows smart contracts on different blockchains to securely and verifiably transfer states from one chain to another.
So, in other words, the ZK Bridge majorly provides safety and security for every cross-chain transaction.
Therefore, the ZK Cross Chain Bridge (ZKB) is a platform that enables safe and secure digital transactions between blockchains and external systems or other blockchains.
The main idea is to use ZK SNARK, which are succinct non-interactive proofs of knowledge and it provides three advantages – For starters, the soundness property of a ZK SNARK ensures the bridge’s security. As a result, we don’t need any additional security requirements beyond the security of the underlying blockchains. ZK Bridge, in particular, does not rely on a committee for security.
Second, with a purpose-built ZK SNARK, verification of transactions is far more efficient.
Third, by decoupling the bridge from application-specific logic, ZK Bridge makes it simple to add new applications to the bridge
The ZKB token is a fair-launched utility token for the ZK Cross Chain.
The ZK Cross Chain USDT Farm emits newly minted daily. Farming or buying the ZKB entitles the holder to earn a share of 70% of the protocol incentive or token ZKB fees as rewards in one of the Rewards Pools.
Who are the founders of ZK Cross Chain Bridge (ZKB)?
Information on the founders of ZK Cross Chain Bridge (ZKB) is not publicly available at this time. It is possible that the company has chosen to keep the identity of its founders private for various reasons, including privacy and security concerns, or simply to maintain a low profile during the early stages of development.
What is the ZK Cross Chain Bridge (ZKB) used for?
A Cross Chain bridge is a critical piece of infrastructure that allows tokens to be transferred from one blockchain to another.
The ZK Cross Chain Bridge can be used for the following:
- Message transmission and data sharing: Cross-chain message passing is another common building block that can be used to share off-chain data between blockchains. By embedding the message in a transaction, message passing can be realized as a simple extension of transaction inclusion.
- Asset transfer/swap across chains: Bridging native assets is a popular use case that is growing in popularity. Users can stake a certain amount of tokens on the sender blockchain and receive the same amount of tokens or a token of approximately the same value on the receiver blockchain.
- NFT interoperability: Users always lock/stake the NFT on the sender blockchain and receive minted NFT or NFT derivatives on the receiver blockchain when using Non-fungible Token (NFT) interoperations. The cross-chain protocol can separate the ownership and utility of an NFT on two blockchain systems by designing NFT derivatives, allowing the NFT to be locked on the sender blockchain while receiving utility on the receiver blockchain.
How is the ZK Cross Chain Bridge (ZKB) unique?
The ZK Cross Chain operates in a unique innovative manner due to the following key features:
- Token (fungible) In comparison to ZKB with minter roles, ZKB uses liquidity pools with a flexible deposit & claim approach and a lower hack risk.
- ZKB supports the ETH, BNB, MATIC, AVAX, and FTM networks.
- NFT ZKB collections
- Decentralized and Permissionless self-listings of (fungible) tokens
- The incentive for projects to use the ZK Cross Chain by earning a yield on the liquidity they provide themselves through fee participation in the Liquidity Mining Pools.
- Security-focused architecture that has undergone internal and external audits
- Incentives for community-sourced ZKB liquidity, as everyone can earn a portion of the protocol incentive or ZKB fees from the Liquidity Mining Pools, or ZKB token holders can access the more appealing Reward Pools.
- Oracles use multi-signature validation rather than a key-sharing wallet.
- An adjustable concept to achieve decentralization right from the beginning
How many ZK Cross Chain Bridge (ZKB) coins are in circulation?
The self-reported circulating supply is 1,000,000,000 ZKB.
How is the ZK Cross Chain Bridge (ZKB) network secured?
Most ZKBs have a minter/burn functionality, which requires the token creator to grant the ZKB the minter role of the token. The ZK Cross Chain provides ZKB services through Liquidity Pools, which reduces hacking risks. The Liquidity Pools enable the addition of liquidity in any supported token without the need to synchronize or partner with a project, or even grant token minting permission to the ZKB contract.
The Smart Contracts have been thoroughly audited, both internally and externally.
And as mentioned above, the ZK SNARK’s soundness property ensures the bridge’s security. As a result, we do not require any additional security requirements beyond the underlying blockchains’ security. For security, zkBridge does not rely on a committee.
How do I buy ZK Cross Chain Bridge (ZKB)?
The ZK Cross Chain Bridge (ZKB) token can be used for a wide range of purposes, like staking and payments.
ZK Cross Chain Bridge (ZKB) tokens can be easily purchased with the following steps.
* Open an account with the crypto trading platform of your choice.
* Transfer the specific amount of your fiat currency to your account.
* Wait to confirm your deposit and buy ZK Cross Chain Bridge (ZKB) through your trading account.
Which Cryptocurrency Wallet Supports ZK Cross Chain Bridge (ZKB)?
The PTPWallet platform supports many cryptocurrencies, with ZKB soon to be included. Because of its vast use case, PTPWallet has grown to become one of the most used platforms, as it serves as an exchange and an engine to discover other cryptocurrencies. The platform offers a simple user interface, is supported by both Android and iOS devices, and comes with its own mobile wallet app.