How To Buy ZKSpace (ZKS)?

A common question you often see on social media from crypto beginners is “Where can I buy ZKSpace?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports ZKSpace (ZKS)

First, you will need to open an account on a cryptocurrency exchange that supports ZKSpace (ZKS).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase ZKSpace (ZKS) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy ZKSpace (ZKS)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for ZKSpace (ZKS) or ZKSpace (ZKS) trading pairs. Look for the section that will allow you to buy ZKSpace (ZKS), and enter the amount of the cryptocurrency that you want to spend for ZKSpace (ZKS) or the amount of fiat currency that you want to spend towards buying ZKSpace (ZKS). The exchange will then calculate the equivalent amount of ZKSpace (ZKS) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of ZKSpace (ZKS) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

Alternative ways to buy ZKSpace (ZKS)

Because the project is very new, it is only offered directly on a select number of exchanges. If you’re not comfortable connecting your bank account to any of these smaller exchanges, or if you cannot connect your bank account to them for geographical reasons. Then you can instead create an account on any of the major exchanges and simply transfer the funds from there.
Out of the major exchanges we recommend the following based on functionality, reputation, security, support and fees:

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is ZKSpace (ZKS)?

‍ZKSpace, previously known as ZKSwap, is a decentralized cryptocurrency exchange (DEX) with an automated market maker (AMM) model. This allows for users to trade digital assets without a centralized authority/exchange (CEX) automatically by using liquidity pools. Liquidity pools are a group of funds that are pooled together by lenders so others may borrow from the pool. 

The name ZKSpace stems from Zero Knowledge Rollup technology – the full set of swapping functions are realized in layer-2 while providing “unlimited scalability and privacy.” The transactions on this network do not require any gas fees.

By using its own ZK-Rollups protocol, ZKSpace can allow bundles of hundreds of swaps and transactions across different blockchains seamlessly.

Other benefits of ZKSpace when compared with other DEXs: 

• Complete Decentralization
  Users on ZKSpace have complete control of their crypto and transactions don’t require authorization from any central power. This provides a higher grade of privacy and liquidity.

• Very High Throughput
  ZKSpace is based on ZK-Rollup technology, meaning the transactions per second (TPS) can be increased by multiple orders of magnitude.

• No Gas Fees
  Liquidity providers and users do not need to pay high gas fees as with blockchains like Ethereum, which greatly reduces the threshold for use.

Who are the founders of ZKSpace?

ZKSpace was founded in August 2020 by the developers at L2 Labs. The testnet was launched in November 2020 and on Feb. 15, 2021, the mainnet on Ethereum was started. In February 2021, the crypto exchange carried out an airdrop, distributing 80 million $ZKS. Its roadmap includes a variety of upgrades that will help the network become a widely used DEX and AMM.

How Does ZKSpace Work?

ZKSpace works like other DEXs by matching those who would trade or swap cryptos in a P2P manner. However, the ZKSpace platform leverages the layer-2 solutions that ZK-Rollups provide, allowing “infinitely scalable” token swaps on the second layer of Ethereum. In other words, it bundles transactions with ZK-Rollups to move them off-chain for faster processing.

When the transactions are moved off-chain, the rollup will create a cryptographic proof known as SNARKs that acts as verification and authentication with layer-1 without disclosing the specific information within.

ZKSpace enables users to put their layer-1 digital assets (like ETH and other ERC-20 tokens) into ZKSpace smart contracts that then function on layer-2, thereby increasing speed and throughput. This greatly improves the efficiency of cryptocurrency exchanges (centralized or decentralized).

The ZKSpace architecture consists of a front-end user interface (UI), on-chain smart contracts and an off-chain ZKSpace server (memory pool, block proposer, state keeper and prover server).

The technological component is two main developments – layer-2 server and Plonk zero-knowledge proof system.

Thanks to WebSocket, the ZKSpace server interacts with the platform users and the interface has a transaction tracking function. All approved requests go to the ZKSpace memory pool and are processed by the swap engine. ZKSpace’s zero-knowledge proof system relies on a distribution architecture and side-by-side developments to create evidence, namely the zero-knowledge proof algorithm – Plonk. ZKSpace status tree keeps a record of all account balances in the system.

What Makes ZKSpace Unique?

ZKSpace has all the benefits that we have found in DEXs – privacy, P2P  dealing, low fees and more. Additionally, it adds layer-2 functionality that eliminates any bottlenecks in transactions on the main network. It allows everything to flow more smoothly by using ZK-Rollup technology to execute token swaps.

The main business use for ZKSpace will be to replace slower and less efficient DEX models. This will ensure the highest level of liquidity is being reached at all times on the network – one of ZKSpace’s main goals.

The ZKSpace network is secured using a variety of different consensus mechanisms. In addition to a proof-of-stake (PoS) mechanism, they also use the somewhat unique proof-of-TransFee (PoT), proof-of-ZK-Snarks (PoZK), proof-of-gas (PoG) and proof-of-liquidity-mining (PoL). Users who wish to learn more about these can visit their whitepaper, but below is a rough breakdown of their use:

• PoS – ZKSpace will enable smart contract staking to reward those who lock their funds on the network.

• PoT – having a proof of transaction fee system allows ZKSpace to incentivize and reward users in the ZKS token proportional to the amount of fees they have paid.

• PoZK – proof-of-ZK Snarks allows the ZKSpace network to generate mineable zero-knowledge proofs that allow communication with layer-1 Ethereum. 

• PoG – ZKSpace’s proof-of-gas allows for a third party to pay for user gas fees in return for getting reimbursed with ZKS tokens.

• PoL – proof-of-liquidity-mining enables users to be rewarded when they provide liquidity for certain trading pairs similar to Uniswap and other DEXs.

What Is the ZKS Token?

ZKS is the native protocol ERC-20 token that drives the ZKSpace network. It has a maximum supply of 1,000,000,000 tokens. It is used to incentivize all actions on the network by compensating users for tasks like mining. ZKS is also used to govern the network and take part in transaction verifications, token listings and buy-back. The distribution of ZKS is broken down into the following categories:

• 60% allocated to community mining efforts 
• 15% reserved for the ZKSpace team
• 8% held for ecosystem developers and growth
• 6.7% goes to angel investors 
• 5.3% is allocated to potential A-round investors
• 4% held for the initial liquidity 
• 1% held for advisors to ZKS 

ZKS is a major component of the ZKSpace system and can be used in the following scenarios:

• Governance – ZKS holders can initiate proposals for updating and improving the protocol. All token holders have the right to vote, so proposals that receive the majority of votes are accepted and the development team takes responsibility for implementation.

• Voting/pledge for listing – holders of ZKS take part in the voting, and furthermore, they have the opportunity to initiate a listing proposal. By gaining a majority of votes, holders can place a coin. Finally, users with a significant amount of ZKS can pledge their tokens for listing.

ZKSpace development updates in 2023

ZKSpace, a prominent player in the cryptocurrency market, has announced major developments in 2023. These updates signify a strategic shift in its focus and an expansion of its ecosystem. Here are the key developments:

• Expansion into the BRC20 Ecosystem: ZKSpace has made a significant move by expanding into the BRC20 ecosystem. This decision came after the Bitcoin network’s Taproot upgrade, which led to a growing interest in the BRC20 domain. The expansion aims to meet user demand and diversify ZKSpace’s product offerings. Plans include introducing a BRC20 Exchange, BRC20 Info, and a BTC Layer2 wallet, alongside the introduction of ZKSwap (zkSync version), cross-chain functionality with BZKSwap, and a comprehensive BTC ZKVM solution for a decentralized BTC Layer2 DEX​​​​.

• Tokenomics 2.0 Trilogy: ZKSpace has initiated a significant change in its tokenomics by deciding to burn 40% of the total ZKS token supply. This reduces the uncirculated supply from 440 million to 40 million tokens, aiming to create a deflationary effect on the non-circulated portion of the tokens by over 90%. The completion of this token burn is expected by December 31, 2023. Additionally, in 2024, ZKS tokens will be upgraded to dual-chain Layer2 governance tokens, operable on both ETH and BTC networks. This upgrade includes migrating a portion of ZKS tokens to the BTC network, with profits dedicated to accelerating the token’s deflationary plan. This token burn marks the first phase of the innovative Tokenomics 2.0 model trilogy, and ZKSpace is also planning a series of products for the BTC ecosystem and a significant brand evolution​​​​.

These updates by ZKSpace are a clear indication of its commitment to evolving and expanding its presence in the cryptocurrency market, with a focus on aligning with user preferences and enhancing the value of ZKS token holders.

Official website: https://zks.org/

Best cryptocurrency wallet for ZKSpace (ZKS)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for ZKSpace (ZKS)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).