Polygon launched new scaling solution to cut down the fees on Ethereum and the zkEVM is a new solution that even aims to outpace Visa’s transaction throughput so let’s read more today in our latest blockchain news.
The Web3 infrastrcuture provider Polygon announced the launch of the zkEVM Ethereum Virtual Machine which is the first Ethereum-compatible scaling solution that uses the cryptographic method dubbed zero-knowledge proofs. Previously known as Matic NEtwork, Polygon is a scaling protocol for launching Ethereum-compatible blockchains and the core component is a Polygon SDK as a flexible and modular framework that supports multiple types of dapps.
Polygon tested zkECM at ETHCC Paris back in 2021 and said that it is designed to work effortlessly with the existing smart contracts, wallets, and tools while also creating less user friction by removing the need for modifications of implementing a new code. The co-founder of Polygon Mihailo Bjelic added:
“The holy grail of Web3 infrastructure should have three major properties: scalability, security, and Ethereum compatibility.”
Bjelic described zkEVM as a breakthrough technology that achieves a new chapter of mass adoption while noting that until now, it was not possible to offer all these properties at once. The new scaling solution included a reduction of current layer-1 ethereum network costs or about 90% by the team’s estimate and a dramatic increase in the throughput capability while inheriting the security of the ETH blockchain:
“It’s difficult to provide performance comparisons for zkEVM at this stage, but we are working towards increasing [throughput] to approximately 2,000 transactions per second (TPS).”
According to him, this is on par with the global payments processor Visa which processes about 1700 transactions per second on average which is a benchmark Ethereum will have to match and even surpass this goal. Polygon outlined the zkEVM core technology called zk-rollups and it is capable of offering faster transaction settlement but also improve capital efficiency as a huge advantage over the technology known as Optimistic Rollups.
Zk-rollups rely on a piece of cryptography dubbed a zero-knowledge proof which Bjelic noted, provides validity proof that transactions aren’t fraudulent while Optimistic rollups still require a dispute period where anyone can challenge the validity of the transaction:
“On average, this results in a seven-day delay for withdrawals when using Optimistic rollups. zkEVM has the potential to reduce this exit period from seven days to potentially just a couple of minutes.”
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