Here’s How Polygon zkEVM Increases Transaction Speed And Reduces Fees By 90%

Polygon has launched the first Ethereum-equivalent scaling solution Polygon zkEVM capable of reducing fees by 90%, while also increasing transaction speeds. It is a Layer 2 scaling solution that gives both the scalability benefits of ZK proofs and compatibility with the Ethereum Virtual Machine (EVM).

With the announcement, the Ethereum (ETH) price surpassed the $1600 level, making a high of $1608 after surging 4% in the last 24 hours. However, Polygon (MATIC) price failed to show any movement, with the price trading just above $0.90 level.

Polygon Launches Zero-Knowledge Ethereum Virtual Machine

At the Ethereum Community Conference (EthCC) in Paris, France on July 20, Polygon announced its Layer 2 scaling solution Polygon zkEVM. The zkEVM is fully compatible with all existing smart contracts, developer tools, and wallets on Ethereum, using advanced cryptography called zero-knowledge proofs (ZKP).

Polygon estimates zkEVM reduces fees by 90% as compared to the Layer 1 Ethereum chain. Polygon’s new Layer 2 scaling solution uses Zero-Knowledge Rollups to batch transactions and confirm them on the Ethereum mainnet, inheriting the security and decentralization of Ethereum. It is powered by Polygon Hermez, Zero, and Miden technologies.

Polygon’s co-founder Sandeep Nailwal believes the zkEVM makes Ethereum “almost technically or theoretically infinitely scalable.”

Jordi Baylina, co-founder of Polygon Hermez, said:

“Many believed that a zkEVM was years away, or not practical or competitive. No one believed in us, but Polygon did.”

Problem with ZK proofs rollups like Optimistic and Arbitrum

ZK proofs have been a promising technology for Ethereum. However, it is slow and expensive to generate and not suitable to improve Ethereum scalability. Moreover, there are also compatibility issues related to code deployed on Ethereum.

Whereas, the zkEVM is permissionless, open-source, and for the Ethereum community. Combining both ZK Proofs and Ethereum Virtual Machine is the perfect Layer 2 scaling solution to achieve a cheaper, faster way to use Ethereum without sacrificing security or decentralization for users and developers.

It means the zkEVM supports programming languages, such as Solidity, and toolset like Metamask, Hardhat, Truffle, and Remix.

Polygon has released part of the source code and roadmap for zkEVM. Its public testnet will be available in Q3 2022 and Mainnet will be available in early 2023.