What is Polygon zkEVM? How can it empower the future of Web3?

Polygon zkEVM is the first Ethereum-equivalent scaling solution which works seamlessly with all existing smart contracts, developer tools, and wallets. Image source: Polygon

what is polygon zkevm
zkEVEM stands for zero-knowledge Ethereum Virtual Machine (EVM)

Leading Web3 infrastructure provider and blockchain firm Polygon has announced the world’s first zero-knowledge scaling solution for Ethereum (zkEVM). It is expected to boost the adoption of Web3 technology by providing scalability, lower transaction costs and dramatically improving the experience of using and building with Ethereum.

Harnessing advanced cryptography called zero-knowledge proofs, Polygon zkEVM is the first Ethereum-equivalent scaling solution which works seamlessly with all existing smart contracts, developer tools, and wallets. 

In a statement, Polygon said that announcement of zkEVM is a breakthrough in cryptographic research, set to empower developers to build the future of Web3. 

What is Polygon zkEVEM?

Polygon zkEVM is a Layer 2 scaling solution that enables developers to execute arbitrary transactions, including smart contracts off-chain rapidly and inexpensively while keeping all proofs and data provenance on the secure Ethereum blockchain. 

Layer 2 refers to blockchains built on top of a base blockchain layer which is known as Layer 1. 

zkEVEM stands for zero-knowledge Ethereum Virtual Machine (EVM). According to the statement, Polygon zkEVM is fundamentally equivalent to the EVM and fully benefits from all of the Ethereum ecosystem. It leverages the power of zero-knowledge (ZK) proofs to reduce transaction costs and increase throughput while inheriting the security of Ethereum. 

How Polygon zkEVM reduces cost?

The ZK proof technology dramatically lowers fees by batching transactions into groups which are then relayed to the Ethereum Network as a single, bulk transaction. The gas fee for this single transaction is then split among all participants.

According to the statement, ZK ‘Rollup’ approach can reduce fees by 90% compared to current costs on the Layer 1 Ethereum chain. 

“Polygon zkEVM can now achieve full EVM equivalence and scalability with a speed that has never been accomplished before,” it said. 

ALSO READ | Crypto markets news today

What’s in it for developers and DeFi applications?

High security and censorship resistance of Polygon zkEVM may be a more attractive layer 2 scaling solution for developers of payment and DeFi applications. 

According to Polygon, zkEVM system enables easy migration of decentralised applications from chains compatible with EVM. Blockchain developer community can continue to use the same code, tooling, apps and smart contracts that they use on Ethereum, but with much higher throughput and lower fees.  

“Using programming languages, such as Solidity and toolset like Metamask, Hardhat, Truffle, and Remix, with which they are already familiar, developers can migrate dApps by simply switching nodes. This also makes Polygon zkEVM ideally suited for the seamless creation of NFTs, new gaming technologies and enterprise applications. Existing Polygon dApps can migrate very easily to zkEVM with minimal support,’ the statement said. 

A node is one of a number of devices that run a blockchain protocol.

“The holy grail of Web3 infrastructure should have three major properties: scalability, security and Ethereum compatibility. Until now, it has not been practically possible to offer all these properties at once. Polygon zkEVM is a breakthrough technology that finally achieves that, thus opening a new chapter of mass adoption,” ” said Mihailo Bjelic, co-founder of Polygon. 

Get live Share Market updates and latest India News and business news on Financial Express. Download Financial Express App for latest business news.