Aussie Company zkTube Addressing Crypto Mining Issues

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 Aussie Company zkTube Addressing Crypto Mining Issues
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Highlights

  • The zkTube lab’s team is attempting to change the impact crypto mining has on the environment
  • zkTube has developed PayTube: a Layer 2 Zero-Knowledge platform and accompanying wallet
  • It allows users to mine for cryptocurrencies or perform any blockchain transactions for a fraction of the price and at much higher speeds

Cryptocurrency mining and its increasing impact on the environment has garnered attention this week with the revelation that Bitcoin’s mining alone uses up 0.5 percent of the world’s annual electricity usage.

Bitcoin’s heavy use of electricity was brought to the public’s attention earlier this year when Tesla billionaire, Elon Musk, called out the digital currency’s mining practices as harmful to the environment.

Before this, Musk had been a famous supporter of Bitcoin, and, in March 2021, Musk decided for Tesla to accept Bitcoin as legal tender for their electric vehicles.

However, Bitcoin isn’t the only digital currency whose mining uses excessive amounts of energy. Ethereum – the world’s second largest cryptocurrency by market capitalisation has also experienced growing congestion, which has resulted in escalating gas fees for the platform.

This is where Australian start-up zkTube Labs enters the picture.

What is zkTube?

The zkTube labs team is attempting to change the impact crypto mining has on the environment while solving some of Ethereum’s congestion and high gas fee problems without compromising security.

The result is PayTube: a Layer 2 Zero-Knowledge platform and accompanying wallet.

zkTube CEO, Daniel Puzny says zkTube enhances scalability and transaction throughput while also lowering gas fees and improving privacy. It accomplishes all this all whilst significantly reducing energy consumption.

Image Source © Inkdropcreative1 | Megapixl.com

The simple result of this technology is a platform that allows users to mine for cryptocurrencies or perform any blockchain transactions for much lower costs as well as at much higher speeds. In fact, zkTube is over 200 times faster than Ethereum.

Moreover, the new technology means one party can confirm to another the existence or verification of a password or an amount, without having to reveal what that password or amount is.

Additionally, there’s the launch of the PayTube wallet, which will be the first of its kind and its technology will add extra security, which is a vital aspect.

Image source © Eamesbot | Megapixl.com

The Origin of zkTube

The initial concept for the zkTube Protocol prototype came about in 2018 when Ethereum founder, Vitalik Buterin, proposed a mining solution for anti-ASIC Application-Specific Integrated Circuit).

At the time, Lance Zhang, founder of zkTube, had come up with the breakthrough idea of a Layer 2 solution for cryptocurrency mining.

Finally, in October 2020, Zhang and his team started searching for solutions to Ethereum’s growing congestion and escalating gas fees.

zkTube is headquartered in Melbourne and has over 50 employees, including more than 30 technical engineers and consultants in the field of cryptography.

Moreover, the company has a strong leadership team that looks after both business units and explores new ideas.

The work being done by zkTube is ambitious and predicted to be revolutionary in the world of crypto. As their company moves forward, their forthcoming innovations will be interesting to watch.

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