Polygon, has released zkEVM, a scaling solution that uses a zero-knowledge technique to grow the Ethereum blockchain without compromising security and decentralization.
The new technology is ZK Layer-2’s first EVM equivalent. Any smart contract or development tool available on Ethereum can be utilized on Polygon zkEVM thanks to EVM-equivalence.
Scalability is one problem that the Ethereum blockchain has. As more decentralized apps and services use the network and transaction volume increases quickly, gas prices grow tremendously.
The Ethereum network and the services built on it become outrageously costly to use when there are too many users actively using the platform. Although, when the network completes its switch from Proof-of-Work to Proof-of-Stake later this year, things are expected to significantly improve.
Like any ZK layer-2, Polygon zkEVM “rolls up” a batch of transactions and uses a ZKP to validate those transactions on Ethereum. By doing this, it minimizes the amount of data that needs to be shared between users and speeds up the confirmation time of transactions.
But unlike any other ZK L2, Polygon zkEVM takes advantage of plonky2, the fastest ZK technology, while providing users and developers with the ease of EVM-equivalence.
This innovative EVM-equivalence is achieved by Polygon zkEVM without sacrificing speed or increasing expenses. High throughput, low latency, and low fees are all achievable, and its EVM compatibility is unaffected.
The new scaling method drastically lowers fees, boosts throughput, and inherits Ethereum’s security. With the help of zkEVM, transactions on the Ethereum blockchain will be more affordable, quick, and secure.
No other scaling solution, according to Polygon, harnesses the power of ZK proofs while attaining EVM-equivalence, making it the first of its kind.