Polygon to Debut its zkEVM, Schedules Mainnet Launch For 2023
- The Polygon zkEVM has been designed to function as a first-of-its-kind scaling technology that is based on Zero Knowledge (ZK) proofs.
Ethereum scaling solution Polygon is thrilled to announce the launch of its long-anticipated Polygon zkEVM, an ‘Ethereum-Equivalent’ ZK Scaling Solution. According to a recent press release, the team behind the network disclosed the big news at the Ethereum Community Conference (EthCC) in Paris on Tuesday.
The Polygon zkEVM has been designed to function as a first-of-its-kind scaling technology that is based on Zero Knowledge (ZK) proofs. It is basically focused at scaling throughput and reducing transaction costs while maintaining decentralization and security.
Polygon Complements Ethereum Network
According to the announcement, Polygon believes that this marks a significant leap forward for its network in the world of zero knowledge (ZK) technology. Mihailo Bjelic, co-founder of Polygon expressed this saying;
” Until now, it has not been practically possible to offer all these properties at once. Polygon zkEVM is a breakthrough technology that finally achieves that, thus opening a new chapter of mass adoption.”
The announcement revealed that the development would see Polygon deploying the first Ethereum-equivalent scaling solution that works seamlessly with all existing smart contracts alongside with developer tools, and wallets. Furthermore, it would be efficient in harnessing advanced cryptography called zero-knowledge proofs.
In other words, with the Polygon zkEVM being the first Zero Knowledge EVM equivalent technology, the protocol will be extremely compatible with the existing Ethereum-based smart contracts, developers’ tools, and wallets using the Zero Knowledge cryptography protocol without needing modification or re-implementing codes. Polygon zkEVM is apparently focused on scalability, security, and decentralization.
The high gas fees required for making transactions with Ethereum has made the network become excessively expensive for a variety of use cases. The high gas fees coupled with its limited transaction capacity has reduced the network’s capabilities a great deal. However, it appears that the Ethereum Community will soon be able to carry out cheap and swift transactions within the ecosystem, all thanks to the introduction of Polygon zkEVM.
The announcement revealed that Rollups like Polygon zkEVM would act as the gateway for the Ethereum community to efficiently boost its network’s capabilities. As the technology will help it allow users to transact quickly and cheaply without compromising the network’s most essential security guarantees.
Sandeep Nailwal, the co-founder of Polygon explained that the idea to debut a fully-featured ZK rollup like the Polygon zkEVM was formally assumed to delay. Nailwal disclosed that it was until recently the team realized that the vision to build a scaling technology that could accommodate any Ethereum smart contract like zkEVM could come quickly.
Meanwhile, the team is excited to reveal that Polygon has released part of the source code and roadmap for zkEVM, with its public testnet expected later this summer and mainnet launch planned for early 2023.