Sidechains - Crypto Academy / S4W8 - Homework post for pelon53
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1.- Explain in detail the Sidechains using ZK-Rollups.
We can say that it is an intermediary that relates two blockchain or layers 1 to 2 these interact with each other in a way that allows to release the congestion of the main blockchain complimiento all the information and passing it directly in this way does not allow the main network is saturated. this tool is extremely important for blockchain and its compatibility.
When the user sends through a blockchain a sidechain is created which allows the cryptoasset blocks to block the funds in this way ensuring that they are not being used in other operations and can harm the stability in the ecosystem and damage the liquidity of investors. once these funds are verified they are released to be used as desired by the user in the sidechain.
Functions:
It stands out as a bridge between two blockchain.
The sidechain allows to connect two blockchain.
In terms of security it is quite strict as the focus is directed to the users through confirmations
It does not have Congestion problem as it is solved in time with respect to other blockchains
The security protocols ZK-Rollups layer :
There are two types of layers that are used creating a parallel structure or we could call it an extension of a blockchain these layers are called Sidechain and state channel.
The State channel layer, is a protocol that creates an interaction within another protocol which will also be visible outside of it, there are two layers but this is written within layer one, so it will only be visible within layer one. it is fast, economical and very simple to work within.
ZK-Rollups is created with the need that exists to solve scalability problems for example BTC and Ethereum that were born with the problem of scalability with high costs of gas between transactions Ethereum is the leader of the most expensive commissions between networks. so the ZK-Rollups layer protocols make life easier and cheaper within the ecosystem.
These protocols solve the scalability problem i.e. the main blockchain stores the information and compresses it to be sent to the main network, this information is compressed and sent in such a way that it does not saturate the main network on the contrary it frees it from saturation.
Advantages :
It decreases the high traffic of information freeing the main network from saturation since it compresses multiple transactions to then pass the report to the main network.
With reference to advantage 1, this also reduces costs and is therefore much more economical.
Withdrawals can be made after a waiting period determined by the agents of the platform. this gives us more security.
The main blockchain remains decentralized.
Disadvantages:
The ecosystem is a centralized ecosystem so we have to abide by the laws of a patriarchy.
It is not optimized for uncommitted testing
It is not compatible with EVM
2.- Explain the sidechain of Liquid Network
It is a network that was founded in the year 2017 was released its first ico which had great success for the year 2018 they released the project in version 1.0 and this was born with the need to create a liquid network that generates speed in each transaction , fight with scalability, security in transactions, privacy between users, and operate in a correct way.
currently companies are looking at how to work with liquid technology network Sidechain ie already at this time there are companies other than this working with liquid network sidechain and is an example to follow for others who are gradually looking for ways to join the ecosystem gives good benefits, I can name companies like Bitmex very recognized worldwide bitfinex company among others who were able to add the liquid network sidechain to tethering currency something extremely imnovador and an example to follow.
Functions:
When we want to make a transaction on the network for example with BTC we will want to change Bitcoin with 1:1 backing that means that (1BTC = 1L-BTC) the user transfers to an output spread the funds are automatically blocked and frozen and then verified by a network tap liquid. you have to go through a waiting process of about 50min or so once you confirm the transaction the L-BTC are sent to the wallet of each user. but first you must have a wallet L-BTC
These assets are very stable and private so the identity of each user is secret. Assets are issued on Liquid Netword and are generated on the sidechain which is much faster than the mainnet. Tokens such as USDT are not negatively affected because their ase is Bitcoin.
Most relevant functions:
The speed of contribution is taken with a maximum per transaction of 2min. this is very smooth between the two blockchain.
It is compatible with some assets e.g. Liquid Bitcoin. LBTC, Tether, USDT,
It is confidential, the identity of each user is totally secure, the value of each transaction is equalized.
It allows you to create any cryptoasset you need such as cryptocurrencies, tokens, NFT, Securitu Token, smart contracts and much more and everything is provided by a single network.
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Wallets that can be used to send and receive in L-BTC
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3. Describe the steps to connect the Metamask wallet and the Polygon network wallet. Show screenshots.
To install the Matic Network in MetaMask we need to click on "Networks".
Select Custom RPC
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Matic Network Data :
Network name: Matic
New RPC URL: https://rpc-mainnet.matic.network
String ID: 137
Symbol: MATIC
Matic Block Explorer URL: https://polygonscan.com/
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We have already installed the network completely faster and easier.
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Now let's connect the polygon network to our metamask wallet.
For this we must go to the following website: https://wallet.polygon.technology/
Click on connect
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We must sign in and we are ready to go online
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We are indeed successfully connected.
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4.- According to the polygonscan block explorer, when will the 25,000,000th block be generated? Show screenshot. Explore block 12,000,000,000,000, at that time what was the price of Matic? Show screenshots.
We go to the next website: https://polygonscan.com/
We must place in the search bar the block 25,000,000,000.
Data For block 25.000.000
107 Days
04 Hours
14 Mins
30 Secs
Estimated Target Date: Mon Feb 14 2022 20:03:56 GMT-0400 (hora de Venezuela)
Countdown For block:
#25000000
Current Block:
#20790866
Remaining Block:
#4209134
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Block data 12,000,000,000,000
305026 Days
03 Hours
44 Mins
32 Secs
Estimated Target Date: Sun Dec 17 2856 19:36:36 GMT-0400 (hora de Venezuela)
Countdown For block:
#12000000000
Current Block:
#20790939
Remaining Block:
#11979209061
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Price for Matic : $0.38 / MATI
Conclusion:
The creation of this task does not lead to the conclusion that these sidechains benefit both the user and the main network as to the user it decreases gas costs, and in the network it helps to combat the scalability of each network, there are many blockchain that are implementing these sidechains, also perform 2 important guides how to add Matic network to metamask and how to start section in poligon from metamask wallet in to matic network very important information of this objective.