The Layer 2 network will be compatible with all existing Ethereum applications.
Polygon has announced its first fully Ethereum-compatible Layer 2 network
Photo Credit: Polygon/ Vackground
Ethereum scaling network Polygon has launched its Zero-Knowledge Ethereum Virtual Machine (Polygon zkEVM), a new Ethereum-equivalent scaling solution based on Zero Knowledge (ZK) proofs. Polygon says zkEVM would be the "first Ethereum-equivalent scaling solution that works seamlessly with all existing smart contracts, developer tools, and wallets, harnessing advanced cryptography called Zero-Knowledge proofs." The new scaling solution will be compatible with all existing Ethereum applications and emulate the Ethereum Virtual Machine at the op-code level.
According to an official press release of the launch, developers will now be able to launch their projects using Ethereum's programming language. Additionally, existing Ethereum tooling, such as the MetaMask wallet and development environments like Hardhat, will also be compatible with Polygon Zero-Knowledge Ethereum Virtual Machine.
Commenting on the development, Mihailo Bjelic, co-founder of Polygon, said, "The holy grail of Web 3 infrastructure should have three major properties: scalability, security, and Ethereum-compatibility," he said. "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," Bjelic added.
Ethereum's transaction capacity is currently at around only 15 transactions per second. Rollups like Polygon zkEVM allow Ethereum to boost the network's capabilities by transacting quickly and cheaply without compromising the network's most essential security.
The new offering will use Zero-Knowledge Rollups to batch transactions and confirm them on the Ethereum mainnet. As a result, gas fees on Polygon Zero-Knowledge Ethereum Virtual Machine will be significantly lower than Ethereum mainnet and eventually on the Polygon network.
Zero-knowledge rollups combine many layer-2 transactions into one — that settle on Ethereum as a validity proof. While computationally intensive, zero-knowledge rollups are much faster and more scalable.
The product is expected to reach the Ethereum mainnet by year's end. Major Web3 applications such as Uniswap are planning to deploy on zkEVM.
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