We are thrilled to share that Zksync (ZK) is now listed on Coinhako!

What are ZKsync and ZK?

ZKsync is a Layer-2 scaling solution for Ethereum, using zero-knowledge rollups to process transactions off-chain. This method bundles multiple transactions, making them faster and cheaper. Like adding an extra lane to a congested highway, ZKsync reduces traffic on the main Ethereum network by providing more space for transactions.

ZK tokens enable participation in ZKsync governance through voting power. Here's how delegation works:

1. Delegate voting power to any ZKsync address. 
2. The address controller becomes a Delegate for voting. 
3. Delegation activates voting power without changing ownership. 
4. Token holders can change delegation anytime. 
5. All voting power in one wallet goes to a single address.

There is a total supply of 21,000,000,000 ZK and ZK has traded for US $0.3098 at its peak. 

How does ZKsync work?

Aggregating transactions

ZKsync uses zk-rollups to bundle off-chain transactions into batches, reducing the load on Ethereum's main chain. This process is similar to a post office grouping letters for more efficient delivery, rather than mailing each separately.

Using zero-knowledge proofs

ZKsync creates zero-knowledge proofs (ZKPs) to verify transaction batches, ensuring validity while maintaining privacy. ZKPs prove knowledge without revealing details, like demonstrating you know a password by answering related questions without disclosing the password itself.

Submitting proofs to Ethereum

ZKPs are submitted to the Ethereum mainnet for verification. Once validated, the network accepts them, officially recording and confirming transactions on the blockchain.

Why does ZKsync stand out?

Scalability

ZKsync improves Ethereum's scalability using zk-rollups to process transactions off-chain. This reduces fees and speeds up transactions, enabling Ethereum to support more users and DApps.

EVM compatibility

EVM compatibility allows developers to migrate Ethereum-based DApps to ZKsync with minimal changes, easing adoption of ZKsync scaling solutions.

What can you do with ZK on Coinhako?

ZK will be available for users to trade across all swap pairs on Coinhako.

To gain access to any of these trading pairs, you can either:

1. Fund your SGD wallet on Coinhako instantly with PayNow (or any other supported payment method)
2. Purchase ZK instantly with Visa / Mastercard 

Please note that the sending and receiving of ZK will not be available for this release.

Risk Warning on Digital Payment Token Services

Hako Technology Pte Ltd ("Coinhako") is licensed to provide digital payment token services under the Payment Services Act 2019 (No. 2 of 2019).

The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of a digital payment token ("DPT") service provider.

Before you pay your DPT service provider any money or DPT, you should be aware of the following.

1. Your DPT service provider is licensed by MAS to provide DPT services. Please note that this does not mean you will be able to recover all the money or DPTs you paid to your DPT service provider if your DPT service provider’s business fails.
2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by your DPT service provider.
3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
4. You should be aware that your DPT service provider, as part of its licence to provide DPT services, may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.

Visit: Coinhako.com/risk-disclosure for more information.