What is ZKFair

The article provides a comprehensive exploration of what is ZKFair (ZKF), a community aiming to revolutionize decentralized applications (dApps). They use zero-knowledge systems for transaction validity or privacy, at the same time integrating Ethereum's security features. Notably, ZKF introduces the Initial Governance Offering (IGO) for project launches, emphasizing community involvement. Let’s dive deeper into how ZKFair works, and what it is a promising player in the DeFi community.

Key Takeaways

• Innovative Model: ZKFair introduces an Initial Governance Offering (IGO) for project launches.
• Fair Allocation Model: offers an equal distribution of its native token, ZKF, through a combination of two types of airdrops.
• Layer 2 Efficiency: the coin operates as a Layer 2 solution, utilizing ZK-Rollup technology for efficient transaction processing and scalability.
• Community-Centric: ZKFair prioritizes community participation, with governance rights and gas fee sharing provided to ZKF token holders.
• Security Measures: it employs zero-knowledge proofs (ZKP), Celestia data availability (DA) layer, and currency of USDC to offer security and transparency within its ecosystem.

What is ZKFair?

ZKFair is a community-driven ZK L2 network aimed at creating a scalable, secure, and equitable ecosystem for decentralized applications (dApps). It relies on Ethereum's strong security framework and utilizes zero-knowledge proofs to ensure transaction integrity and confidentiality. ZKFair employs a fair distribution approach, dispersing its native token ZKF through community airdrops and incentives. Built using Polygon Chain Development Kit (CDK), Celestia Data Availability (DA), and Lumoz, the currency introduces the novel concept of IGO (Initial Governance Offering) for project launches, empowering participants with governance rights and the ability to contribute feedback. With its compatibility with EVM and support for smart contracts, ZKFair stands out as the pioneering mainnet ZK-L2 network. Its official launch took place on December 20th, 2023.

What is ZKF token?

It has a significant position in the community as its native digital currency.  Outlined below are the key characteristics of the ZKF token:

• Governance: token holders can engage in decentralized governance within the ecosystem. This includes selecting Community Governance Representatives and participating in pivotal decision-making processes.
• Gas Fee Sharing: those holding the tokens benefit from sharing L2 Gas Fees, which enhances the ecosystem's overall advantages.
• Equitable Distribution: the token follows a fair distribution model. Out of the entire 10 billion, 2.5 are distributed thoughtfully to the community through airdrops, while the remaining 7.5 billion are exclusively generated via Gas Fee Airdrop following the mainnet launch.

ZKFair Airdrop

ZKF celebrated a significant achievement through its Airdrop event, which aimed to distribute the entire token supply in two phases.

In the initial phase, termed the Gas Fee Airdrop, 7.5 billion ZKF Tokens were allocated. Beginning on December 23 with a $3 million USDC cap, tokens were distributed proportionally based on the gas fees consumed by each address, with distribution details accessible via the dashboard post-event.

The subsequent phase, known as the Community Airdrop, distributed the remaining 2.5 billion ZKF Tokens. Of these, 25% were earmarked for users who had engaged with various platforms such as Polygon zkEVM, ZKSpace, zkSync, Linea, Scroll, and others in the preceding two months.

The claim window for the airdrop remained open until January 11, 2024. Any unclaimed tokens were subsequently destroyed. Such an impressive ZKFair airdrop was a demonstration of commitment to fair distribution and active community involvement.

ZKFair price, supply and Market cap

How does ZKFair work?

Let’s see how ZKFair works - it operates as a Layer 2 solution, employing ZK-Rollup technology to streamline its processes. By leveraging zero-knowledge proofs, ZKFair aggregates and manages transactions off-chain, thereby improving the efficiency and security of blockchain operations. The platform is constructed using the CDK enabling the establishment of tailored ZK-proof Layer 2 networks. Furthermore, gas fee payments within the ecosystem are facilitated using the USDC stablecoin.

ZK PoW Prover Architecture 

The Prover plays a crucial role in various Layer 2 platforms, including ZKFair, responsible for generating ZK evidence. In Lumoz's framework, each Web3 application has the flexibility to deploy its own dedicated ZK-Rollup on a preferred base chain, with options including Ethereum, Lumoz, BNB Chain, and Polygon.

To meet the escalating demand for hardware resources due to the proliferation of ZK-Rollups, Lumoz introduces a unified ZKP computing power marketplace. This marketplace incentivizes miners to produce ZKPs for these ZK-Rollups, with innovative features aimed at preventing malicious activities, enhancing prover incentivization, and optimizing proof submission processes.

Upon a prover computing a ZKP for a specific sequence, it initially computes the hash and forwards it to the chain-level smart contract. Once a ZKP successfully passes verification, it can authenticate all submitted hashes. Validated provers receive PoW rewards proportionate to miners' staked amounts. Failure of any ZKP to pass verification before the T+20th block results in slashing for all providers who submitted the info.

The Blockchain ZKFair (ZKF) operates on

ZKFair functions within a Layer 2 network, leveraging Polygon CDK and Celestia DA. Employing ZK-Rollup technology, it is based on proofs that consolidate and manage transactions off-chain, thereby heightening the efficiency and security of blockchain processes.

Additionally, the token facilitates seamless interoperability across diverse blockchain networks. This pivotal feature facilitates smooth interaction between various decentralized applications operating on distinct blockchains.

Furthermore, it adopts USDC as its gas token, establishing a stable and transparent fee structure for users, consequently enhancing transaction predictability. Aligned with its model, ZKFair heavily leans on active community involvement. With minimal reliance on venture funding, the project primarily relies on community support. This community-centric approach resonates strongly with the decentralized principles of cryptocurrency.

What Makes ZKFair Unique?

ZKFair sets itself apart in the blockchain arena, particularly within Layer 2 solutions, by embracing an innovative approach and a steadfast dedication to fairness, transparency, and community engagement. Here are several distinctive characteristics that define the project:

• Community-centric profit-sharing: a remarkable 75% of gas fees generated on the network are redistributed to stakers, empowering the community directly involved in driving the network’s expansion.
• DApp developer incentivization: the remaining 25% of gas fees are earmarked for DApp developers within the ecosystem. This incentivizes the creation of innovative projects, fostering a symbiotic relationship that enhances the network’s overall utility.
• Stake weight and tiered rewards: stakers receive rewards based on the size and duration of their stake. The bigger the amount and the longer the duration, the greater the "stake weight," resulting in a higher share of gas fee profits.
• USDC as Gas Token: this project stands out by utilizing stablecoin USDC as its native gas token. This strategic decision ensures a secure and stable environment for users participating in decentralized finance transactions.
• Network Powered by Lumoz: future plans involve integrating a certain type of network, underscoring its commitment to decentralization. This network, powered by Lumoz, enables community members to participate in running ZKFair, further strengthening its decentralized nature.

History of ZKFair

Although a relatively new project, it has already gained an impressive amount of traction and supporters. Let’s look at the formation history of this project in more details - how it started and where it is now.

Who created ZKFair?

The project emerged as a community-led endeavor, representing the inaugural community ZK-L2 platform founded on Polygon CDK and Celestia DA, powered by Lumoz, a ZK-RaaS provider. The project's essence lies in its steadfast commitment to principles of fairness, transparency, and active community engagement. However, specific details regarding the individuals or teams responsible for its inception remain undisclosed in available documentation.

Beginnings

ZKFair unveiled its testnet on December 7, 2023, followed swiftly by its mainnet launch on December 20, 2023. The project's hallmark attributes revolve around its dedication to fairness, transparency, and community involvement.

Expansion

With an eye towards growth, ZKFair outlines strategic objectives for forthcoming quarters, poised to broaden its ecosystem through partnerships with over 200 projects, focusing notably on DeFi, gaming, and AI domains. Plans for Q1 2024 entail the launch of the Launchpool, collaboration with SPACE ID for the .ZKF DID, and the introduction of interactive PFP.

How Is ZKFair (ZKF) Different To Other Crypto Projects

It stands out for its innovative approach and commitment to fairness, transparency, and community involvement. Here are some of the unique characteristics that set the coin apart from Ethereum, Bitcoin, and Litecoin.

Ethereum (ETH)

Despite Ethereum and ZKFair both facilitating smart contracts, the latter functions differently as a Layer 2 solution, leveraging ZK-Rollup technology to consolidate and manage transactions off-chain. This methodology bolsters efficiency and security within blockchain operations. In contrast to Ethereum's utilization of Ether (ETH) as its gas token, ZKFair opts for the stablecoin USDC. This decision ensures a reliable and stable environment for users engaging in DeFi transactions. Moreover, ZKFair places significant emphasis on community engagement and equity, affording users the opportunity to actively participate in governance and operational matters.

Bitcoin (BTC)

Bitcoin, recognized as the pioneering blockchain-based cryptocurrency, lacks support for smart contracts and is primarily designed to act as a digital currency. In contrast, ZKFair employs zero-knowledge proofs to consolidate and handle transactions off-chain, thereby augmenting efficiency and security within blockchain processes. Unlike Bitcoin, this coin embraces smart contracts and decentralized applications (dApps), offering a broader range of functionalities.

Litecoin (LTC)

Litecoin, established by Charlie Lee, a former Google engineer, in 2011, serves as a peer-to-peer cryptocurrency. While Litecoin and ZKFair share the commonality of being cryptocurrencies, the latter employs cutting-edge technology, particularly ZK-Rollup technology, enabling it to consolidate and execute transactions off-chain. In contrast to Litecoin, ZKFair embraces smart contracts and decentralized applications (dApps), offering a wider array of functionalities. Furthermore, ZKF utilizes the stablecoin USDC as its gas token, ensuring a secure and stable environment for users engaging in DeFi transactions.

Advantages of ZKFair

Let's explore the benefits of the coin and answer this question: what is ZKF crypto used for.

• Enhanced Efficiency and Security: it employs zero-knowledge proofs to consolidate and process transactions off-chain, boosting both the efficiency and security of blockchain operations.
• Reduced Data Expansion and Gas Costs: the project utilizes Celestia's modular DA to streamline data scaling, leading to substantial reductions in gas costs for users engaging with dApps within the said ecosystem.
• Atomic Cross-Rollup Communication: adopts the NCRC 2.0 protocol, facilitating direct interaction between users on ZKFair and dApps on Ethereum, promoting seamless interoperability across various second-layer networks.
• Decentralized Prover Network: future plans involve integrating a decentralized prover network, signaling a transition towards complete decentralization, further enhancing the platform's security and resilience.
• Stablecoin Integration for Gas: project sets itself apart by utilizing USDC for gas, ensuring stability and transparency in transaction fees.

Disadvantages of ZKFair

However, there also exist a few minor disadvantages of the coin.

• New Technology: as a new technology, it may face challenges and uncertainties that come with pioneering a new approach.
• Interoperability: while ZKFair has made strides in achieving interoperability with Ethereum, it remains to be seen how well it can integrate with other blockchains.
• Adoption: as with any new technology, widespread adoption can take time and may face resistance from established systems.

How Is The ZKFair coin Secured?

ZKFair implements cutting-edge ZKPs to redefine transactional privacy, safeguarding transactions from unauthorized access through sophisticated cryptographic techniques. This ensures confidentiality while upholding the integrity of the network. While transactions are transparent and verifiable on the blockchain, sensitive details such as sender, receiver, and amount remain confidential.

Additionally, the concept is constructed on the Polygon CDK, facilitating the creation of tailored ZK-proof Layer 2 networks. By leveraging the Celestia data availability layer, it ensures the integrity of transactional data on its platform, further bolstering security.

Furthermore, the coin sets itself apart by utilizing stablecoin USDC as its native gas token. This strategic decision provides a secure and stable environment for users engaging in decentralized finance transactions.

It is important to acknowledge that while these security measures enhance the robustness of ZKFair, no system is impervious to all potential security risks. Therefore, exercising caution when dealing with cryptocurrencies and digital assets is crucial. Conduct thorough research and consider seeking guidance from professionals or experts in the field.

Buying ZKFair (ZKF)

After exploring the subject in more detail, one might want to find out about how to buy ZKfair (ZKF) cryptocurrency. To do so, head to SimpleSwap and follow these instructions:

• For example, you want to swap BTC for ZKF. Select the currency you want to exchange (e.g. BTC) in the first drop-down list. Then enter the amount you want to swap.
• Select ZKF in the second drop-down list. You’ll see the estimated amount that you’ll get after the exchange.
• Click the Exchange button.
• Enter the Recipient's Address. ZKF will be sent. Be careful and make sure you use the correct address.
• Create the exchange.
• You will see the Bitcoin deposit address. You need to transfer the necessary amount of BTC to this address to start the BTC to ZKF exchange.

How to Stake ZKFair (ZKF)

Staking is a common practice in the cryptocurrency world that allows you to earn passive income by holding a particular cryptocurrency in a wallet to support the operations of a blockchain network. Here’s a general guide on staking ZKF token:

1. Wallet Setup: first, you’ll need to set up a wallet that supports ZKF. Make sure it’s secure and you have the private keys or seed phrase stored safely.
2. Acquire ZKF: you’ll need to have some ZKF in your wallet. You can usually acquire ZKF from a cryptocurrency exchange.
3. Navigate to the Staking Platform: go to the official staking platform. 
4. Connect Your Wallet: connect the wallet containing your ZKF to the staking platform.
5. Stake Your ZKF: follow the instructions on the platform to stake your ZKF. This usually involves confirming a couple of transactions.
6. Earn Rewards: once staked, your ZKF will start to generate rewards over time

How to Mine ZKFair (ZKF)

In the context of cryptocurrencies, mining typically refers to the process of validating and adding new transactions to a blockchain. However, not all cryptocurrencies use mining. Some use different methods to distribute their tokens and secure their network.

Therefore, ZKF does not support traditional mining. The ZKF tokens were airdropped to the community immediately after the mainnet launch. The distribution included Gas Fee Airdrop and Community Airdrop to ensure fairness and inclusivity.

ZKFair Roadmap

ZKFair has laid out an extensive roadmap for its upcoming development endeavors. In the first quarter of 2024, the team plans to execute various initiatives, including the launch of the Launchpool, collaboration with SPACE ID for .ZKF DID, and introduce interactive PFP NFTs. Additionally, the platform aims to organize large-scale ecosystem events and integrate with additional wallets and CEXs. 

Moving forward into the second and third quarters of 2024, ZKFair intends to bolster its platform through strategic collaborations, such as the one with Lumoz RaaS's new ETH L2, and facilitate cross-chain transfers for BTC ecosystem assets. These initiatives are designed to foster the expansion of the ecosystem and enrich user engagement. By promoting creativity and supporting a diverse array of ZK projects, the community plays a pivotal role in driving innovation and setting the project apart in the ZK landscape.

Future of ZKFair

Positioned as a Layer 2 blockchain platform, the project has set ambitious goals for its future trajectory. Its vision extends to integrating with the BTC ecosystem. Despite facing competition in the crowded L2 solutions arena and navigating the complexities of ecosystem development, ZKFair remains steadfast in pursuing its original vision.

In the broader market context, forecasts suggest substantial growth in the global cryptocurrency market, with projections indicating a surge to $4.94 billion by 2030, a considerable leap from its $1.49 billion estimate in 2020. This optimistic market outlook may present opportunities for ZKFair. Nonetheless, it's essential to acknowledge the inherent volatility of cryptocurrency markets, susceptible to various influencing factors.

The Bottom Line

In conclusion, the ZKFair Protocol stands as a pioneering force in decentralized finance within the chain ecosystem. Its innovative blend of technologies and thoughtful currency design seeks to redefine the landscape of DeFi. With well-crafted tokenomics, and a robust governance framework, the project underscores its core values of transparency, sustainability, and community engagement. As we explored the concept and had ZKF crypto explained, the importance of active participation in the IDO, governance processes, and overall ecosystem is becoming evident.

Disclaimer: SimpleSwap reminds you that this article is provided for informational purposes only and does not provide investment advice. All purchases and cryptocurrency investments are your own responsibility.

FAQ

Below is a list of the most commonly asked questions about the coin.

What is the gas fee for ZKF?

These consist of two parts: 75% for rewarding ZKF stakers and 25% for distributing to DApp developers.

What is the total supply of ZKF tokens?

The total supply of tokens is 10 billion.

What blockchain network is ZKF?

ZKF is part of the first community ZK-L2 network, which is based on Polygon CDK and Celestia DA. It is powered by Lumoz, a ZK-RaaS provider.

What is ZKF crypto used for?

Answering the question of what does ZKFair do, it can be used for paying gas fees, participating in governance and staking, and allowing users to earn rewards from gas fees paid by others in the ecosystem.