The Polygon Team Unveiled A New zkEVM Scaling Solution

The Polygon project introduced zkEVM, a new technology for scaling transactions on the Ethereum blockchain.

The solution uses zero-knowledge proof when bundling transactions. The technology is fully compatible with smart contracts, tools, and wallets of the second largest cryptocurrency by capitalization.

zkEVM is in the testing phase, with a launch scheduled for early 2023.

“The holy grail of a Web3 infrastructure should have three main properties: scalability, security, and interoperability with Ethereum,” said Polygon co-founder Mihailo Bjelic in a statement obtained by Decrypt .

He described zkEVM as a “breakthrough technology” opening “a new chapter in mainstream adoption.” The solution will reduce the cost of transfers and increase network bandwidth.

“At this stage, it is difficult to provide a performance comparison for zkEVM, but we are working to increase [bandwidth] to about 2000 TPS,” Bjelic said.

The MATIC token reacted to the news with a slight decrease – over the past day, the asset has lost 1.5%. In seven days, the increase was 69.2% ( CoinGecko ).

In November 2021, Polygon announced a new layer 2 (L2) solution for Ethereum based on ZK-Rollups. It released its central component, a virtual machine using the zk-STARKs protocol as the underlying proof system.

Previously, the project absorbed the Hermez Network platform, which specializes in L2 based on ZK-Rollups. In December, Polygon acquired Mir Protocol, a startup that develops Ethereum scaling solutions.

Recall that on July 18, Bjelic posted a tweet announcing an important event, against which MATIC grew by 26.8% daily.