After the announcement of a new feature that will supercharge Ethereum (ETH), a layer-2 scaling solution is now in full swing.
A new blog postThe Polygon team (MATIC), claims it has made a significant breakthrough in zero-knowledge (ZKP) technology that is fully compatible with Ethereum Virtual Machine (EVM).
A zero-knowledge proof is when one party can prove the veracity or accuracy of an information piece to another party without disclosing the actual information. For increased security and data privacy, developers use the ZK method.
Polygon says that its new zkEVM will enhance the Ethereum experience for users and developers by adding efficiency and reducing costs while taking advantage of the leading smart contract platform’s existing secure and trusted framework.
“The potential for a ZK rollup to scale Ethereum is obvious: One transaction replaces many, increasing throughput, saving on fees, reducing latency, etc. ZK technology has its challenges. [such as performance and compatibility].
Polygon’s ZK teams have made major breakthroughs in performance. Working together, we’ve significantly improved proof-generation times.
Polygon zkEVM is the same as Ethereum. Any Ethereum smart contracts can be deployed. Polygon zkEVM will accept any tool that can be used with Ethereum. You can do everything you would on Ethereum but at a lower cost and faster speed. Then, verify it on the Ethereum network using a ZK validation proof. It’s Ethereum, but with ZK scalability.”
Polygon says that the new feature will be permissionless and open-source, and has made the code’s alpha version available to the public via GitHub. To improve and enhance future versions, a public testnet will be available soon.
This project summarised the importance of its most recent breakthrough. saying,
“Polygon zkEVM is the first technology of its kind.
No other scaling solution harnesses the potential of ZK proofs while achieving EVM-equivalence.”
Polygon’s native token MATIC has been rallying all week, at one point having risen 71.4% from $0.56 to $0.96. At the time of writing, the altcoin is trading at $0.88.
We are proud of the huge leap in Ethereum scaling, and ZK innovation.
Polygon: #zkEVMThe first EVM-equivalent ZK L2.
Today we’re releasing a complete implementation, fully open-source, and we’re just getting started.
— Polygon – MATIC ? (@0xPolygon) July 20, 2022
Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Take a look at the Price Action
Follow us on Twitter, Facebook Telegram
Surf the Daily Hodl Mix
Disclaimer: The Daily Hodl opinions are not intended to be used as investment advice. Before making high-risk investments, such as in Bitcoin, cryptocurrency, or other digital assets that could be potentially dangerous, investors should do their research. Your transactions and losses are your responsibility. The Daily Hodl is not an investment advisor and does not recommend buying or selling any digital assets or cryptocurrencies. The Daily Hodl does not participate in affiliate marketing.
Shutterstock/AGGIO Featured Image