Sidechains - Crypto Academy / S4W8 - Homework post for pelon53
Is pleasant to me to be part of this assessment from my dear professor @pelon53 who has done nobly well in teaching us Sidechains as a topic.
Am @kingworldline
1.- Explain in detail the Sidechains with the use of ZK-Rollups.
With the development around the blockchain is amazing based on it's reputation towards. Technology, the scalability, security and as well it speed toward transaction on blockchain, for advancement on this side chain has added it own quality my modifying the standard of the blockchain based on the scalability which tends to secure a token or assets in a different blockhain.
Hence as regards to the use of sidechains Zk-rollups, therefore ZK-rollup this is an option created towards making the scalabilty of trasanction possible in a single transaction, hence this Can process multiple transfers in a single transaction with the help and assistant of the smart contract which tend to verify all transaction in singlet.
Hence the ZK-Rollup operate in two dimention which are by transaction and relayers, hence the trasactor are known to responsible for creating transfers to the network. Therefore the transfer data is of "to" and "from" address, hence is known when ever the transaction value is less or greater than zero, this is considered as withdrawer or deposit, therefore the information from the smart contract are registered and recorded in the merkle tree while the transfer is in another.
Hence the Relayer is responsible for the collection of large number of transfers in order to create a roll-up. Hence the SNARK proof is left for the layer to create
Therefore the SNARK is the hash which stands for the delta of the blockchain state.
Base on the user experience, the dapp operating the ZK-rollup has a little fee to pay meanwhile generating the zero knowledge proof demands alot like computer power which will which contribute to cause delay in in blocks.
Therefore base on the advantage and disadvantages, hence the zk-rollup is more faster when compared to the Optimistic Rollup and others and also I doesn't delay in withdrawer.
Hence base on disadvantages which is the down side of it. It need enough data optimization in other to fulfil it throughput., and secondly Zk-rollup show some extent of insecurity.
2.- Explain the Liquid Network side chain
To start with the problem the blockchain is facing is scalability based on distributed ledgers. This has cause to discover a way out for this the creation of the Sidechains in other increase the scalability of the blockchain, because the more user the low it's scalability
Hence the Sidechains are related blockchain pegged to the hosting blockchain which used the parent token in transactions hence is linked in two ways of operation.
The Liquid Network Sidechains is a federated Sidechains from Bitcoin which enable faster means of performing transaction and as well it enhance the digital asssets and this basically made for trade for exchanges.
Hence it gives chance to move assets transaction from a particular mainchain to Sidechains with a ratio of 1:1.
The liquid network was made in such a way to modify the cryptocurrency in the market used by the traders, exchange platforms, and the issuer as well.
Therefore when a token or an asset is transferred like Bitcoin, automatically the bitcoin change to be L-BTC therefore it work with Liquid Network which tend to be a ratio of 1:1 linked to the main net of the blockchain.
For an example when a bitcoin user move out his asset out to an outer address, then the coin a trapped and locked and then set under federation which monitor the asset from spending it.
Therefore the asset or found are transferred to mainnet or the main blockchain which is known as the peg out mean while the liquid network is responsible to send it into your asset wallet back after it has receives proper two confirmation.
Hence the confidential operate under liquid network based on transaction, therefore the group of individual behind this project are known as the confidential Transaction, hence there work is protect and hide out the transaction details from the site of men
Meanwhile the issuance of the digital assets are resonsible in giving out their cryptocurrency, hence this enables the creation of collectible, altcoin and others.
3.- Describe the steps to connect the Metamask wallet and the Polygon network wallet. Show screenshots.
The following is the procedure to connect Meta mask wallet to the Polygon network.
Therefore I have am existing metamask wallet already.
Then proceeded in opening my metamask, a page opens then clicked on the three short bar at the left hand.
Then select settings and another page opens show options then I clicked on Network.
Then I click on add network and proceed in filling the following boxes with the necessary informations.
•The Network Name: Polygon
•New RPC URL: https://rpc-mainnet.maticvigil.com/
•The ChainID: 137
• The Symbol: MATIC
•The Block Explorer URL: https://explorer.matic.network
•The Scroll to the bottom and click “Add"
Then I went back to home page, therefore the polygon network is now connected as shown on the below screenshot.
Then i now click on add in other introduce the Network.
From the image on the web address https://wallet.polygon.technology/bridge
I was able to navigate to the point to link my metamask wallet.
Then from the image from the web address
Image taken from. https://wallet.polygon.technology/login
I click on next to proceed.
Then I now proceeded with my already existing Metamask by logining in.
Then I was able to connect my metamask wallet with then polygon address.
4.- According to the polygonscan block explorer, when will the block 25,000,000 be generated? Show screenshot. Explore the 12,000,000 block, at that time, what was the price of the Matic? Show screenshots.
To pay justice to this question, the first thing I did is to access the web address first. https://polygonscan.com/
This is where the block can be explored, hence, then i access the web and input figure I want to check, then input 25,000,000 to find out the detail and as well to get the exact information when the block will be generated as shown on the below image below.
Then the image has the following information when the block will be formed a as 118 days, 21 hours, 31 seconds as of the time the image was captured. Therefore this exact time this block will get formed.
Then through the their official web addresses https://polygonscan.com/1 I explore it to obtain more details on 12000000, then I was able to get the full details that it was created on 14 March 2021, 09:35 AM which is 228 days 13 hours ago.
Then the price of the MATIC wa $2.06 as of the time the image was taken as shown on the below image.
PLEASE PARDON ME FOR USING IMAGE INSTEAD OF SCREENSHOT, DUE TO MY PC BOTTON IS FAULTY, THANKS FOR YOUR UNDERSTANDING
Since the existence of the blockchain it has brought alot creation in other to improve it's state, hence as of the Bitcoin and Ethereum has shown a great positive improvement in the scalabilty and other in other to maintain originality in the system.