What Is Polygon zkEVM & Why Does It Matter?
After making a big cut into the Disney Accelerator program, Polygon has unveiled its latest & most awaited development to the world - zkEVM. It has been a great year for Polygon so far. Several partnerships and product launches made it one of the hot favorite Web3 startups. You can see the effect it in the price of MATIC over the last couple of days. The timing of each milestone was perfect! Anyone invested in MATIC 10 days ago would have been 40% up easily today. This blog is not about the short-term pumps though. We are going to discuss everything I know about zkEVM and how it works. In the end, we will also see some of its benefits since it has been called 'The Holy Grail of Scaling’ by some of the top crypto publishers in the space.
What Is Polygon zkEVM?
zkEVM is a Layer 2 solution based on Zk proofs technology and it is EVM compatible at the same time. Last year in August, Polygon did a $250 Million deal with a rollup blockchain called Hermez. It was the only decentralized zero-knowledge (ZK) rollup at that time. zkEVM is an enhanced version of Hermez Network. ZK technology uses mathematical proofs to verify and settle transactions. To understand how it works in detail, please checkout my blog on ZK Proofs. What we know so far:
- Ethereum needs scaling
- ZK Proofs is the best technology do it
- EVM compatibity is required to enable existing ETH community
zkEVM team at Polgyon has kept all these points in mind while developing it. They have heard the pain points of both Developers and Users to ensure that this solution is perfect for everyone involved. Ethereum Virtual Machine (EVM) is one of the defining characteristics of Ethereum network. It is a sandboxed environment where smart contracts are executed. Polygon zkEVM is going to achieve high levels of usability which means that users can easily interact with the platform without any major difficulties or learning curves. zkEVM is also 10 steps ahead in improving the speed, throughput and scalability of the network.
Why Does It Matter?
With the help of ZK proofs, a batch of transactions is replaced by one. By storing just the proofs of validity and correctness of the transactions processed on Ethereum , the efficiency and the performance is improved substantially. Fast network finality is achieved with frequent validity proofs. As per Polygon, zkEVM has the following advantages over any other technology available in the market:
- High Throughput
- EVM Compatiblility
- High Speed
- Low Transaction Fees
- Permisionless
- Open Source
With faster transactions and lower transaction costs, Ethereum Network would be able to support many more users without causing congestion on its network - meaning more people could use Decentralized Applications (DApps). As per Polygon it's a breakthrough technology and the only one of this scale. While VISA process 1.7k TPS on an average, zkEVM team is working towards achieving 2k TPS. It be huge achievement for the Blockchain industry to surpass centralized platform even in terms of scaling and performance. Is it the technology we all were waiting for to scale blockchain to a Billion users? Only time will tell! I am personally quite excited to see how this technology evolves over time!
What do you think guys? Please comment below!
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