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ZKFair

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Discover ZKFair's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is ZKFair?

ZKFair (ZKF) is a zero-knowledge, proof-based Layer 2 platform that aims for complete decentralization and sharing of all revenues with its users. It operates on the Polygon CDK and Celestia DA, powered by Lumoz, a ZK-RaaS provider, and utilizes stablecoin USDC as the gas token. ZKF ensures 100% EVM compatibility, exceptional performance, minimal fees, and robust security, with a total supply of 10 billion tokens.

How is ZKFair used?

ZKFair (ZKF) is the utility token for the ZKFair project, a Layer 2 scaling solution for Ethereum. The token serves two primary functions: staking and governance.

Staking

Users can stake their ZKF tokens for a chosen period, ranging from a week to a year. The longer they stake, the higher their rewards. Stakers earn a share of the network’s gas fees, with 75% distributed proportionally among them based on the number of tokens staked and the duration of staking. This feature allows users to earn a steady stream of ZKF tokens through the dividends acquired from gas fees.

Governance

ZKF tokens are also used for governance purposes, enabling users to participate in decision-making processes within the ZKFair community. This ensures that the project remains community-driven and that users have a say in its development and direction.

Trading and Availability

ZKF tokens are available for purchase on both centralized and decentralized exchanges, such as gate.io and Bitget. Users can trade ZKF tokens on these platforms, taking advantage of various payment methods and promotions.

How do I store ZKFair?

To store ZKFair (ZKF) tokens securely, you have several options:

  1. TokenPocket Wallet:

    • Open the TokenPocket APP or use the Chrome Extension.
    • Click on the upper right corner and select ZKFair.
    • You can either create a new wallet or import an existing one.
    • Follow the prompts to set up your wallet, including setting a password and backing up your secret recovery phrase.
  2. MetaMask Wallet:

    • Open MetaMask and go to the "Add network" page.
    • Enter the required details for ZKFair and click "Save" to add the network.
  3. KuCoin Account:

  • You can store your ZKF tokens directly in your KuCoin account, which provides quick access to trading products like spot and futures trading, staking, and lending. Ensure you set up a strong password and upgrade your security settings.
  1. Non-Custodial Wallets:

    • For maximum security and control, you can withdraw your ZKF tokens to a non-custodial wallet, such as a hardware wallet, Web3 wallet, or paper wallet. This option gives you complete control over your private keys but may be less convenient for frequent trading.
  2. Hardware Wallets:

    • Ledger is a highly secure option for storing cryptocurrencies. Each hardware wallet comes with a seed phrase that acts as a key to unlock the wallet. It is recommended to store the seed phrase in a physical form, such as metal seed phrase storage solutions, for added security.

Remember to always prioritize security and keep your private keys and seed phrases safe to avoid losing your ZKF tokens.

How to buy ZKFair?

To buy ZKFair (ZKF) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reliable cryptocurrency exchange that supports ZKF trading, such as KuCoin, CoinEx, Bybit, gate.io, or MEXC. Ensure the exchange accepts customers from your country and offers the necessary trading features.

  2. Create an Account: Register a free account on the chosen exchange. Provide required personal information, including your name and email address. Complete the Know-Your-Customer (KYC) process if necessary to increase withdrawal limits and unlock additional features.

  3. Deposit Funds: Deposit funds into your exchange account using various methods such as credit/debit cards, bank transfers, or other payment services. You can also buy a stablecoin like USDT first and then use it to purchase ZKF on the spot market.

  1. Place a Buy Order: Navigate to the exchange's spot market and place a buy order for ZKF. You can set your investment budget and execute the trade.

  2. Store Your ZKF: Once purchased, store your ZKF tokens in a secure wallet, either on the exchange or in a personal wallet. Keep track of your investment performance and adjust your strategy as needed.

By following these steps, you can successfully buy and manage your ZKF tokens.

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History of ZKFair

ZKFair (ZKF) is a Layer 2 scaling solution developed for Ethereum, focusing on fairness, maximum decentralization, and community involvement. The project was launched in 2022, but the names of the founding members and other historical data are currently unavailable. Despite this, ZKFair has gained significant traction, with approximately $160 million in total value locked and 587,000 users.

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How ZKFair works

ZKFair (ZKF) is a Layer 2 blockchain project that utilizes zero-knowledge proofs to enhance efficiency and security in blockchain operations. Here's a detailed overview of how it works:

ZK-Rollup Technology

ZKFair employs ZK-Rollup technology, which bundles and processes transactions off-chain. This approach significantly improves the speed and cost-effectiveness of transactions. The zero-knowledge proof ensures the integrity of these transactions without revealing sensitive information, maintaining user privacy.

Data Availability and Gas Costs

ZKFair integrates Celestia's modular Data Availability (DA) to scale data, reducing gas costs for users interacting with decentralized applications (dApps) within the ecosystem. This integration enhances data availability and reduces the overall cost for users engaging with distributed applications.

Cross-Rollup Communication

ZKFair implements the NCRC (Native Cross Rollup Communication) 2.0 protocol, developed by Lumoz, which enables atomic cross-rollup communication. This protocol allows users on ZKFair to directly call dApps on Ethereum, fostering interoperability between different second-layer networks.

Decentralized Prover Network

ZKFair's roadmap includes the integration of a decentralized prover network powered by Lumoz. This network allows anyone in the community to run ZKFair, marking a shift towards complete decentralization. This move aims to address challenges associated with centralized provers, ensuring a more robust and secure ZK-Rollup ecosystem.

USDC as Gas Token

ZKFair uses the stablecoin USDC as its native gas token. This strategic choice provides a secure and stable environment for users participating in DeFi transactions. USDC's stability, coupled with its wide adoption, contributes to improved liquidity and enhanced interoperability within the Ethereum ecosystem.

ZKF Token

The native token of ZKFair, ZKF, plays a central role in the project's ecosystem. ZKF tokens are airdropped to the community immediately after the mainnet launch, ensuring fairness and inclusivity. The distribution includes Gas Fee Airdrop and Community Airdrop. ZKFair's innovative approach guarantees that 100% of L2 Gas Fee revenue is returned to the community after the circulation of ZKF tokens.

Staking and Rewards

Users can participate in staking by locking their ZKF tokens for a chosen period, ranging from a week to a year. The longer they stake, the higher their rewards. Stakers earn a share of the network's gas fees, with 75% distributed proportionally among them based on how many tokens the user stakes and for how long.

Decentralized Identity (DID)

ZKFair's DID feature, powered by Space.ID, allows users to truly own their online identity and keep it from centralized control. Users can decide what information to store and share, as well as grant selective access to different applications and individuals. This feature ensures the legitimacy of claims without revealing sensitive data, thus protecting user privacy.

Roadmap and Development

ZKFair has a comprehensive roadmap for 2024, which includes enhancing ecosystem development, collaborating with over 200 projects, launching the ZKFair Launch pool, and introducing interactive PFP NFTs. The project also plans to enable cross-chain transfers and transactions for BTC assets, increase its presence on more centralized exchanges, and fully integrate with Lumoz Distributed Prover Network.

Overall, ZKFair is committed to providing fair zero-knowledge proofs for its community, focusing on decentralization and community involvement. Its innovative approach to fairness, efficiency, and community-driven governance positions it as a promising project in the digital finance space.

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ZKFair's strengths

The token ZKFair (ZKF) has several strengths that contribute to its unique value proposition:

  1. Fair Distribution Model: ZKF tokens are distributed fairly through airdrops, ensuring that the community receives a significant portion of the tokens. This approach promotes inclusivity and rewards active community participation.

  2. Decentralized Governance: Token holders have a say in the ecosystem's governance, allowing them to participate in decision-making processes and elect Community Governance Representatives. This decentralized governance model aligns with the principles of cryptocurrency.

  3. Gas Fee Sharing: ZKF token holders benefit from sharing L2 Gas Fees, enhancing the ecosystem's overall advantages. This mechanism ensures that the community directly benefits from the platform's usage.

  1. Security Measures: ZKFair employs zero-knowledge proofs (ZKP), Celestia data availability (DA) layer, and USDC as its gas token, providing a secure and transparent fee structure for users. This setup enhances the efficiency and security of blockchain processes.

  2. Interoperability: ZKFair facilitates seamless interaction between various decentralized applications operating on different blockchains, promoting a more interconnected and inclusive ecosystem.

  3. Community-Centric Approach: The project relies heavily on community support, with minimal reliance on venture funding. This approach resonates with the decentralized principles of cryptocurrency and fosters a strong sense of community involvement.

These strengths collectively contribute to ZKFair's unique value proposition and its commitment to fairness, security, and community empowerment.

ZKFair's risks

ZKFair (ZKF), as a cryptocurrency project, is exposed to various financial risks that can impact its performance and value. Here are some of the key financial risks associated with ZKF:

  1. Market Risk: ZKF is susceptible to market fluctuations, which can lead to significant changes in its value. Market conditions, such as changes in supply and demand, global economic trends, and regulatory shifts, can all impact the cryptocurrency's price.

  2. Credit Risk: As a digital asset, ZKF is not directly exposed to credit risk in the classical sense. However, if ZKF is used as collateral for loans or other financial instruments, there is a risk that borrowers may default on their obligations, affecting the overall value of ZKF.

  3. Liquidity Risk: ZKF, like other cryptocurrencies, can experience liquidity issues if there is a lack of buyers or sellers in the market. This can make it difficult to convert ZKF into other assets quickly, potentially leading to significant losses.

  1. Operational Risk: ZKF, as a decentralized system, is vulnerable to operational risks such as technical failures, hacking, or other security breaches. These events can disrupt the network, leading to financial losses for investors and users.

  2. Currency Risk: As a cryptocurrency, ZKF is exposed to currency risks, particularly if it is traded against other currencies. Changes in exchange rates can affect the value of ZKF, making it more or less valuable compared to other currencies.

  3. Regulatory Risk: ZKF, like other cryptocurrencies, is subject to regulatory risks. Changes in laws, regulations, or government policies can impact the legality, usage, and value of ZKF.

  1. Speculative Risk: ZKF, being a speculative asset, is subject to speculative risks. Investors may make decisions based on uncertain expectations, leading to market volatility and potential losses.

  2. Liquidity Risk: ZKF's liquidity can be affected by market conditions, making it difficult to buy or sell the cryptocurrency quickly and at a fair price.

  3. Event Risk: ZKF is exposed to event risks, such as major security breaches, significant changes in the underlying technology, or unexpected changes in market sentiment, which can impact its value.

  1. Systematic Risk: ZKF, as a part of the broader cryptocurrency market, is exposed to systematic risks that affect the entire market, such as global economic downturns or significant changes in investor sentiment.

Understanding these financial risks is crucial for investors and users of ZKF to make informed decisions and manage their exposure to potential losses.

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Did ZKFair raise funds?

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ZKFair's ecosystem

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We give you the tools to invest your time and money in 1000+ tokens.
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ZKFair’s team

  • Arman Shirinyan: Trader, crypto enthusiast, and SMM expert with over four years of experience, who strongly believes in the potential of ZKFair.

Whalee AI

The fundamental analysis assistant for crypto value investors.

ZKFair NEWS REPORT

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