The Polygon project unveiled zkEVM — a new technology for scaling transactions on the Ethereum blockchain.
We are proud to announce a giant leap forward for Ethereum scaling and ZK innovation.
Introducing Polygon #zkEVM, the first EVM-equivalent ZK L2.
Today we’re releasing a complete implementation, fully open-source, and we’re just getting started.
[1/6] pic.twitter.com/P929DRCT1y
— Polygon — MATIC 💚 (@0xPolygon) July 20, 2022
The solution uses zero-knowledge proofs to batch transactions. The technology is fully compatible with smart contracts, tools and wallets of the second-largest cryptocurrency by market capitalisation.
zkEVM is in testing, with a launch slated for early 2023.
“The holy grail of Web3 infrastructure must have three essential properties: scalability, security and compatibility with Ethereum,” said Mihailo Bjelic in a statement provided to Decrypt.
He characterised zkEVM as a “groundbreaking technology”, opening “a new chapter in mass adoption”. The solution will lower transfer costs and increase network throughput.
“At this stage it is difficult to provide a performance comparison for zkEVM, but we are working to raise throughput to around 2000 TPS,” said Bjelic.
The MATIC token slipped slightly on the news, shedding 1.5% over the past 24 hours. Over the past seven days it has risen 69.2% (CoinGecko).
In November 2021, Polygon announced a new second-layer (L2) solution for Ethereum based on ZK-Rollups and released its central component—the virtual machine, using the zk-STARKs protocol as the underlying proof system.
Earlier the project acquired the Hermez Network, which also specialises in ZK-Rollup-based L2s. In December Polygon acquired the Mir Protocol startup, developing Ethereum scaling solutions.
Earlier, on 18 July, Bjelic posted a tweet announcing a major event, during which MATIC rose 26.8% in 24 hours.
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