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Official Upgrade: ZKSpace Evolves into ZKBase, Launches ZKSwap for BRC20, and Introduces 1:1 ZKS to ZKB Exchange

ZKBase: The New Chapter in Scalability Solutions for Mainstream Blockchains

In an exciting turn of technological advancement, the team behind ZKSpace has officially rebranded and upgraded their infrastructure to ZKBase. This move is rooted in their dedication to providing scalability solutions for mainstream blockchains like Ethereum and Bitcoin. This new release also signals their commitment to building decentralized cross-chain and Layer2 ecosystems relying on Zero Knowledge (ZK) proof technology.

The rebranding brings with it the unveiling of their new official website– zkbase.org-which is already live and functioning. One of the first moves of ZKBase is the launch of ZKSwap(Bitcoin), specifically designed to cater to BRC20 and other Bitcoin ecosystem token trading. This is an indication of the team’s first step into the arena of BTC Layer2 solutions.

Of paramount importance is the announcement that ZKS tokens will be exchanged for ZKB tokens at an equal ratio of 1:1. With this conversion, ZKB will ascend and serve as the governance token of the ZKBase protocol. This change ensures ERC20-BRC20 cross-chain solutions facilitating ZKB holders to enjoy the benefits of both Ethereum and Bitcoin ecosystems seamlessly.

ZKBase’s Moves Going Forward

A significant stride in the upgrades is that all the transaction fees generated by ZKSwap(Bitcoin) will be used for the repurchase and burn of ZKB tokens, empowering ZKB holders. More than these, the final ZKS token burn and the issuing of ZKB tokens with a total supply of 600 million is scheduled for December 30th. From January 2nd, users could exchange any amount of ZKS tokens for ZKB tokens through a smart contract.

Your ZKBase team continually seeks to deepen their exploration of the programmability of the Bitcoin network and ZK cross-chain bridge. Their ambition drives them towards enabling secure and convenient cross-chain transactions of BRC20 and other Bitcoin network assets on other public chains. Overall, ZKBase is committed to developing and applying a complete Layer2 ecosystem on the Bitcoin network, thereby creating more uses for user assets and providing greater composability.

How Bitcoin Code App Supports the ZKBase Ecosystem?

Decentralized finance and the cryptocurrency market is becoming increasingly intricate as we move forward. In light of this, tools like Bitcoin Code can play a significant role in streamlining your cryptocurrency trading experiences. Bitcoin Code is an innovative platform with cutting-edge, automatic trading features that help users to trade Bitcoin more efficiently.

With the emerging complexities of parallel trading environments like ZKSwap serving BRC20 and other Bitcoin tokens, a sophisticated application like Bitcoin Code becomes all the more relevant. It helps users better understand, navigate and trade confidently within this evolving market landscape, thereby making the most out of the ZKBase ecosystem.

Frequently asked Questions

1. What is ZKSpace and how has it evolved into ZKBase?

ZKSpace was originally an open-source layer2 scaling solution for Ethereum, but it has now evolved into ZKBase. ZKBase is a comprehensive layer2 protocol that not only scales Ethereum but also offers various features like asset issuance, cross-chain compatibility, and others.

2. What is the significance of ZKSwap for BRC20 tokens?

ZKSwap is a new feature introduced by ZKBase that specifically caters to BRC20 tokens. It allows seamless and efficient token swaps for BRC20 tokens, enhancing liquidity and accessibility for these tokens on the ZKBase platform.

3. Can you explain the 1:1 ZKS to ZKB exchange?

With the launch of ZKBase, a 1:1 ZKS to ZKB exchange has been introduced. This means that ZKS tokens can be exchanged for ZKB tokens at a ratio of 1:1. This exchange facilitates the transition from ZKS to ZKB, providing users with enhanced functionalities and benefits offered by the ZKBase ecosystem.

4. How does ZKBase ensure the security and privacy of transactions?

ZKBase ensures security and privacy through its utilization of zero-knowledge proofs. By employing this cryptographic technique, ZKBase allows users to perform transactions without revealing sensitive information, thereby enhancing privacy and protecting user data.

5. What are the benefits of utilizing ZKBase’s asset issuance feature?

ZKBase’s asset issuance feature allows users to create their own tokens on the platform. This feature offers benefits like low transaction costs, faster transaction confirmations, and compatibility with Ethereum’s ecosystem. It empowers users to tokenize assets and leverage the advantages of the ZKBase protocol.

6. How does ZKBase enable cross-chain compatibility?

ZKBase achieves cross-chain compatibility by supporting multiple blockchains and allowing users to transfer assets seamlessly between different chains. This interoperability enhances the versatility of ZKBase, providing users with the flexibility to interact with various blockchain ecosystems.

7. Are there any future plans or developments for ZKBase?

Yes, ZKBase has ambitious plans for the future. They aim to further enhance the scalability and functionality of the protocol. Additionally, they plan to expand their list of supported assets and blockchains, ensuring broader adoption and increased utility for users.