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World’s Zero-Knowledge (ZK) Scaling Solution for Ethereum Has Been Released by Polygon.
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
Polygon zkEVM (zero-knowledge Ethereum virtual machine), the first Ethereum-equivalent scaling solution that works flawlessly with all current smart contracts, developer tools, and wallets, has been released. It utilizes powerful encryption known as zero-knowledge proofs.
The protocol is synonymous with the Ethereum Virtual Machine (EVM), the software framework that developers utilize to build decentralized applications (dApps) on Ethereum. According to the creators, it is compatible with all current smart contracts, development tools, and wallets.
EVM-equivalence means that any smart contract or dev tool that you can use on Ethereum can be used on Polygon zkEVM. Period. It’s just like using Ethereum, but with the scaling power of ZK tech.
“EVM-equivalence is different from EVM-compatibility because it creates less user friction, removing the need for any kind of modification or re-implementation of code.”
Because of its high level of security and resilience to censorship, Polygon zkEVM is a more appealing choice than other Layer 2 scaling solutions for software developers working on payment and DeFi apps.
In contrast to conventional optimistic roll-ups, which require consumers to wait up to seven days before they can make deposits or withdrawals, zk-Rollups provide far quicker settlement and a much higher level of capital efficiency.
Polygon said:
“Many believed that a zkEVM was years away or not practical or competitive. No one believed in us, but Polygon did.”
According to Polygon, the ZK ‘Rollup’ technique is capable of reducing fees by 90% compared to existing charges on the Layer 1 Ethereum network. Future off-chain data availability configurations will be able to further minimize expenses.
Polygon zkEVM can now achieve complete EVM equivalency and scalability at a pace never before seen because of Polygon Zero’s proving system advancements and technical contributions from both Zero and Polygon Miden in its zkProver.
Furthermore, rollups like Polygon zkEVM are the primary method by which the Ethereum community works to enhance the network’s competence. This will enable users to conduct transactions in a quick and inexpensive manner without jeopardizing the most essential security guarantees provided by the network.