ZKFair (ZKF): A Fair and Inclusive Crypto Experience

Layer 2 scaling solutions have been growing in popularity over the last few years, largely due to Ethereum’s (ETH) exorbitant transaction fees and network congestion. These solutions are typically highly cost-effective and achieve scalability levels that the Ethereum network can’t even hope for. Unfortunately, Layer 2 platforms aren’t flawless, and tend to feature weaknesses such as lack of sufficient decentralization in some parts of their architecture, as well significant concentration of revenue in the hands of network operators.

ZKFair (ZKF) is a revolutionary Layer 2 solution that addresses these drawbacks by focusing on maximum decentralization and community involvement. It launched its testnet and subsequent mainnet operations in December 2023, followed by a 100% fair token distribution event. As of early January 2024, the platform is in its initial period of operations but has already made quite an impression on industry observers and decentralization enthusiasts.

Key Takeaways:

• ZKFair is a zero-knowledge, proof-based Layer 2 platform that aims for complete decentralization and sharing of all revenues with its user community.

• The platform completed its token distribution on Jan 11, 2024. All of the supply was fairly allocated to users, with no investors, team allocations, vesting schedules or other preferential treatment mechanisms.

• Its native token, ZKF, can be traded on Bybit as a Spot pair (ZKF/USDT). From Jan 5 to Jan 19, 2024, you can also participate in the Bybit ZKFair listing event to win from a prize pool of 180,000 USDT.

What Is ZKFair?

ZKFair is a zero-knowledge (ZK)-proof-based Layer 2 scaling platform for Ethereum that aims for a completely decentralized operational mechanism and community-based revenue distribution model. It’s the first Layer 2 platform that plans to feature a completely decentralized network of provers — off-chain entities responsible for generating cryptographic transaction proofs.

Additionally, ZKFair employs a revenue distribution model whereby all revenue from transaction fees is shared back among its user and developer communities. In terms of distribution, 75% of the revenue is allocated to those staking the platform’s native crypto token, ZKF, while 25% is shared with eligible decentralized app (DApp) developers.

ZKFair uses the USD Coin (USDC) stablecoin for gas fee payments.

How Does ZKFair Work?

ZKFair is built using the Polygon Chain Development Kit (CDK), a framework that lets you create customized ZK-proof Layer 2 networks. It uses the Celestia data availability layer to verify transactional data integrity on the platform.

Like other Layer 2 solutions, ZKFair achieves significant cost and scalability efficiency as compared to directly transacting on Ethereum.

ZK PoW Prover Architecture

Though many Layer 2 platforms feature cost and speed efficiency, certain parts of their off-chain processing architecture are centralized in the hands of specific network actors. One of these key entities is the prover, the node responsible for generating ZK proofs. On most platforms, provers are centralized, drawing criticism from decentralization purists over the excessive concentration of power, as well as the risk of a failed network due to single node failure.

To solve this commonly inherent issue, ZKFair plans to employ aproof of work (PoW) prover network based on Lumoz, a ZK-rollup-as-a-service platform. The project team has announced that the decentralized prover network will be implemented soon after the platform’s mainnet launch (which occurred on Dec 20, 2023).

What Is ZKF?

ZKF is ZKFair’s native token. Its core functions are staking and governance. By staking ZKF, you can earn rewards in voZKF, a token that entitles you to participate in on-platform governance. Holders of voZKF can vote on ZKFair’s future direction and key changes, as well as the specifics of revenue-sharing entitlements.

ZKF is a supply-capped token, with a maximum supply of 10 billion. Nearly all of this amount (98.7%) was fairly distributed via airdrops between late December 2023 and early January 2024.

ZKFair Airdrop

In order to distribute the ZKF token's supply fairly, ZKFair carried out two major airdrops between Dec 23, 2023 and Jan 11, 2024. During this period, 75% of the total supply of 10 billion tokens was distributed under the banner of a "gas fee airdrop" to early gas fee contributors on the platform, with the remaining 25% airdropped to participants who had recently interacted with a number of partnering Layer 2 solutions, including Polygon zkEVM, zkSync, Scroll, Linea, ZKSpace and Lumoz.

These airdrops featured no investors, team allocations, vesting periods or any other preferential treatment points — i.e., the entire supply was distributed in the most unbiased and fair way possible. The small proportion of the 10 billion ZKF left unclaimed in the airdrops by the January 11 deadline (1.3%) have been burned.

ZKFair Price Prediction

Launched at the beginning of January 2024, the ZKF token is still in the early days of its market history. As of Jan 15, 2024, the token is trading at $0.0246, 1.29% lower than its all-time high of $0.0249 registered on Jan 13, 2024 and almost 200% higher than its all-time low of $0.008345 on Jan 8, 2024. 

The long-term outlook for ZKF is largely bullish, with DigitalCoinPrice expecting it to reach $0.036 by 2025 and $0.10 by 2030, while PricePrediction forecasts the token will hit $0.034 in 2025 and $0.21 in 2030.

Where to Buy ZKFair (ZKF)

Bybit is among the first platforms to provide access to the ZKF token, via the ZKF/USDT Spot pair. Additionally, you can earn USDT rewards from a 180,000 USDT prize pool by holding or trading ZKF in two Bybit promotional events being held from January 5–19, 2024.

Closing Thoughts

While there’s no shortage of Layer 2 platforms on the market, few are as dedicated to decentralization and community involvement as ZKFair. This is a rare platform that’s decided to tackle the issue of prover centralization — a significant potential vulnerability for Layer 2 solutions. Sharing all revenue with its user community is also among the distinct focus areas that set this platform apart in the Layer 2 world.

ZKFair is ushering in a new era in Layer 2 technology, substantiating its claims with tangible actions — such as the ZKF token airdrops, which were textbook examples of fair and unbiased supply distribution. This project distinguishes itself through its solid commitments to fairness and community engagement, setting it apart in the intensely commercialized Layer 2 landscape. Let’s see if this will be enough to turn ZKFair into a major player in this fiercely competitive corner of the blockchain industry.

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