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