Sidechain crypto Academy S4W8, Home-work post for @pelon53
Introduction
Globerly technology is taking over the world, almost all our daily activities depends on new innovations emernating from various angles we have digital currencies which operates on blockchain, I will define blockchain as a protocol working on cryptography the cryptographic hash helps in securing every informations that operates on a blockchain technology.
Informations on blockchain works in hashes conjugated together, that is working in peers, this makes it difficult for informations out there to be compromised, speed and scalability, remains the vital factor making this protocol very challenging, blockchain has several characteristics that looks trust-worthy they are immutability, transparency, and lastly security.
We have so many other types of chain's, this brings us to Sidechain the main topic of the day I will be highlighting what this chain is all about in a well detailed manner, keep reading.
Explain in detail the Sidechains with the use of ZK-Rollups
The main objective of Sidechain is scalability with this I will define Sidechain as a mechanism aimed at accelerating blockchain scalability, Sidechain mechanism paves way for tokens and so many different digital assets from a blockchain to another making the various assets totally secured so they could also be used in another blockchain if need be.
In everything we do security is key, any information inshringed into a blockchain technology can't be deleted or compromised, the major problems with blockchain is scalability, with the help of Sidechain mechanism, tokens and other digital assets are on the fore-front and thus scalability has officially been accelerated.
Sidechain has so many projects within it's domain, as I my homework goes by I will explain then, Sidechain has all the potentials to to add fluidity to existing blockchain's, remember separate blockchain that consolidates with the parent blockchain with the use of what I call a two-way-peg, with this reversibility is very much at fruition.
Note, courtesy the whole process we regard blockchain as the main chain, you can say the parent chain, and other blockchain's are seen as Sidechain's.
Some Key benefits of using Sidechain
There are so many benefits using Sidechain, I will take time to highlight the models, trust me at the end you will see the beauty Sidechain brings.
✓ Sidechain gives room for various unstable softwares to get a testing sniff, while testing the software in the Sidechain if anything goes wrong Sidechain bears the brunt, the parent chain won't be affected in any form
✓ Sidechain provides momentum for the parent blockchain, various transactions can come to fruition in either of the chains. There are DApps in the parent chain user's can thus make use of those DApps for scalability purpose.
✓ Sidechain assists the main chain to Lessing the loads it Should have posesses, Sidechain assists the main chain to store data and process various transactions.
✓ Sidechain has enough mining power, and this provides total security against hackers in the blockchain, but if there are any form of infractions the main chain won't be affected.
What is ZK-Rollups
ZK-ROLLUPS are randoms galvanized in the layer2 construction with the sole motive of increasing scalability through massive transfers, and the process in consolidated in one transaction. this massive, let's say I created one transaction for one transfer, ZK-Rollups accumulates so many transfer in a solitary transactions, all the transactions conducted will then be confirmed by smart contract, this is practically how this works.
We have so many proofs used in different protocols, we have the proof of work (PoW), we have the proof of stake (PoS), deligated proof of work, and all the rest, but for this ZK-Rollups makes use of Zero knowledge proof, the use of this proof is to make records very much open within the public Etherium blockchain.
One key Advantage to ZK-Rollups is that it brings computing and storage resources to the bearest minimum thereby reducing the total data officially been held courtesy transactions.
ZK-ROLLUPS has majorly two types namely Transactor and layers, there functions are quiet simple, **Transactor galvanizes their transfers thus they create it, and brownish it across the network.
while Layers accumulates larger big amount of transfers in order to cave out a rollups, along the process a snark proof is generated this proof is in form of a data and it also has a hash represented within the blockchain space.
| Advantages | disadvantages |
|---|---|
| In a single transfer fees are brought to the bearest minimal, fees are totally reduced | there are always challenges in computing the zero knowledge proof as it required humongous data for intense maximization throughput. |
| various Block's has the capability to be computed in a parellel model, at this phase decentralization comes to fruition | ZK-Rollups from the onset, it's set-up arises a centralized scheme, there are alot of insecurity consideration. |
| Minimal data runned courtesy a single transaction increases throughput, making layer 2 totally scalable | there are always a scare as a result of quantum computing power, there are always a fear of hackers gaining access to the rollups. |
Explain the Liquid Network side chain
This network is seen as a federated Sidechain, that paves way for every person to give out their assets and at the same time have an upper hand in the features they possess.
that means the digital assets you issue out you are in control of it, although this network is a Sidechain of bitcoin. Some of the features they possess within their rank includes
✓ confidential transaction.
✓ trading with a reduced list, risk management system.
Note that liquid assists in accelerating functionalities through bitcoin architecture.
Various assets that can be issued courtesy Liquid network
There are several many assets that can be issued via the Liquid network, I will explore some of then in totality keep reading.
Stable-coin
Fiat/physical cash can be tokenized therefore deposits can be received into desired bank accounts and the percentage of the token will be given to the depositor, looking at in reality you will agree with me that items are represented on a block-chain, various audits have a role as they ensure that outstanding tokens corespondents with deposit been held.
Utility tokens
Just as the name implies, this token is utilized and very unique, as they can be used for essential purpose, they grant acessibility to some certain decentralized platforms courtesy ticketing, and identity.
Security token
Platform of the security liquidity can be used to give out various digital securities, such as stock and bonds, or various derivatives that is consolidated together in a non custidial Liquid wallets.
Describe the steps to connect the metamask wallet and the polygon network wallet. Show screenshots
Connecting your Metamask wallet to a polygon network wallets is very simple, what you need do is to follow the simple steps that I will be highlighting here, keep reading and enjoy the class.
First you need to have a metamask wallet installed in your computer or smart phone, if you don't have you proceed to downloading one and install it.
After that fate has been achieved please open the metamask inter-phase, the Etherium main network interphase.
After you have exploited the inter-phase, you click on settings, and another phase will pop up, where you have toadd network,
At the add network phase, there are other network's been listed there, but since you are adding you tap the add network section.
At this phase other existing Network's are seen since you are adding please done click on anyone.
after clicking on the Add network section, another page where you have to fill up, the nature of the network you want to add.
Since I'm Adding MATIC, I quickly clicked on it written in capital letter, I selected my chain ID, and my ** RPC** was customized I clicked on Add .
looking at the homepage, I have successfully connected my metamask wallet to polygon network wallet.
At the landing page I have 0 MATIC, it's understandable because no transaction has been executed.
According to the polygonscan block explorer, when will the block 25,000,000 be generated? Show screenshot
Acessing the polygon block explorer you click here click here and the inter-phase will pop up, view the snap-shot below.
- At this point I accessed the landing hom-page and I imputed the 25,000,000. At the Search spot and a result came to lime-light view this below.
The result is in front of us now, I discovered that the next block will be generated in 107 days, 13 hours, 28 mins, 12 sec.
The estimated target date is at Tuesday February 15th 2022, 00;37;12 GMT.
Explore the 12,000,000 block, at that time, what was the price of the Matic? Show screenshots
Here I will still explore the polygonscan homepage but this time I imputed 12,000,000, my motive is to determine the matric let's proceed with the exploitation.
Summarizing the result gotton when I search 12,000,000 stood at total difficulty stood at 99,921,518.
Size was 5,826 bytes. and as you will always know the gas consumption/used, 3,022,128. Gas limit is 20,000,000.
- The price of MATIC at the time of exploring the polygonscan stood at $0.38/Matic.
hash 0x54c6805f441801ea05620f26950ca70c401e1642ab27f76d5097f9f500689965
Conclusion
Nice post from you professor @pelon53, you Explained well, and from my homework task I was able to know and Analyze that Sidechain has to do with accelerating blockchain scalability, it's an emerging protocol mechanism trying to create and make blockchain flexible, and scalable in all ramification.
Sidechain mechanism paves way for tokens and other digital assets from a particular blockchain to be secured, and free from hackers threat, the digital assets can also be moved to other blockchain's if need be and still maintain it's secured standar carried from the previous blockchain.
ZK-ROLLUPS are randoms galvanized in the layer2 construction with the sole motive of increasing scalability, thank you very much professor @pelon53 for this wonderful lectures trust me I learnt alot.
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