coinfomania.com
Polygon, a leading Ethereum blockchain scaling solution and web3 infrastructure, announced Wednesday the launch of its Zero-Knowledge Ethereum Virtual Machine (Polygon zkEVM).
According to the official announcement, the company noted that Polygon zkEVM is a first-of-its-kind technology that aims to scale throughput and reduce transaction costs while maintaining decentralization and security.
Polygon Unveils Zero Knowledge EVM Equivalent
The new scaling solution is based on Zero Knowledge (ZK) proofs that work by grouping multiple transactions before transmitting the information to the Ethereum blockchain as a single transaction.
The ability of the ZK proofs to convert batched transactions to a single transaction ultimately reduces the high gas costs as fees are distributed among the participants or senders.
As the first Zero Knowledge EVM equivalent technology, Polygon zkEVM is fully 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.
The Blockchain Trilemma
As per the announcement, the Polygon zkEVM aims to solve layer 1 blockchain trilemma – scalability, security, and decentralization.
The blockchain’s underlying challenges give room for compromising security and decentralization. However, the Polygon team believes that the new technology is designed to tackle the issues, thereby promoting the adoption of the Ethereum blockchain and the web3 technology.
Speaking on the new development, Polygon’s co-founder, Mihailo Bjelic, stated that the Polygon zkEVM is a breakthrough in cryptographic research that enables developers to explore the web3 ecosystem and deploy successful applications that would escalate the growth of the space in the future.
“To onboard the first billions of people to Web3, blockchain architecture must be able to scale without sacrificing security. Until now, that has not been practically possible, and developers and users have had to choose between the two. Polygon zkEVM is a breakthrough technology that offers both scaling and high security, thus opening a new chapter of mass adoption,” he said.
Building DApps
Aside from scaling throughput and reducing gas costs, the company noted that Polygon zkEVM allows developers to build and deploy any Ethereum-compatible smart contracts. Additionally, the new protocol allows non-fungible token (NFT) creators to tokenize assets on the platform for lower costs and at a greater speed.
The Ethereum-based project noted that any dApps created or launched on the ecosystem will be verified on the Ethereum network using ZK validity proof.
Meanwhile, in February, Polygon raised $450 million to promote the adoption of the Ethereum scaling solution.