Polygon Unveils Ethereum-Compatible Scaling Solution Jul 21, 2022 Jul 21, 2022 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsJuly 21, 2022 by Kelly Cromley

Polygon Unveils Ethereum-Compatible Scaling Solution

Polygon has introduced zkEVM, a customized scaling mechanism interoperable with Ethereum. Based on zero-knowledge proofs, zkEVM will allow smooth deployment of any Ethereum smart contract with indefinite scalability and a significant reduction in transaction costs.

“It’s identical to utilizing Ethereum, but also with the revolutionary scaling potential of ZK technology,” Polygon stated in a statement.

As per Polygon’s revelation, a scaling mechanism for Ethereum has been in development for a certain period of time. Earlier, the organization determined that zero-knowledge (ZK) proofs are by far the most viable approach to frictionless growth.

Polygon refers to its zkEVM as “the potential of scalability on Ethereum.” zkEVM, like all other zk-based scaling solutions, is a Layer-2 covenant that consolidates a large number of trades and “proves” their authenticity to Ethereum with a solitary ZK validity proof.

Long proof durations and EVM compatibility are two of the most significant concerns zkEVM solve for scaling approaches like this. Supposedly, the ZK teams at Polygon have achieved considerable efficiency advancements, dramatically reducing proof-generation durations. They have also implemented genuine EVM compatibility.

“Building on Polygon zkEVM is identical to building on Ethereum. You can implement any smart contract built on Ethereum. All tools compatible with Ethereum are compatible with Polygon zkEVM. Perform any operation you would on Ethereum blockchain at less cost and at higher speeds, and also have the transaction validated on the Ethereum blockchain using a ZK validity proof. It’s Ethereum, but scalable with ZK.”

Polygon developed zkEVM as an open-source, permissionless approach. The source code for zkEVM has been made public and is accessible for usage by anybody. The platform stated that the zkEVM testnet “will shortly be online,” but did not disclose any other information about prospective release plans.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.