Sign Up on MEXC
Polygon (MATIC), one of Ethereum’s leading scaling projects, is planning to release a new Layer-2 scaling solution, zkEVM, in a mainnet phase on March 27. zkEVM will be a zero-knowledge or ZK-Rollup that carries out computations off-chain on a secondary layer. This will allow for faster and cheaper transactions while putting an emphasis on security.
zkEVM Makes It Easy For Developers
The fact that Polygon asserts zkEVM to be nearly identical to Ethereum’s Virtual Machine (EVM) indicates that users can anticipate the network to support the same code as Ethereum. This makes it possible for developers to import apps from Ethereum and utilize them on Polygon’s zkEVM network without requiring major adjustments. ZK rollups utilize “proofs” to demonstrate that a transaction was not faked by simply releasing a fragment of information about that transaction.
Read More: Check Out The Top 10 DeFi Lending Platforms Of 2023
In October, Polygon went live with its zkEVM testnet, which deployed the EVM for its ZK rollup. This made it possible for Ethereum developers to transfer their smart contracts from the primary blockchain to the ZK rollup without having to rewrite them in a different programming language. And, according to the official data, more than 75,000 ZK proofs have been generated since the live testnet was brought up, and around 5,000 smart contracts have been put into operation.
In an official blog post, the team was quoted as saying:
Polygon zkEVM has been battle-tested through actual testnet usage and also through an exhaustive process of auditing. And, developers can copy-paste code that works on Ethereum and use it to build on Polygon zkEVM.
However, it needs to be mentioned that, despite the growth of Layer 2 solutions such as Arbitrum and Optimism, both of which are Optimistic Rollup-based solutions, the majority of zero-knowledge Layer 2 solutions do not have Ethereum compatibility yet.
Polygon (MATIC) Price Suge Ahead?
In addition, the team has announced that more information regarding Mainnet Beta will be made available by Polygon Labs during the following few weeks. Due to the fact that maintaining security is of the utmost importance, Polygon zkEVM has been subjected to a series of rigorous examinations and audits. During the Mainnet Beta phase, users and developers may anticipate complete transparency regarding the security measures that will be implemented to protect the Ethereum community.
This development has been favorably accepted by the Polygon community and analysts expect a significant price boost in the days leading up to the launch. As things currently stand, the price of Polygon (MATIC) is trading at $1.23 which represents an increase of 7.6% over the past 24 hours, in contrast to a decrease of 1.85% over the last seven days, according to CoinGape’s crypto market tracker.
Also Read: Are These Tokens The Future of Crypto Gaming In 2023?
- Solana Treasury Company SOL Strategies Gets Approval To List On Nasdaq
- Fidelity, Grayscale, VanEck Dump Ethereum Amid ETH Price Crash
- Ethereum Treasury Firm SharpLink Confirms Compliance Amid Nasdaq Oversight
- Trump Media Acquires 684M CRO for Cronos Treasury, Strikes Deal with Crypto.com
- SEC and CFTC To Host Roundtable To ‘Harmonize’ Regulatory Frameworks for Crypto
- Chainlink Price Eyes $55 as Reserve Holdings Jump With 43,937 LINK Addition
- Cardano Price Targets 30% Surge as Top Economist Calls for Fed Cut
- ETH Price Forecast as Grayscale’s Covered Call Ethereum ETF Spurs Optimism — Is $8,500 in Sight?
- Bitcoin Price Prediction as SEC Unveils Agenda for Crypto Regulation — Is $200K Next?
- ONDO Price Prediction Amid Bitget Collaboration on Tokenized Stocks and ETFs: Is $2 Next?
