Polygon team introduced a new zkEVM scaling solution
- July 20, 2022
- 0
The Polygon project has introduced zkEVM, a new technology for scaling transactions on the Ethereum blockchain. We are proud to announce that we have taken a giant leap
The Polygon project has introduced zkEVM, a new technology for scaling transactions on the Ethereum blockchain.
We are proud to announce that we have taken a giant leap forward for Ethereum scaling and ZK innovation.
Polygon Introduction #zkEVMthe first EVM equivalent is the ZK L2.
We’re releasing a full app today, completely open source, and we’re just getting started.
[1/6] pic.twitter.com/P929DRCT1y
— Polygon — MATIC 💚 (@0xPolygon) 20 July 2022
The solution uses zero knowledge proof when grouping transactions. The technology is fully compatible with smart contracts, tools and wallets of the second largest cryptocurrency by capitalization.
zkEVM is in testing with a launch scheduled for early 2023.
“The holy grail of Web3 infrastructure should have three main features: scalability, security, and interoperability with Ethereum,” said Polygon co-founder Mihailo Bjelic in a statement obtained by Decrypt.
He described zkEVM as a “breakthrough technology” that opens “a new chapter in mainstream adoption”. The solution will reduce transmission cost and increase network bandwidth.
“A performance comparison for zkEVM is difficult at this stage, but we are working to increase it. [пропускной способности] up to about 2,000 TPS,” said Bjelic.
The MATIC token reacted with a slight decline to the news – the asset lost 1.5% in the past day. Within seven days, the growth was 69.2% (CoinGecko).
In November 2021, Polygon announced a new layer 2 (L2) solution for Ethereum based on ZK-Rollups and released its central component, a virtual machine that uses the zk-STARKs protocol as the underlying proof system.
Previously, the project included the Hermez Network platform, which also specializes in L2 based on ZK-Rollups. In December, Polygon acquired Mir Protocol, a startup that develops solutions to scale Ethereum.
Recall that on July 18, Bjelic tweeted announcing a major event where MATIC grew 26.8% per day.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
