A long-awaited scaling update from Ethereum Layer 2 solution provider Polygon (MATIC) has been announced, and the Ethereum Zero Knowledge Virtual Machine (zkEVM) mainnet beta launch is scheduled for March 27.
In the blog of February 14 mailPolygon said that after three and a half months of “field testing”, the system would be ready for mainnet launch next month.
Roses are red
Violets blue
Poems are difficult
Mainnet beta is hereMARCH 27, Polygon #zkEVM Launches the Future of Ethereum Scaling
https://t.co/OqSOYTn8Uv pic.twitter.com/kpXavea3ff
— Polygon (@0xPolygon) February 14, 2023
It was advertised as “seamless scaling for Ethereum” and launched as a testnet last December.
The development of the zk-rollup scaling technology has been underway for the past three years. During this time, the Polygon zkEVM system has overcome several milestones noted by the team.
These include the deployment of over 5,000 smart contracts, the creation of over 75,000 ZK proofs, over 84,000 wallets, and two public third-party audits.
The team noted that security is the highest priority and it is for this reason that “Polygon zkEVM has gone through many tests and audits.”
The technology uses zero-knowledge proofs – cryptographic proofs that, in the context of scaling, allow platforms to verify large amounts of transaction data before they are aggregated and confirmed in Ethereum.
Polygon is not the only team working on a zkEVM solution. The scaling provider zkSync is developing a similar EVM technology with its zkPorter, which exposes critical transaction data offline.
Scroll, another provider of scaling solutions, is also building a zkEVM solution in collaboration with the Privacy and Scaling Explorations group of the Ethereum Foundation.
The Ethereum Foundation is also funding the Applied ZKP project, which aims to develop an EVM-compatible zk-fold.
Polygon Tests Zero-Knowledge Rollups, Incoming Mainnet Integration
The team explained the importance of the technology, stating that true EVM equivalence means that Ethereum can be scaled “without resorting to half measures.”
“The best way to scale Ethereum is to keep the existing Ethereum ecosystem: the code, tools and infrastructure should just work. That is what Polygon zkEVM is aiming for.”
The scaling technology also provides significant transaction cost savings. The team added that the cost of proof for a large batch of hundreds of transactions has dropped to around $0.06 and less than $0.001 for a simple transfer.
Matter Labs, the firm behind Polygon, has raised $50 million in a Series B round led by Andreessen Horowitz to build EVM-compatible zk-Rollups in November 2021.
Polygon’s native token, MATIC, reacted positively to the announcement, gaining 5.3% in the last 12 hours or so. As a result, according to Cryptooshala data, the token is trading at $1.24 at the time of writing.
Credit : cointelegraph.com
