Polygon Introduces zkEVM, an L2 Scaling Solution That Could Reduce Ethereum Gas Fees by 90%

2 years ago

Polygon Introduces zkEVM, an L2 Scaling Solution That Could Reduce Ethereum Gas Fees by 90% 5

Summary:

Polygon has unveiled zkEVM, a furniture 2 scaling solution that users zero-knowledge proofs to standard and trim transaction costs connected Ethereum.
Polygon’s co-founder, Mihailo Bjelic, has described zkEVM arsenic the ‘holy grail of Web3 infrastructure.’
Polygon zkEVM is estimated to trim Ethereum fees by 90% compared to existent costs connected Ethereum’s furniture 1.

The Polygon (MATIC) squad has unveiled a revolutionary mode of scaling Ethereum utilizing zero-knowledge proofs.

We are arrogant to denote a elephantine leap guardant for Ethereum scaling and ZK innovation.

Introducing Polygon #zkEVM, the archetypal EVM-equivalent ZK L2.

Today we’re releasing a implicit implementation, afloat open-source, and we’re conscionable getting started.

[1/6] pic.twitter.com/P929DRCT1y

— Polygon – MATIC 💜 (@0xPolygon) July 20, 2022

The caller scaling solution, Polygon zkEVM, brings zero-knowledge exertion to the Ethereum Virtual Machine, allowing developers to deploy astute contracts connected the web seamlessly.

Polygon zkEVM ‘works by batching transactions into groups, which are past relayed to the Ethereum Network arsenic a single, bulk transaction.’ The corresponding state interest for the azygous bulk transaction is past divided betwixt each the participants involved, lowering fees connected Ethereum.

Polygon zkEVM is besides designed to let for the casual migration of decentralized applications compatible with Ethereum to the zkEVM. It utilizes each communal toolsets specified arsenic Metamask, Hardhat, Truffle, and Remix, making a determination to zkEVM casual for developers.

Mihailo Bjelic, the co-founder of Polygon, stressed the value of Ethereum being capable to scale, peculiarly with the maturation of Web3. He said:

The beatified grail of Web3 infrastructure should person 3 large properties: scalability, information and Ethereum-compatibility.

Until now, it has not been practically imaginable to connection each these properties astatine once. Polygon zkEVM is simply a breakthrough exertion that yet achieves that, frankincense opening a caller section of wide adoption.

Polygon zkEVM To Reduce Fess connected Ethereum by 90%.

The squad astatine Polygon estimates that their ZK ‘rollup’ attack volition trim fees connected Ethereum by a origin of 90% compared to the existent costs of transacting connected its Layer 1.

In addition, Polygon has open-sourced portion of zkEVM’s root codification with a nationalist testnet expected aboriginal this summertime and a mainnet motorboat successful aboriginal 2023.

Polygon (MATIC) Continues to Rise successful the Crypto Markets.

Concerning terms action, Polygon (MATIC) has had an eventful 1 week successful the markets. It is 1 of the fewer integer assets to rebound considerably aft the US announced record-breaking 9.1% ostentation connected July 13th.

According to Coinmarketcap, Polygon (MATIC) has gained a monolithic 65% successful the past 7 days.

Polygon Introduces zkEVM, an L2 Scaling Solution That Could Reduce Ethereum Gas Fees by 90% 3

However, the regular MATIC/USDT illustration beneath reveals that the integer plus could tally retired of steam to propulsion higher successful the crypto markets. MATIC’s regular MFI, MACD, and RSI constituent towards an overbought script that could awesome a imaginable cool-down to the 100-day moving mean astir the $0.78 terms area.

However, Bitcoin has reclaimed the $24k terms zone, and its bullishness could supply Polygon (MATIC) the further momentum to pat the 200-day moving mean astir the $1 to $1.20 terms area.