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Top Crypto News: Polygon Launches ‘zkEVM’ Scaling Solution to Empower the Future of Web3.0

Top Crypto News: Polygon launches ‘zkEVM’ - an Ethereum Compatible Scaling Solution

Snapshot 

  • Polygon launches zkEVM – an Ethereum-compatible scaling solution
  • MATIC records an 8.60% increase in price in the last 24 hours 
  • Polygon believes its ‘zkEVM’ to be  “the future of Ethereum scaling.”

The most awaited launch of Polygon the ‘zkEVM’ is now live. Enterprises who want to build platforms on Ethereum without the complexity and the high transaction costs of Ethereum can build it on Polygon with the same level of security and technical excellence. Blockchain developers will be able to deploy Ethereum smart contracts without having to worry about any high gas fees, thanks to Polygon’s ‘Zero-Knowledge Proofs’.

The new advancement is like Ethereum technology with zk scaling powers, Polygon said in a conversation. 

Polygon’s ‘Proof of Stake’ protocol and Plasma sidechain has been the North Star of the blockchain and will continue to be a part of the technology alongside the zkEVM. Polygon calls its technology the ‘Swiss Army Knife of Ethereum’. 

Zero-knowledge scaling on Polygon

The zk roll-up technology has been in the pipeline for about some time. The blockchain firm had its tech roadmap set in stone from the beginning. According to Polygon, zk roll-ups fit the bill of seamless scaling needs of dApp developers. 

What are zk Roll ups? 

Zk Roll ups also called Zero-Knowledge proof is a scaling solution and a cryptographic technique that batches data without revealing it to other parties. Hence, it is called ‘Zero Knowledge’ The development team at Polygon has devised a fast-proof generation protocol for faster scalability and transaction speed. 

Polygon’s zkEVM can be used by anybody as it is open source and permissionless. 

What is Polygon? 

Polygon is a layer 2 blockchain built on the Ethereum network offering a scaling solution that is compatible with EVM- Ethereum Virtual Machine. Polygon is powered by its native token MATIC. The blockchain uses a ‘Proof of Stake’ consensus mechanism to validate transactions. Polygon. MATIC is an ERC-20 token. 

Additional Read: Polygon Technical Analysis

Impact on MATIC Price post the zkEVM announcement 

MATIC had surged by 20% post their Disney Accelerator partnership announcement. The token is on an uptrend. The price of MATIC crossed INR 56 and as of today, the price has further surged to INR 73.50. 

Source: Trading View

Additional Read: Why is MATIC Price Rising Today?

What are the key differences between Eth2.0 and Polygon’s zk Rollup

Polygon Blockchain Ethereum Blockchain 2,0 
Uses Proof of Stake and zk Roll-ups for validating transactions  Uses Sharding as a ‘Proof of Stake’ mechanism in which data is validated on the side chain.
Is an L1 layer blockchain built on top of the Ethereum network Ethereum is a Layer 1 blockchain technology 
Polygon can process 65,000 transactions per second Ethereum blockchain processes 10-15 transactions per second 
Polygon was founded in 2017 Ethereum was founded in 2014
Has over 19,000 dApps  Has over 2,970 dApps

With major partnerships established in Q2 and the launch of zkEVMS, MATIC’s overall price surge and the rapid adoption of it is not surprising. 

Source: CryptoSlate

Additional Read: Ethereum Merge Update

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