Ethereum is a smart contract platform that enables developers to build tokens and decentralized applications (dapps). ETH is the native currency for the Ethereum platform and also works as the transaction fees to miners on the Ethereum network. Ethereum is the pioneer for blockchain based smart contracts.
Polygon (Previously Matic Network) is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.
Polygon is testing its Ethereum-compatible zero-knowledge (ZK) scaling solution. It is expected to be officially launched in 2023.
- Polygon announced its zkEVM, compatible with EVM.
- The scaling solution will reduce transaction costs on Ethereum.
- It will be a new impetus for Web3 and will arrive in early 2023.
The well-known Layer 2 scaling solution from Ethereum a decentralized open-source blockchain with smart contracts functionality. , Polygon (MATIC), has just made its most important breakthrough of 2022.
The team of Polygon on Wednesday announced its new zero-knowledge (ZK) scaling solution called zkEVM, which is fully compatible with the Virtual Machine from Ethereum (EVM). Unveiled during the Ethereum Community Conference stage in Paris, the company described the development as an “ great leap forward “in ZK technology.
“ Many believed that a zkEVM was years away, or that it was impractical and uncompetitive. “said the co-founder of Polygon Hermez Jordi Baylina, at the launch, according to citó The Block a file containing information on transactions completed during a given time period. Blocks are the constituent parts of a blockchain.. “ Nobody believed in us, but Polygon did “.
We are proud to announce a giant leap forward for Ethereum scaling and ZK innovation.
Introducing Polygon #zkEVM , the first EVM-equivalent ZK L2.
Today we’re releasing a complete implementation, fully open-source, and we’re just getting started.
– Polygon – MATIC ???? (@0xPolygon) July 20, 2022
ZK-Rollups come to Ethereum Virtual Machine
The ZK-Rollups are a type of scalability solution that reduces the fees of operating a blockchain by batching transactions together and then transmitting them to the main network as a single transaction. In the background, it operates at a second layer to process many transactions at a lower cost.
The main developments of the ZK technology are about Ethereum The blockchain solutions, due to their small transaction capacity, often high fees, and large volume how much cryptocurrency has been traded over a set period, such as the past 24 hours. of users. However, one problem so far with these solutions is that they do not have full support the opposite of Resistance, it is a threshold that crypto’s price doesn’t fall below. for EVM, the main processing unit in the blockchain. Ethereum for decentralized decentralization refers to the property of a system in which nodes or actors work in concert in a distributed fashion to achieve a common goal. applications.
Until now, cumulative packs were restricted in “ the type of smart contracts that can provide “explained the co-founder of Polygon , Sandeep Nailwal, en interview with CoinDesk but this changes with zkEVM.
The solution of Polygon is key, as it supports the same smart contracts as the core network of Ethereum . In other words, developers will be able to move practically any smart contract in traditional finance, a contract is a binding agreement between two parties. In cryptocurrencies, smart contracts execute functions on the blockchain. from Ethereum to zkEVM without needing to modify your code. In addition, it will allow applications running on any Blockchain a distributed ledger system. A sequence of blocks, or units of digital information, stored consecutively in a public database. The basis for cryptocurrencies. compatible with EVM can use zkEVM.
“ A zkEVM is a generic circuit in Ethereum. That means you can write custom smart contracts the same way you can write them in Ethereum: anything and everything you want to [program]. “Nailwal said.
Polygon’s zkEVM to launch in 2023
In conversation with CoinDesk , Nailwal estimated that zkEVM of Polygon will reduce transaction fees by 90% compared to the core network of Ethereum . He also anticipated that the network will be able to support 40 to 50 transactions per second, up from about 15 transactions per second today.
According to media coverage, zkEVM is being launched as a test network esta semana but it is expected that your puesta en marcha como una red principal tenga lugar a principios de 2023.
Like notes Crypto Briefingthe new solution from Polygon is a continuation of the work of Hermez Network a network refers to all nodes in the operation of a blockchain at any given moment in time. a scaling solution based on ZK Rollup that the company acquired for USD $250 million in August 2021. Following the acquisition, Hermez Network changed its name to Polygon Hermez y continued to work on its Layer 2 network under its new management.
Polygon is not alone in these developments. Other teams, such as Scroll y Matter Labs (the team behind zkSync), are racing to release their own zkEVM sometime in the near future. As you recallThe BlockAt the beginning of the year, the latter announced the launch of its EVM-compatible ZK-Rollup solution in a public test network.
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Article by Hannah Estefania Perez / DiarioBitcoin
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