Sidechains - Crypto Academy / S4W8 - Homework post for pelon53

Greetings to you friends, how are you doing today. I'm so pleased that you are reading my homework post that was given by professor @polen53 on the topic: Sidechain stay safe as you keep on reading.

1.- Explain in detail the Sidechains with the use of ZK-Rollups.

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Sidechains are seen as one of the leading mechanism that is trying all possible means to sharpen blockchain network by making it to be more efficient and scalable. Here I will be explaining the Sidechains with the used of ZK-Rollups in this post. Sidechain are blockchains that are not connected to Ethereum but run parallel to Ethereum. It have it own consensus algorithm, miners i.e known as operators and validators and it own mechanism that allows tokens and other digital assets to be transfer from one chain to another chains which the assets is need to be used and also be transfer back to the main chain when it is needed.

In other to withdraw the transfer asset back to Ethereum, users will need to intimate an exit on the sidechain, as well provide a proof of their exit for it to be added in the history of the chain's. Although, sidechains like other blockchains, often relax the security and decentralization of Ethereum so their can get a scale that is good enough. When looking at sidechain with the use of ZK-Rollups we can easily say ZK-Rollups is an L2 scaling solution that hold funds that are used in a smart contract on the original chain.

ZK-Rollups make use of what is known as "validity proofs" get the transaction that occur in roll-up. Validity proofs is when a proof has been accepted on the blockchain, in such a way that users have confirm the transaction as quick as possible to make sure that it is valid and immutable. When we trying to explain the ZK-Rollups you will notice that it have achieve achieve thousands of transactions per second in yes of speed and are capable of greater than what it has achieved.

Although,one of the demerit of ZK-Rollups is the calculation, because is more difficult to detect smart contract that are directly into the roll-up, and also the only thing that is available is limited functionality like trades and transfer.

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2.- Explain the Liquid Network

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The Liquid Network, is simply a sidechain-based settlement network that allows the transaction of Bitcoin to be faster as well as making the transaction to be in a confidential manner in such a way that the issuance of cryptocurrencies are very secure.As earlier stated, I said that sidechain allows tokens and other digital assets to be transfer in and out (i.e between the main chain and the Liquid sidechain) through a verifiable peg.

The main objective of liquid is to improve the efficiency of cryptocurrency that is tading in market. This means that liquid is for exchange platforms, traders and those that are issuers of assets.

The used of Liquid

Liquid is used to provide four vital upgrades to corporate Bitcoin users. These four main upgrades are as follows:

• To issue out new assets:

Liquid allow anyone to issue out asset such as security tokens, digital collectables and also stablecoins. This affomention asset are not different with the liquid Bitcoin because they all have the same confidentiality and speed just as the liquid Bitcoin is.

• To make sure that the confidentiality of Bitcoin transactions is highly improve:

With this liquid make it possible for transactions details to be shown to third parties that are involves.

• Another used of liquid is to process the transaction of Bitcoin very fast:

Liquid ensure that Non-variabke, 1 minute blocks transactions times and 2 minutes block transactions are process faster.

• Liquid enable users to manage their cryptocurrencies or other digital assets in different exchange:

This is been done with the API protocol that is design in liquid to give out users access to view their portfolio.

Understanding of Liquid Bitcoin

In the above explainnation I make mention of liquid Bitcoin of which some of us reading this post might no know what liquid Bitcoin is. Liquid Bitcoin is a unique type of crypto that is found on the liquid sidechain. The supply of liquid Bitcoin is backed by a verified one (1) to one (1) Bitcoin that is in the original chain of the Bitcoin. It is created whenever Bitcoin is shifted to liquid network and get terminated when Bitcoin is taking out of the liquid network. Peg-in is the means by which the shifting in of Bitcoin is done, whereas peg-out is the means where Bitcoin is move out of the liquid.

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3.- Describe the steps to connect the Metamask wallet and the Polygon network wallet. Show screenshots.

The steps that is used to connect my Metamask wallet and the Polygon network wallet is describe below.

Step 1: I go to MetaMask and after opening it i then click on the menu that is at the left hand side of the page as shown from the screenshot below.

Step 2: I click on Settings and then I select Networks (Add and Edit custom RCP Network)

Step 3: I click on Network

Step 4: At the Network I enter the details below;

• Network Name: Polygon

• New RPC URL: https://rpc-mainnet.maticvigil.com/

• ChainID: 137

• Symbol: MATIC

• Block Explorer URL: https://explorer.matic.network

Step 5: After I inputting the above details, I then Scroll to the bottom and click Add.

After I have clicked on Add I then went back and check I the Polygon became available in my Metamask wallet.

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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.

At this point, I visit Polygonscan which is shown below.

Block 25,000,000

To find the date of when the block 25,000,000 is to be generated I search it on the search box which is shown on screenshot below.

Screenshot gotten from polygonscan

From the above screenshot, the block will be generated on Thursday February 24th 2022 21:55:28 GMT+0100 (West African Stanford Time).The period that for this will be 121 Days 11 hours 28 Minutes and 55 Seconds.

Block 12,000,000

In other for me to explore this block I search the block in the search box by entering 12,000,000which is shown from the screenshot below.

Screenshot gotten from polygonscan

From the screenshot above, the block was produced 225 days 23hours ago (March-14-2021 09:35:48 AM +UTC). 14 transactions is what is contained in the block, whereas the price of the Matic was $0.38

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Conclusion

Sidechain is one of the innovations in the crypto industry that can never be doubted even with some of the challenges in the it. Sidechain stand to settle some of the complex problem that is faced in blockchain which can never make it be doubtful by any users.

Thank you for your time here am so happy......

Best Regards;

Cc:-
@pelon53