The most significant 2022 development has recently been made by Polygon (MATIC), a well-known Layer 2 scaling solution for Ethereum.
The zkEVM scaling solution from the Polygon team, which is completely compatible with the Ethereum Virtual Machine, was released on Wednesday (EVM). The development was announced on stage at the Ethereum Community Conference in Paris, and according to the business, it represents a “huge leap forward” for ZK technology.
By batching transactions together and sending them to the main network as a single transaction, ZK-Rollups are a form of scalability solution that lowers a blockchain’s transaction costs. It runs at a second layer in the background to handle lots of transactions more cheaply.
Due to its massive user base, frequent high fees, and limited transaction capacity, Ethereum has seen the majority of ZK technological advances. The core processing unit on the Ethereum blockchain for decentralized applications, EVM, is not fully supported by any of these solutions, which is a drawback thus far.
Since it supports the same smart contracts as the Ethereum mainnet, Polygon’s solution is crucial. In other words, programmers won’t have to change their code to transfer almost any Ethereum smart contract to zkEVM. Additionally, it will enable the usage of zkEVM by apps operating on any Blockchain that is EVM-compatible.
“In Ethereum, a generic circuit is known as a zkEVM. This implies that you can create bespoke smart contracts in the same manner that you can create them in Ethereum: you can [program], ” stated Nailwal in an interview with CoinDesk.
Polygon’s zkEVM would, according to Nailwal, lower transaction costs by 90% when compared to Ethereum’s primary Ethereum network. In addition, he believed the network will be able to sustain 40 to 50 transactions per second as opposed to the present average of 15 transactions per second.
zkEVM is reportedly debuting as a test network this week, but its deployment as a primary network is anticipated to take place in early 2023, according to reports in several news publications.
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