Sidechains - Crypto Academy / S4W8 - Homework post for pelon53.
Good day steemians,
It’s a pleasure being part of this season 4 episode of the steemit crypto academy community and I’m very grateful. Proceeding to present my homework post, I would like to acknowledge professor @pelon53 and other professors for thier hard work and I sincerely appreciates the steemit crypto Academy community for the support.
Today’s topic is Sidechains. Here is my homework presentation based on the questions given.
1.- Explain in detail the Sidechains with the use of ZK-Rollups.
Sidechains in general are dependent blockchain that functions as support base to an independent blockchain to provide uptimum service to users. These Sidechains are introduced to cater for blockchain inaccessibility’s. They function parallel to main blockchains although they are also blockchain but fact is that they are dependent. They are introduced as aid to main blockchains. Sidechains are known for their great support in dealing with scalability issues and however intensify transactions that occurs on the blockchain like transaction time becomes faster.
Not only that, Sidechains also aids in adding more security to the blockchain. The Sidechains are developed to alter service to the main blockchain such that transactions are faster and anonymous. Crypto’s however are transferred to main blockchain through special address which maximize safety of funds.
ZK-Rollups literally means a Zero knowledge rollups as we all know. ZK-Rollups serves as a layer 2 tech built to aim at boosting the scalability of accumulated transfers rolled per transaction in the Ethereum blockchain network. Also the ZK-Rollups functioning as a sidechain tends to provide a lesser gas fee rate compared to the Ethereum blockchain during transfers along with a boosts. In simple words, the ZK-Rollups cater for scalability issues and also causes a boost in the main blockchain at a low gas fee rate. The ZK-Rollups as a layer 2 scalability method for the main blockchain combines and validates lots of transfers in a single one to lessen the work activities of the main blockchain.
Sidechains with the use of ZK-Rollups.
ZK-Rollups are layer 2 technology that functions as a sidechain to provide higher scalability, boosts the transactions speed of the main blockchain at a lower cost as well as improves security of the main blockchain. The ZK-Rollups focuses at verifying and executing transactions entailed in the main blockchain. With this aid from the ZK-Rollups causes transactions in the main blockchain to be intensified.
The ZK-Rollups has two constituents which are the transactors and the relays involved in its functions. Transactors executes transactions base on the terms of the laid out agreement whiles relays combines lots of transactions and have them executed.
2.- Explain the Liquid Network side chain
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The Liquid network sidechain was built in 2017 and launched at October 2018 On the Blockstream Platform. This project was built to enhance the transaction process of digital assets. Just like how the ZK-Rollups project was built to enhance transactions on the Ethereum blockchain, the Liquid network is also a kind of sidechain built to enhance the BTC transaction process.
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How it works
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As indicated from the screenshot above, Transaction of the BTC on the Liquid network involves the Peg-in and Peg-out process.
Peg-in
The peg-in simply demonstrate how BTC transactions are initiated on the liquid network. With the peg-in process, the BTC is transferred from the main blockchain by the user to a special address on the liquid network to receive L-BTC in return. After transferring the BTC to the special address, the transaction would be initiated for both parties to confirm the transaction before equal amount of the BTC would be received in L-BTC.
Peg-out
The peg-out process is simply the reverse transaction of the peg-in process. Here, the L-BTC would be transferred back to the BTC. This process require an average of 17 mins to complete the process.
About the platform
The Liquid federation members
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Special Features
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- Rapid Transfers
- Issue new assets
- Confidential transactions
- Secure trading
Assets supported on the platform
As we are all aware, all blockchain platforms have some special asset which are supported by the blockchain project. The Liquid network supports both the Liquid Bitcoin (L-BTC) and the tether (USDT).
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3.- Describe the steps to connect the Metamask wallet and the Polygon network wallet. Show screenshots.
Please follow the steps laid out below. Illustration is being done with the Metamask wallet application.
📌step 1
Launch your Metamask application wallet, tap on the menu at the top left corner and then go to settings.
📌step 2
Go to Networks and then tap on Add Network
📌step 3
- Network Name: Polygon Matic
- RPC URL: https://rpc-mainnet.maticvigil.com
- Chain ID: 137
- Symbol: Matic
- Block Explorer URL: https://polygonscan.com/
Fill in with the above information to add your polygon network. Then tap on Save to complete the steps. Our polygon network wallet is now connected to our Metamask wallet.
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.
In this situation there are just few steps involved.
First of all, we must visit the polygonscan.com in order to search for block 25,000,000.
In the search bar, enter and search the block number which is 25,000,000 to locate the block.
According to the polygonscan block explorer, block 25,000,000 has 120days, 9hours 40 minutes before it’s generated at the time of performing my homework.
Again we are to search for block 12,000,000 to see the the price of Matic at the time of my assignment.
Now we just have to visit back our search bar and enter the block number 12,000,000. Below is results after search.
MATIC Price: $0.38 / MATIC
conclusions
I will like to acknowledge professor @pelon53 for this was a very key topic which was very well explained. Thanks for the humble service for I have understood the lecture very well.
Thank you. @ryzsfa
#club5050 😀