Polygon Unveils zkEVM, Ethereum Virtual Machine Compatible Scaling Solution
✍️ 21 July, 2022 - 8:40 👤 Editor: Jakub Motyka
- Polygon has announced its zkEVM compatible with the Ethereum Virtual Machine (EVM).
- With this they seek to reduce the transaction costs of the network of Ethereum.
- The price of Matic has seen a considerable increase in recent weeks, despite the bear market.
In its constant search for scalability solutions for Ethereum, Polygon has announced zkEVM, a technology compatible with the Ethereum Virtual Machine (EVM). According to the announcement, it is the first solution that works perfectly with all contracts existing smart wallets, development tools and wallets, leveraging advanced cryptography called zero-knowledge proof.
With this, they expect a drastic reduction in costs and improvement in network speed. Polygon's zkEVM technology is based on zero-knowledge proof through ZK-Rollup. This layer 2 solution allows grouping a series of transactions in a single package, Rollups, Despite this, ZK technology is generally slow and expensive, at the same time, it has compatibility problems with most applications. It is at this point that the new Polygon solution makes sense.
Polygon zkEVM: “The Next Big Thing For Ethereum”
Thanks to the development of Polygon zkEVM, users will see a drastic reduction in transaction fees and a considerable improvement in their speed. A characteristic and essential element for this new technology is its compatibility with the EVM. It is specially designed for all developers looking for a cheaper and faster way to use Ethereum, without sacrificing security or decentralization. For this reason, it doesn't require permissions and anyone can use it.
In the last few weeks, the native token of the Polygon network, MATIC, has maintained a constant ascending rhythm. In the next few days it could reach the dollar, returning to the levels of the month of May of the year past. Finally, after the announcement of zkEVM it has not experienced considerable variations, however, it has not slowed down its growth either.
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