Polygon has released on its main network Ethereum’s open-source scaling technology, zkEVM-rollup, which promises reduced transaction costs and increased deployment efficiency for smart contracts.
Polygon’s zkEVM is a zero-knowledge aggregation (ZK-rollups) scaling solution, equivalent to the Ethereum Virtual Machine, that increases performance on the Ethereum blockchain.
Essentially, this technology allows for the aggregation – off-chain – of thousands of transactions, with a proof containing a minimal data summary, which is eventually published to the Ethereum core network.
That is, it mimics the transaction execution environment of Ethereum’s mainnet, but outside of the Ethereum network.
Higher performance, lower fees and security
The open source zkEVM allows decentralized applications (DApps) to scale through transaction aggregation, achieving higher performance.
The zkEVM technology also significantly reduces transaction fees for DApp users, which could lead to wider adoption, while the use of zero-knowledge proofs makes Polygon zkEVM inherit the network security offered by Ethereum.
They can copy smart contracts
In addition, another big advantage is the fact that Ethereum equivalence means that developers can simply copy existing Ethereum smart contracts, to Polygon’s zkEVM.
ZK-rollups will render Optimistic Rollups as obsolete technology and allow the Ethereum ecosystem to now focus on user experience, increased scalability and easier control, elements that will help it achieve mass adoption.
While zkEVM has been released in mainnet beta, the technology is in its final phase and will continue to be optimized as users grow and as bug bounties and further testing takes place over the next period of time.
Solving the blockchain trilemma
The zkEVM-rollups have brought the Ethereum ecosystem closer to solving the so-called blockchain trilemma, i.e. the combination of security, decentralization and scalability.
Among the notable ones is the fact that Ethereim founder Vitalik Buterin participated in Polygon’s zkEVM rollout on March 27, making the first user transaction. It was a symbolic gesture, given Buterin’s continued influence on Ethereum’s development.
- Streamlining Contract Management Processes for Blockchain Technology
- Bitcoin’s Lightning Network Boosts Privacy with “Blind Routes” Feature
- Newmark Group Hired by FDIC to Sell $60 Billion in Loans from Collapsed Signature Bank
- Binance Sees Massive Outflows Following CFTC Lawsuit, With $852M “Missing” in 24 Hours
- Bitcoin NFTs Gain Traction with Infrastructure Improvements and New Markets: Gamma and Magic Eden
- Crypto Exchange FTX Co-Founder Sam Bankman-Freed Faces New Charges of Violating Foreign Corrupt Practices Act