Web3 Infrastructure Provider polygon Today Polygon announced the launch of zkEVM (Zero-Knowledge Ethereum Virtual Machine), which is said to be the “first” Ethereum-compatible scaling solution that uses a cryptographic method called zero-knowledge proofs.
Previously known as Matic Networks, Polygon is an interoperability and scaling protocol for launching Ethereum-Compatible blockchain. Its core component is the Polygon SDK, a modular, flexible framework that supports the creation of a wide variety of decentralized applications (dapps,
polygon first teased, zkEVM at EthCC Paris in July 2021 and says it is designed to work seamlessly with all existing smart contractDeveloper tools and wallets create less user friction, while removing the need for any kind of modification or reimplementation of code.
“The holy grail of Web3 infrastructure must have three key qualities: scalability, security and Ethereum compatibility,” said Mihailo Bejelic, co-founder of Polygon, in a statement. decrypt,
Bjelic describes zkEVM as “a breakthrough technology that ultimately achieves, […] Opening a new chapter of mass adoption,” while “until now, it was not practically possible to introduce all these assets at once.”
Key promises of Polygon zkEVM include a significant reduction in the cost of the existing layer-1 Ethereum network—about 90% by the team’s estimate—as well as a dramatic increase in throughput efficiencies, while inheriting the security of the Ethereum blockchain.
“It is difficult to provide a performance comparison for zkEVM at this stage, but we are working towards increasing it.” [throughput] Around 2,000 transactions per second (TPS),” Bajelic reported. decrypt,
According to him, “this would be on par with Visa, a global payment processor that processes about 1,700 transactions per second on average – a benchmark Ethereum would have to match or surpass to become the foundation of Web3.”
Polygons to reduce withdrawal times
Polygon highlighted that zkEVM’s core technology, called zk-rollup, is able to offer faster transaction settlement and, thus, better capital efficiency—a significant take on the technology known as optimistic rollup. There is benefit.
Zk-rollup relies on a piece of cryptography called a zero-knowledge proof that, as Bejelic explained, provides a “validity proof” that a transaction is not fraud, whereas optimistic rollups require a contention period. within which one can challenge the validity. transactions.
“On average, this results in a seven-day delay for withdrawals when using optimistic rollups. zkEVM has the potential to reduce this exit period from seven days to potentially just a few minutes,” explained Bejelic decrypt,
Speaking about how the scaling solution will work after the upcoming transition to Ethereum proof-of-stake The co-founder of (PoS) network, Polygon, noted that even after the merge event Ethereum fees are unlikely to change significantly, “zkEVM stands to reduce network fees [the estimated] 90% and even more in future iterations.”
“zkEVM will also serve as a stopgap solution for transaction latency, while Ethereum will transition to PoS and gain even greater gains in throughput later,” Bjelic said.
He added that the roadmap for future versions of zkEVM includes further throughput improvements, noting that Ethereum currently achieves a maximum throughput of around 30 TPS.
According to the team, zkEVM is expected to be deployed to the public testnet later this summer, with the mainnet launch taking place in early 2023.
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