Polygon launches zero-knowledge EVM Rollup to better support Web3 transactions
Leading Ethereum scaling tool Polygon on the Ethereum blockchain, announced the launch of its Zero-knowledge Ethereum Virtual Machine (Polygon zkEVM), a Layer-2 scaling solution based on Zero Knowledge (ZK) proofs.
Zero Knowledge (ZK) proof bundles up Layer-2 transactions in groups before relaying the information to the Layer 1 Ethereum blockchain as a single transaction. Because of this, the gas fee is split between participants, which helps reduce the transaction fee significantly compared to sending them separately to the Ethereum blockchain.
The new zkEVM will tap into ZK proof technology to improve scalability and reduce transaction fees further. ZkEVM is ‘fundamentally equivalent’ to the Ethereum Virtual Machine (EVM), and works with nascent smart contracts, developer tools, and wallets. In other words, this allows developers to move any Ethereum smart contracts onto Polygon zkEVM without modifying codes.
According to a press release, Polygon claims its new scaling solution aims to be ‘the first Ethereum-equivalent scaling solution that works seamlessly with all existing smart contracts, developer tools and wallets, harnessing advanced cryptography called zero-knowledge proofs.’
Polygon estimates a 90% reduction in costs by using the zk-Rollup approach compared to layer-1 solutions.
Polygon also said that zkEVM aims to add decentralization, scalability, and security to Web3.
Polygon’s co-founder, Mihailo Bjelic described the new scaling solution as a breakthrough technology and empower developers to build the future of Web3 todrive Web3 adoption.
‘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,’ said Bjelic.