Polygon, a Web3 infrastructure on the Ethereum blockchain, announced the launch of the Polygon zkEVM or Zero-Knowledge Ethereum Virtual Machine, a layer-2 scaling solution that aims to reduce transaction costs and improve scalability.
The new zero-knowledge (ZK) scaling solution, Polygon zkEVM, operates in full compatibility with existing Ethereum (ETH)-based smart contracts, developer tools and wallets using the zero-knowledge cryptography protocol, aka zk Proof . Polygon uses zk proofs to club multiple transactions into groups before relaying them to the Ethereum blockchain as a single transaction.
This ability to broadcast multiple transactions as a single transaction results in lower gas fees, which can be split between the different senders involved in the transaction – thus compared to sending them separately on the Ethereum blockchain. There is a reduction in gas charges.
While investors were subject to excessive gas due to the increase in on-chain transactions, Ethereum’s average gas fee fell to $1.57 – a number last seen in December 2020.
As a result, Polygon zkEVM is in a good position to bring down the infamous gas prices further. Polygon promises faster settlements and better capital efficiency through the newly launched solution, which adds to its ability to easily migrate EVM-compatible decentralized applications (DApps) to zkEVM.
Furthermore, the company revealed that the solution also caters to the seamless creation of non-fungible tokens (NFTs) and other blockchain-based applications. Compared to layer-1 solutions, Polygon estimates a 90% reduction in cost using the zk-rollup approach.
related: Ethereum Devs Confirm Standing Date for Merge
While subsea ecosystems continue to launch solutions in hopes of improving major blockchains such as Bitcoin (ETH) and Ethereum, in-house developers support the drive by implementing consensus-based upgrades.
In a recent conference call, core Ethereum developer Tim Biko proposed September 19 as the tentative target date for the significant transition to Proof-of-Stake (PoS) by consensus on Proof-of-Work (PoW) mining.
This merge timeline isn’t final, but it’s exciting to see it come together. Please treat this as a planning time and watch out for official announcements! https://t.co/ttutBceZ21 pic.twitter.com/MY8VFOv0SI
— superphiz.eth (@superphiz) 14 July 2022
Following the discussion, Ethereum developer superphiz.eth shared the roadmap, clarifying that the proposed target date should be viewed as a roadmap rather than a hard time frame.
