Polygon confirms ETH compatible zero-knowledge scaling solution. Polygon, a Web3 infrastructure provider, announces the launch of Polygon zkEVM (zero-knowledge Ethereum Virtual Machine) on 20 July 2022, which is said to be the “first” Ethereum-compatible scaling solution that uses the cryptographic method called zero-knowledge proofs.
zkEVM is set to reduce network fees by almost 90% and even more in future iterations,that is “fully compatible” with Ethereum. Users will see dramatically reduced costs and improved speed. Do anything you would do on Ethereum, for lower cost and at greater speeds, and have it verified on the Ethereum network via a ZK validity proof. It’s Ethereum, but with ZK scalability.
Image courtesy: Polygon
Mentioning few use-cases of Polygon zkEVM for references below:
- Defi Applications
- NFT, Gamefi and Enterprise applications
All existing smart contracts, developer tools, and wallets will work seamlessly with Polygon zkEVM because its
- High Performance
- Fees reduction of 90%
- Fastest ZK proof
Polygon has released a portion of the source code and roadmap for zkEVM, while its public testnet is expected later this summer and mainnet launch planned for early 2023.
Developers and users on Polygon zkEVM can use the same code, tooling, apps, etc that they use on Ethereum, but with much higher throughput and lower fees even after “The Merge” happens!
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