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What is Polyhedra Network (ZKJ)? Everything You Need to Know
As new blockchains are developed every day by developers attempting to address issues of scalability, security, or decentralisation, the cryptocurrency industry has undergone substantial change.
In an attempt to create the most comprehensive blockchain with the closest solution to the trilemma problem described above, developers are developing new blockchains.
Regretfully, few have been successful because the trilemma problem remains the most significant issue facing blockchains in the cryptocurrency industry.
As a result, there are a lot of blockchains available presently, but regrettably, not all of them are interconnected.
However, this has altered as a result of the development of blockchain bridges, which allow users to transact between even distinct blockchains with various procedures.
Polyhedra Network, a ZK Blockchain Bridge designed to bring all Ethereum Virtual Machine-based blockchains together, is one of the initiatives attempting to advance the blockchain bridge industry.
/ You can claim a welcome reward of up to 10,055 USDT🎁\
Table of Contents
- What is Polyhedra Network (ZK)?
- How Does Polyhedra Network (ZK) Work
- Conclusion
- How to Trade Crypto on BTCC?
- BTCC FAQs
What is Polyhedra Network (ZK)?
A blockchain bridge built with ZK technology, a zero-knowledge method that expedites blockchain transactions, is Polyhedra Network.
The goal of its development was to facilitate the implementation of the mechanism proposed by the Ethereum Foundation and its subsequent integration with other EVM blockchains.
Many EVM blockchains, particularly layer two blockchains, use the ZK method to expedite transaction processing.
Succinct Non-Interactive Argument of Knowledge (SNARK) mechanisms supplement the ZK knowledge.
The term ZKSnark combined together means that there is less validation that needs to be done because in the validation process, the information on the smart contract does not all need to be checked and revealed to the validator, hence making the process faster.
At the moment, scalability, interoperability, and modularity are the three principles that the Polyhedra Network is promoting on its infrastructure.
As a result, the Polyhedra Network bridge facilitates efficient, rapid, safe, and interoperable transactions across numerous blockchains.
A lot of people are interested in it because of its modular design, which allows for speedier transaction processing thanks to the bridge’s various layers.
/ You can claim a welcome reward of up to 10,055 USDT🎁\
How Does Polyhedra Network (ZK) Work
Contemporary ZKP technology serves as the basis for Polyhedra Network’s operations. With zero-knowledge proof (ZKP), one can demonstrate to another that they are aware of some piece of information without actually disclosing that information. Here are some ways in which ZKP supports Polyhedra’s service offerings:
zkBridge
Polyhedra Network’s zkBridge is their crown jewel; it’s an innovative way to provide efficient and trustless cross-chain interoperability. Many security flaws exist in traditional cross-chain solutions because they depend on trust assumptions. On the other hand, zkBridge turns things around by utilising ZKP to confirm consensus across many blockchains without relying on third-party trust.
From computational logic across many blockchains to token bridging, zkBridge powers it all. With zkBridge, Polyhedra makes it easy for different blockchain networks to share data, transmit messages, and transfer assets.
Network for Distributed Proof Generation
Polyhedra Network unveils Distributed Proof Generation Network to increase ZKP system performance. For faster proof creation and cheaper on-chain verification, this network uses state-of-the-art technologies such as paraPlonk and deVirgo.
deVirgo is an innovative distributed proof system that reduces communication overhead while optimising parallelism. Because of deVirgo, zkBridge is able to outperform conventional approaches by a factor of up to 100. Furthermore, paraPlonk facilitates decentralised zkRollup and zkEVM solutions, which improve scalability through large-scale distributed proof generation.
zkDID
Polyhedra Network presents zkDID, a decentralised identity solution that is both scalable and interoperable, in an effort to connect Web3 to the rest of the internet. Based on the ideas of soul-bound tokens (SBTs) and verifiable credentials, zkDID intends to bring billions of people online onto Web3 systems and apps.
Through the use of ZKP-powered stealth address methods, zkDID gives consumers full command over their personal data. Compatibility with W3C standards and other data types are also guaranteed by this infrastructure, which enables millions of verifiable credentials every second.
/ You can claim a welcome reward of up to 10,055 USDT🎁\
Conclusion
More ideas are coming along for the project in the future, so it appears to be in the development stage overall.
The project’s ecosystem is looking good right now; with 81 DApps and Protocols linked to the bridge, it’s safe to assume that it will have a lot of users.
This bridge could be useful if you are seeking a way to transfer tokens between EVM Blockchains or if you are interested in speculative airdrops.
How to Trade Crypto on BTCC?
This brief instruction will assist you in registering for and trading on the BTCC exchange.
Step 1: Register an account
The first step is to hit the “Sign Up” button on the BTCC website or app. Your email address and a strong password are all you need. After completing that, look for a verification email in your inbox. To activate your account, click the link in the email.
Step 2: Finish the KYC
The Know Your Customer (KYC) procedure is the next step after your account is operational. The main goal of this stage is to maintain compliance and security. You must upload identification, such as a passport or driver’s license. You’ll receive a confirmation email as soon as your documents are validated, so don’t worry—it’s a quick process.
Step 3. Deposit Funds
After that, adding money to your account is simple. BTCC provides a range of payment options, such as credit cards and bank transfers. To get your money into your trading account, simply choose what works best for you, enter the amount, and then follow the instructions.
- Fiat Deposit. Buy USDT using Visa/Mastercard (KYC required).
- Crypto Deposit. Transfer crypto from another platform or wallet.
Step 4. Start Trading
If you wish to follow profitable traders, you might go for copy trading, futures, or spot trading. After choosing your order type and the cryptocurrency you wish to trade, press the buy or sell button. Managing your portfolio and keeping track of your trades is made simple by the user-friendly interface.
Look more for details: How to Trade Crypto Futures Contracts on BTCC
BTCC FAQs
Is BTCC safe?
Based on its track record since 2011, BTCC has established itself as a secure cryptocurrency exchange. There have been no reports of fraudulent activity involving user accounts or the platform’s infrastructure. By enforcing mandatory know-your-customer (KYC) and anti-money laundering (AML) procedures, the cryptocurrency trading platform gives consumers greater security. For operations like withdrawals, it also provides extra security features like two-factor authentication (2FA).
Is KYC Necessary for BTCC?
Indeed. Before using BTCC goods, users must finish the Know Your Customer (KYC) process. A facial recognition scan and legitimate identification documents must be submitted for this process. Usually, it is finished in a few minutes. This procedure has the benefit of strengthening the security of the exchange and satisfying legal requirements.
Because their accounts will have a lower daily withdrawal limit, those who do not finish their KYC are unable to make deposits. It should be noted that those who present a legitimate ID without a facial recognition scan will likewise have restricted withdrawal options.
Is There a Mobile App for BTCC?
Indeed. For users of iOS and Android, BTCC has a mobile app. The exchange’s website offers the mobile app for download. Since both the web version and the mobile app have the same features and capabilities, they are comparable.
Will I Have to Pay BTCC Trading Fees?
Indeed. BTCC levies a fee for trade, just like a lot of other centralised exchanges. Each user’s VIP level, which is unlocked according to their available money, determines the different costs. The BTCC website provides information on the charge rates.
Can I Access BTCC From the U.S?
You can, indeed. According to its website, BTCC has obtained a crypto license from the US Financial Crimes Enforcement Network (FinCEN), which enables the cryptocurrency exchange to provide its services to investors who are headquartered in the US.
According to BTCC’s User Agreement document, its goods are not allowed to be used in nations and organisations that have been sanctioned by the United States or other nations where it has a licence.
BTCC Guide:
- How to Trade Crypto Futures Contracts on BTCC
- BTCC Guide-How to Deposit Crypto on BTCC?
- What is Crypto Futures Trading – Beginner’s Guide
- What is Leverage in Cryptocurrency? How Can I Trade at 100X Leverage?
- BTCC Review 2024: Best Crypto Futures Exchange
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Risk warning: Digital asset trading is an emerging industry with bright prospects, but it also comes with huge risks as it is a new market. The risk is especially high in leveraged trading since leverage magnifies profits and amplifies risks at the same time. Please make sure you have a thorough understanding of the industry, the leveraged trading models, and the rules of trading before opening a position. Additionally, we strongly recommend that you identify your risk tolerance and only accept the risks you are willing to take. All trading involves risks, so you must be cautious when entering the market.
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