Evelyn from Oklahoma City

Signed up at Crypto Games IO 18 minutes ago.

» Try Crypto Games IO too
Do not show again

The Ethereum blockchain has needed scaling for a while as Crypto Lists reported. The Polygon team believes the ideal way to materialise this concept is by utilising zero-knowledge technology (ZK). Polygon offers interoperability and a scaling protocol to launch Ethereum-compatible blockchains. The Web3 infrastructure provider, Polygon will be the pioneer of an Ethereum-compatible scaling solution using a cryptographic method. Matic teased the zkEVM at the Ethereum Community Conference for effortless integration with existing smart contracts, dAPPs, and wallets.

It often seemed that this would be a long and exasperating venture. Many believed that the cryptocurrency industry requires several years to develop Layer 2 solutions. This could provide scalability advantages of zero knowledge technology and compatibility with the Ethereum Virtual Machine Learning (EVM).

Polygon zkEVM has a vision with absolute EVM equivalence that is simple and easy to implement. Developers can easily install an Ethereum Smart Contract to layer 2 and scale it infinitely with ZK proof. All decentralised applications(dApp) or tools on Ethereum functioned similarly on a zkEVM. Developers and users will gain from the future benefits of ZK proofs. They still benefit from the familiarity of Ethereum through its decentralisation and security.

The Promises and Challenges of the ZK rollup
The primary approach in scaling Ethereum using ZK proof requires developing a ZK rollup. It is a layer 2 protocol that rolls up a large volume of transactions and evinces them to the Ethereum network using ZK Validity proof. There is great potential for the ZK rollup to scale Ethereum. A single transaction replaces several thereby increasing throughput, reducing latency, saving on fees, and other merits. However, this ZK technology has its own limitations.

The ZK rollup has performance limitations despite its promising technology. It is slow and costly to generate. You require to enhance the cost and throughput on the Ethereum mainnet significantly to scale Ethereum. Additionally, there are compatibility challenges with Ethereum. The ZK rollup may fail to run the code deployed on Ethereum. It may need learning a new coding language or participating in a new developer ecosystem to build an app with ZK rollup. There is also the possibility that you may not use the Ethereum 2 layer the same as Ethereum. Due to these challenges, conventional wisdom perceived that zkEVM requires more years to fulfill.

Rating: 9.5/10
Supply: 7,081,679,872 / 10,000,000,000
Release date: October 11, 2017

Description: How much do you know about Matic and Polygon? Discover the latest news, live prices and analysis from Crypto Lists. Read up here.

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.

The Polygon zkEVM addresses ZK rollup shortcomings
Polygon Zero Knowledge team delved deeper into finding a solution that combats the above challenges. The team has made major breakthroughs in performance and their teamwork has resulted in significantly improving proof generation period. The product of this hard work and commitment resulted in the Polygon zkEVM. It is ready for its prime time. Users and developers will experience significantly reduced costs and increased speeds to facilitate their usage.

There is a major thrill over the EVM equivalence of Polygon zkEVM that users and developers are looking forward to the experience. They would be able to build and develop in a similar way they would build on Ethereum. Users can easily deploy Ethereum Smart Contracts similar to how they deploy in Ethereum. In practice, every tool and decentralised application that functions with Ethereum will work on Polygon zkEVM. Everything you would do on Ethereum is applicable on Polygon zkEVM at a higher speed and lower cost. It shall be validated on the Ethereum network using the ZK Validity Proof. It functions just like Ethereum but with ZK scalability.

Mihailo Bjelic, the co-founder of Polygon insists that the basic foundation of Web3 infrastructure are scalability, security, and Ethereum compatibility. He describes Polygon zkEVM as a breakthrough technology that can finally achieve all these fundamentals. Previously, it was not practically possible to offer these fundamentals all at once. It shall reduce Ethereum costs by an estimated 90% with an expected increase in throughput to 2000 transactions per second. According to Bjelic, this would slightly surpass with global payments processor, VISA with an average processing speed of 1700 transactions per second. The co-founder envisions Ethereum as the foundation of Web3 and it is clear that Ethereum requires to surpass VISA’s TPS to achieve this.

Crypto Lists learns that Polygon has promised to deliver and will release further documentation to elaborate its implementation. The test net is expected to go live soon for Polygon’s developers and community to explore possibilities and upgrade based on improvement suggestions. The mainnet launch is to be in early 2023.

by Our Certified Author
Polygon Coin Newsflash
    Pragmatic Play casinos: 600 000 USDT in Halloween prizesPragmatic Play casinos: 600 000 USDT in Halloween prizes
    Saturday, 28 Oct 2023 5:50 am
    One of the best competitions this Halloween period comes from Pragmatic Play. While the bets are higher than in other competitions - you need to stake at least 0.5 USDT on every bet - the rewards are also way bigger than most other casino rewards this Halloween period. You can play any Candyland or Halloween games in order to be eligible and can win random prize drops in the range of 10 up to 10 000 USDT, where the total prizes given out is staggering 600 000 USDT - which means that a lot of players will be lucky and get some unexpected prizes. Sign-up for a Pragmatic Play Casino such as our favourite LTC Casino, thanks to their game selection and anonymous features. Alternatively, try Bet Panda IO that offer instant payouts and no KYC. Lookin' for something sweet? Play it, don't eat. The rewarding jackpot slot Sugar Rush is one of the most popular jackpot games from Pragmatic Play and it's part of the Halloween competition and you can play it here. Give it a try, it's only Halloween weekend with those amazing...
    Read the full newsflash

    Polygon and Mastercard team up to host Web3 musician eventPolygon and Mastercard team up to host Web3 musician event
    Sunday, 8 Jan 2023 10:08 am
    The Polygon network has partnered with payments giant Mastercard to host an exlusive artistic event. The 'Mastercard Artist Accelerator' is an innovative Web3 focused event that hopes to inspire a new generation of musicians using blockchain technology. This includes the creation and minting of new NFTs. In related news, the native MATIC token Polygon’s increased 3% in the 24 hours following the news...
    Read the full newsflash

    Swoosh: Nike launches Web3 platform with PolygonSwoosh: Nike launches Web3 platform with Polygon
    Tuesday, 15 Nov 2022 9:11 am
    Web3 projects continue to go from strength to strength as Nike announces a partnership with the Polygon network for it's new .Swoosh platform. It's been announced that the platform will offer Polygon-based NFT products. Among other things, the sportswear giant will use the platform to launch virtual apparel like sneakers for avatars that can be used within Web3 games...
    Read the full newsflash

    Is Polygon's MATIC set for a massive 200% price push?Is Polygon's MATIC set for a massive 200% price push?
    Thursday, 3 Nov 2022 3:44 pm
    With the latest news that the Polygon Network has partnered with Instagram to provide NFT services on the social media platform. As a result, the coin native to the blockchain, MATIC, could be set for a price push of close to 200% according to experts. Polygon has announced several high-profile partnerships recently, such as JP Morgan, Disney, and Starbucks, so it seems to be going from strength to strength...
    Read the full newsflash

    A smart partnership: Polygon & NexityA smart partnership: Polygon & Nexity
    Thursday, 5 May 2022 11:28 am
    Polygon blockchain and Nexity network have joined forces and are set to revolutionize blockchain technology. Nexity has received a grant that will fund its projects within the Polygon network. With the partnership, Nexity will be able to create circular business applications, and these hope to solve some of the biggest problems in blockchain technology. It will also optimize smart contracts and make them more efficient. A success of the partnership will lead to a surge in demand for the MATIC coin, so you should make a point of watching...
    Read the full newsflash

New Casino Reviews
New Crypto Casinos
Best Crypto Casinos
Recent Crypto Sites
Recent Crypto Coins
  • IPVERSE logo
  • Book.io logo
  • Smart logo
  • Edelcoin logo
Keep up to date with

Our Newsletter

Sign up to our newsletter to get the
latest crypto news, new casinos,
bonus offers and other exciting
* indicates required
Copyright © 2019-2022, by Crypto Lists Ltd (CryptoLists.com). Company name: Crypto Lists Limited. Address: 5 Upper Montagu Street, LONDON W1H 2AG, England.
Jump to top