Leading Ethereum scaling network Polygon has launched its Zero-Knowledge Ethereum Virtual Machine (Polygon zkEVM), a new Ethereum-equivalent scaling solution based on Zero Knowledge (ZK) proofs.
Polygon Launches New Scaling Solution
The ZK proofs technology batches transactions in groups before communicating the information to the Ethereum blockchain as a single transaction request. The gas fee for a single transaction is then shared among the participants, thus significantly reducing the transaction fee to the barest minimum.
According to a press release shared with CryptoPotato, Polygon claims its zkEVM solution is the first Ethereum-equivalent scaling solution that taps the ZK proofs to enhance scalability and lower costs without sacrificing security.
Since the Polygon zkEVM is “fundamentally equivalent” to the Ethereum Virtual Machine (EVM), it works with existing smart contracts, developer tools, and wallets without modifying or re-implementing codes.
Solving the Blockchain Trilemma
As per the release, the scaling solution was developed to solve the underlying Blockchain Trilemma – decentralization, scalability, and security. Polygon believes solving these issues will help promote the adoption of Web3 technology.
Polygon’s co-founder, Mihailo Bjelic, noted that the Polygon zkEVM is a breakthrough in cryptographic research that empowers developers to build the future of Web3 that fully benefits the Ethereum ecosystem.
“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.
In addition to solving the Blockchain Trilemma, the new technology facilitates the easy migration of decentralized applications (dApps) based on chains compatible with the EVM to the Polygon zkEVM. The project also stated that existing Polygon dApps could easily migrate to the zkEVM.
The release noted that blockchain developers using programming languages such as Solidity and toolsets like MetaMask and Hardhat could also migrate their applications by simply switching nodes. Additionally, the zkEVM makes it easier for developers to create non-fungible tokens (NFTs), new gaming technologies, and enterprise applications.
Meanwhile, as part of its efforts to promote the adoption of Web3 technology, Polygon recently partnered with Nothing, the creator of Phone (1), to enable web3 functionalities in smartphones.