Sidechain Polygon unveiled its zkEVM technology, “the announcement of the year 2022”, according to it. Combining the ZK Rollups process with Ethereum Virtual Machine (EVM) compatibility, this novelty promises to shake up the ecosystem. Developers will thus be able to take advantage of the advantages of this new network while taking advantage of the native security of the blockchain.
Polygon Announces Release of zkEVM Technology
Polygon (MATIC), the scalability platform centered on the Ethereum blockchain (ETH), has just lifted the veil on zkEVM technologywhich combines the efficiency of ZK Rollups with Ethereum Virtual Machine (EVM) compatibility, whenETHCC.
Developers will thus be able to implement nany smart contract built for Ethereum on Polygon zkEVM. Concretely, this will allow the various projects of the Ethereum ecosystem to take advantage of the security of their native blockchain while benefiting from speed and drastically reduced fees from Polygon.
Note that Polygon has its own ZK Rollup technology, called Plonky2 and launched in January this year, which is also compatible with the Ethereum blockchain.
For Mihailo Bjelicco-founder of Polygon, this is a huge step for Web 3.0:
“The holy grail of Web3 infrastructure should have three major properties: scalability, security, and compatibility with Ethereum. Until now, it has not been possible in practice to offer all these properties at once. Polygon zkEVM is a breakthrough technology that finally achieves this, opening a new chapter of mass adoption. »
In the interests of transparency and continuous improvement, the Polygon zkEVM source code is already available on githuband the testnet should be made public soonaccording to the press release.
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More interesting than the other layers 2?
According to Polygon, in comparison with other second layer solutions, its zkEVM technology is a first choice option to accommodate the various projects of decentralized finance (DeFi), of non-fungible tokens (NFTs) and different business applications such as payments.
The famous MetaMask Wallet for example, as well as development tools like Hardhat, will be compatible with zkEVM technology. Note that the zkEVM solution does not stop at the Ethereum blockchain: its EVM compatibility includes de facto compatibility with networks also EVM compatible.
In addition, this new technology will, according to Polygon, reduce transaction fees (fees) in the order of 90% compared to the different layer 1 solutions, and this should grow with the various improvements made over time on the network.
According to the page of the site dedicated to Polygon zkEVM, the mainnet of this new network is planned for early 2023.
MATIC, Polygon’s token, was not directly impacted by the news. However, he observes a 70% increase in the last 7 daysnotably following the announcement of its joining disney. Its price is currently $0.91.
👉 Related: Polygon (MATIC) Joins Disney Accelerator Alongside Other Web3 Projects
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Source: Polygon
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Passionate about the world of decentralized finance and the novelties brought by Web 3.0, I write articles for Cryptoast to help make the blockchain more accessible to everyone. Convinced that cryptocurrencies will change the future very soon.
Maximilien Prue
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