Polygon has released its open-source zkEVM Ethereum scalability technology to the mainnet. This technology promises to lower transaction fees and increase the speed at which smart contracts can be deployed.
Polygon’s zkEVM is a scaling solution for ZK-rollups that copies the environment for executing transactions on Ethereum’s mainnet. ZK-rollups improve the speed of Ethereum’s blockchain by moving computations and state storage to layer-2 platforms. This will also allow for the scaling of decentralised applications (DApps) and improve their performance.
Gas fees for DApp users will also go down, which could make them more popular, and Polygon zkEVM will use zero-knowledge proofs to keep its network as safe as Ethereum’s. Because zkEVM is the same as Ethereum, developers can quickly move smart contracts already in place.
27th March 2023 will change Ethereum scaling for ever.
What does a “zkEVM Mainnet” mean?
1. EVM Equivalence
2. Fully done and published audits
3. Public access to all developers, builders and users
— Sandeep Nailwal | sandeep. polygon 💜 (@sandeepnailwal) March 25, 2023
Sandeep Nailwal, the co-founder of Polygon, says that ZK proofs are the holy grail of scaling Ethereum because they let the layer-1 blockchain check a submitted proof without rerunning computations. ZK-rollups are expected to render Optimistic Rollups obsolete. The Ethereum blockchain means Optimistic Rollups send in correct calculations while a network participant checks the transaction details. This is one reason layer 2 Optimistic Rollups have a seven-day withdrawal period.
With the introduction of ZK-rollups, the Ethereum ecosystem can now focus on improving the user experience, making scaling easier, and verifying easier. This will “open the floodgates” for widespread adoption.
While the zkEVM mainnet beta has been released, the technology is in its final form. The zkEVM will continue to be optimised as the number of users grows, and bug bounties and additional assessments will be conducted over the next few months.
Buterin also helped launch Polygon’s zkEVM on March 27 by completing the first transaction by a user. Nailwal called the act symbolic because Buterin still greatly impacted how Ethereum is deployed.