Argent + zkSync: A Peer-to-Peer Electronic Cash System dream comes to life

  1. Dealing with private keys, seed words, hardware wallets are very messy and inaccessible.
  2. You can only send one token* — BTC — which is very volatile.
  3. There’s very limited throughput — only 7 transactions can be processed per second.
  4. It’s very expensive — it costs $5 to make a transaction.
  5. It takes 10 minutes to an hour to confirm.
  1. Argent uses a social recovery system — you can read all about it here. Social recovery systems are not only far superior to seed words and hardware wallets for most people, but it’s also superior to Web2. If you forget your password and can’t recover your account, you have to call PayPal or Facebook, who can take weeks to restore your account after many a headache. With social recovery, you only need your close friends and family to verify it’s you and restore your account completely autonomously. The magic of smart contracts! Of course, we want to see the social recovery ecosystem develop.
  2. You can send any ERC20 token of your choice that’s listed on zkSync. If it’s not listed, it can be deployed permissionlessly. You can use stable assets like DAI or USDC if that’s what you prefer. Or you can send ETH or WBTC if you’re more into volatile assets. Some will claim that BTC will eventually become stable — but it doesn’t matter — Argent + zkSync gives you more choice either way.
  3. zkSync can process over 2,000 TPS, which is on par with Visa! But it doesn’t end there, once data shards release on Ethereum it would actually be capable 100,000 TPS and expanding over the years.
  4. zkSync transactions cost in the ~$0.20 range currently, but will continue to decrease with more activity. With zkPorter coming in 2022, this can drop down to as low as $0.02, and with data sharding and prover costs continuing to reduce we’ll have sub-cent transaction fees in a couple of years.
  5. zkSync transactions confirm nearly instantly! No more waiting around.

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Rants and musings on blockchain tech. All content here in the public domain, please feel free to share/adapt/republish.

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Polynya

Polynya

Rants and musings on blockchain tech. All content here in the public domain, please feel free to share/adapt/republish.

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