Polygon Announces World’s First Zero-Knowledge (ZK) Scaling Solution Fully Compatible with Ethereum
The groundbreaking development of zkEVM by Polygon is expected to dramatically improve the experience of using and building with Ethereum by providing scalability and reduced transaction costs, an exciting step towards greater adoption of Web3 technology.
DUBAIWATER, July 20, 2022 /PRNewswire/ — Polygon, the leading Web3 infrastructure used by some of the world’s largest enterprises including Meta, Stripe and Reddit, today announces the launch of Polygon zkEVM, the first Ethereum-equivalent scaling solution that works seamlessly with all existing smart contracts, developer tools, and wallets, leveraging advanced cryptography called zero-knowledge proofs.
Polygon zkEVM is basically equivalent to the Ethereum Virtual Machine (EVM) itself and takes full advantage of the entire Ethereum ecosystem. EVM equivalence is different from EVM compatibility because it creates less friction for the user, removing the need for any kind of code modification or reimplementation.
Until recently, some of the greatest minds in Web3 thought this technology would take up to 10 years to materialize. This announcement represents a breakthrough in cryptographic research that enables developers to build the future of Web3.
Polygon zkEVM, which stands for Zero-Knowledge Ethereum Virtual Machine, harnesses the power of Zero-Knowledge (ZK) proofs to reduce transaction costs and dramatically increase throughput, while inheriting the security of Ethereum. ZK proof technology works by grouping transactions into groups, which are then transmitted to the Ethereum network as a single block transaction. The “gas charge” for the single transaction is then split among all participants involved, which significantly reduces the charge.
For payment and DeFi application developers, Polygon zkEVM’s high security and censorship resistance make it a more attractive option than other Layer 2 scaling solutions. Unlike optimistic roll-ups where users have to wait up to seven days for deposits and withdrawals, zk-Rollups offer faster settlement and much better capital efficiency.
The system also enables easy migration of decentralized applications (dApps) that exist on Ethereum virtual machine-enabled chains to zkEVM, where EVM equivalence and Ethereum network effects offer distinct benefits to developers. Using programming languages such as Solidity and tools such as Metamask, Hardhat, Truffle, and Remix that they are already familiar with, developers can migrate dApps by simply switching nodes. It also makes Polygon zkEVM ideal for seamless creation of NFTs, new gaming technologies, and enterprise applications. Existing Polygon dApps can very easily migrate to zkEVM with minimal support.
“The holy grail of Web3 infrastructure should have three main properties: scalability, security, and Ethereum compatibility,” said Mihailo Bjelic, co-founder of Polygon. “Until now, it has not been practically possible to offer all of these properties at once. Polygon zkEVM is a breakthrough technology that finally achieves this, opening a new chapter of mass adoption.”
The introduction of Polygon zkEVM opens up opportunities for the world’s most vibrant blockchain developer community to further innovate and build the future of Web3. They can continue to use the same code, tools, apps, and smart contracts they use on Ethereum, but with much higher throughput and lower fees.
“Many thought a zkEVM was years away, or not practical or competitive,” Jordi Baylinaco-founder of Polygon Hermez, recalled the feedback after the team’s presentation at EthCC Paris in July 2021. “No one believed in us, but Polygon did.”
A month after the presentation, Polygon published the Zero Knowledge Thesis and announced its merger with Hermez network (now Polygon Hermez), embarking on a journey to become a ZK powerhouse. As part of his commitment to ZK-related initiatives, he announced Polygon Twilighta privacy-focused rollup built in collaboration with EY in August 2021, adding Polygon Miden in November and zero polygon in December of the same year.
Now, Polygon estimates that its ZK ‘Rollup’ approach is capable of reducing fees by 90% compared to current costs on the Layer 1 Ethereum chain. Future configuration of off-chain data availability may further reduce charges. With the breakthroughs in the proof system pioneered by Polygon Zero and with the technical contributions of Zero and Miden in its zkProver, Polygon zkEVM can now achieve full EVM equivalence and scalability with a speed that has never been achieved before.
Polygon has released some of the source code and roadmap for zkEVM, with its public testnet expected later this summer and mainnet launch slated for early 2023.
Notes to Editor:
- Zero-Knowledge Proof or zk roll-up uses advanced cryptography, and this cryptography validates that the calculation is done correctly by following certain rules.
- Polygon zkEVM is a Layer 2 scaling solution that allows developers to execute arbitrary transactions, including off-chain smart contracts, quickly and cost-effectively, while maintaining all evidence and data provenance on the secure Ethereum blockchain.
- The Ethereum Virtual Machine, or EVM, runs smart contracts.
- A node is one of many devices that run a blockchain protocol.
- Layer 2 refers to blockchains built on top of a base layer of the blockchain known as Layer 1.
About Polygon
Polygonis the leading blockchain development platform, delivering scalable, affordable, secure, and durable blockchains for Web3. Its growing suite of products provides developers with easy access to leading scaling solutions including L2 (ZK Rollups and Optimistic Rollups), sidechains, hybrid, standalone and enterprise chains, and data availability . Polygon’s scaling solutions have been widely adopted with over 19,000 decentralized applications hosted, over 1.6 billion transactions processed, over 142 million unique user addresses, and over $5 billion in secure assets. Polygon is carbon neutral with the goal of leading the Web3 ecosystem by going carbon negative.
If you are an Ethereum developer, you are already a Polygon developer! Take advantage of Polygon’s fast and secure txns for your dApp, get startedhere.
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