Polygon MATIC Launching ZkEVM Development Project

Polygon MATIC launches zkEVM. (Photo; Doc. Coingape)

JAKARTA Blockchain scalability platform Polygon MATIC will be used by a number of giant companies including Meta, Reddit and Stripe. This was conveyed by Polygon on October 10, 2022 yesterday. Polygon (MATIC) released the Ethereum Virtual Zero Knowledge (zkEVM) as a scaling solution equivalent to Ethereum.

Previously, Polygon had announced the development of ZkEVM at the Ethereum EthCC community conference on July 20. Polygon's press release described ZkEVM as the first Ethereum equivalent scaling solution to work seamlessly with all available smart contracts, developer tools and wallets.

zkEVM is claimed to be equivalent to the Ethereum Virtual Machine (EVM) platform as a developer-only software to develop decentralized applications (dApps). This new release promises a smoother user experience and reduces friction between developers, while EVM compatibility often requires modification of code or reimplementation.

Holy clouds of Web3 infrastructure must have three main properties: Ethereum scalability, security and compatibility, said Mihailo Bjelic, co-founder of Polygon, quoted by DailyCoin.

Until now, it is practically not possible to offer all these properties at once. Polygon zkEVM is a breakthrough technology that eventually reaches it, opening up a new chapter of mass adoption," he added.

Polygon's zkEVM advantage

On the other hand, Ethereum 2.0 is predicted to be the largest scaling solution in the near future. Even so, Ethereum users want transactions in the network to be completed quickly. Therefore, developers create a layer-2 blockchain framework built on the existing blockchain.

A scaling solution like zero-knowledge roll-up is one of those developments. ZK-rollup allows developers to combine hundreds, or even thousands of token transfers in one transaction, which is then recorded on the Ethereum public blockchain.

This technology allows Ethereum users to transact quickly and economically without sacrificing network security. In addition, the Zero-Knowledge Proofs (ZKPs), a cryptographic proof technique, can directly verify transaction validity, as reported by DailyCoin.

Polygon is a layer-2 network in the Ethereum blockchain. However, the launch of the Polygon ZkEVM is expected to outperform the Ethereum layer-1 blockchian. Because ZkEVM can reduce the cost of the Ethereum network by around 90 percent.