With the launch of Ethereum-equivalent scaling solution Polygon zkEVM, transactions can now be accomplished at very high speeds. What is more important is that the fees of transactions can be brought infinitesimally small and only 10% of the original costs.
Polygon zkEVM is a Layer 2 scaling solution which affords both the scalability benefits of ZK proofs and compatibility with the Ethereum Virtual Machine (EVM).Polygon has said that the launch will reduce fees by 90% and significantly augment the speed of transactions.
The launch of Polygon zkEVM has a positive effect on the values of Ethereum (ETH) which surged and crossed the $1600 level, making a high of $1608 after surging 4% in the last 24 hours. However the launch did not have much effect on the Polygon (MATIC) prices which when reports last came in was changing hands at $0.8404 down by 9.65%.
Polygon zkEVM Or Zero-Knowledge Ethereum Virtual Machine
Details of Polygon zkEVM was first announced At the Ethereum Community Conference (EthCC) in Paris, France on July 20. Polygon informed that the zkEVM is fully attuned with all accessible smart contracts, developer tools, and wallets on Ethereum. It employs advanced cryptography called zero-knowledge proofs (ZKP).
In comparison with the Layer 1 Ethereum chain Polygon’s new Layer 2 scaling solution employs what is known as Zero-Knowledge Rollups to batch transactions and confirm them on the Ethereum mainnet. In the process it inherits the security and decentralization of Ethereum. It makes use of the Polygon Hermez, Zero, and Miden technologies.
Polygon’s co-founder Sandeep Nailwal said that the zkEVM makes Ethereum nearly technically or theoretically infinitely scalable.
Jordi Baylina, co-founder of Polygon Hermez, said: “Many believed that a zkEVM was years away, or not practical or competitive. No one believed in us, but Polygon did.”
Polygon zkEVM Is Permissionless, Open-Source, And Customized For Ethereum Community
As compared to older technologies like ZK proofs which is sluggish and costly to generate, zkEVM is permissionless, open-source, and for the Ethereum community. Amalgamating both ZK and zkEVM is a perfect Layer 2 solution and is a cheaper, faster way to use Ethereum without sacrificing security
It means the zkEVM supports programming languages, such as Solidity, and toolset like Metamask, Hardhat, Truffle, and Remix.