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Polygon Labs’ press release stated, “Polygon zkEVM is the build-anything machine that will take Ethereum to places no one could previously have imagined going.”
Polygon (MATIC) released its zero-knowledge Ethereum Virtual Machine (zkEVM) product on its mainnet to increase the scalability of Ethereum-based smart contracts.
In its blog post, Polygon claimed that its zkEVM is compatible with all existing smart contracts on Ethereum, including wallets and developer tools. The new scaling solution aims to reduce transaction fees while providing high security akin to the Ethereum blockchain.
According to Polygon's founder Sandeep Nailwal, the new scaling solution will be fully open-source under the AGPL license. This means that Polygon will make all of its source code available to the community. Nailwal added,
“…Not only current repositories, but all future modifications and distributions as well, will remain open source, ensuring the code cannot be used for proprietary purposes.”
Polygon first announced the zkEVM product in July 2022, with the earliest working testnet deployed in October 2022. The firm claimed that the scaling solution was extensively tested for six months on public testnets.
Similarly, Nailwal stated that Polygon zkEVM has undergone several security audits before its release. This includes four inspections carried out by the Polygon team, and two external audits conducted by security firms Hexens and Spearbit. Moreover, Polygon will carry out repeated audits of its new offering following its deployment on the Polygon mainnet.
However, Nailwal noted that despite Polygon’s high emphasis on security, users should remain cautious as zkEVM is a fairly new innovation.