The first Ethereum-equivalent scaling solution that works flawlessly with all current smart contracts, developer tools, and wallets, Polygon zkEVM (zero-knowledge Ethereum virtual machine), has been released. It employs strong encryption known as zero-knowledge proofs.
The protocol is synonymous with the Ethereum Virtual Machine (EVM), the software framework developers use to create Ethereum-based decentralized applications (dApps). It is said to be compatible with all current smart contracts, development tools, and wallets.
EVM-equivalence means that any smart contract or development tool on Ethereum can also work on Polygon zkEVM. Period. It’s similar to Ethereum but with the scalability of ZK tech.
“EVM-equivalence is different from EVM-compatibility because it creates less user friction, removing the need for any kind of modification or re-implementation of code.”
Polygon zkEVM is more appealing than other Layer 2 scaling solutions for software developers working on payment and DeFi apps due to its high-security level and censorship resistance.
Unlike traditional optimistic roll-ups, which require customers to wait up to seven days before making deposits or withdrawals, ZK-Rollups offer much faster settlement and much higher capital efficiency.
According to Polygon:
“Many believed that a zkEVM was years away or not practical or competitive. No one believed in us, but Polygon did.”
The ZK Rollup to Reduce
According to Polygon, the ZK ‘Rollup’ technique can reduce fees on the Layer 1 Ethereum network by 90% compared to current charges. Furthermore, future off-chain data availability configurations will reduce costs even further.
Because of Polygon Zero’s proving system advancements and technical contributions from Zero and Polygon Miden in its zkProver, Polygon zkEVM can now achieve complete EVM equivalency and scalability at a never-before-seen rate.
Furthermore, rollups such as Polygon zkEVM are the primary way the Ethereum community works to improve the network’s competence. This will allow users to conduct transactions quickly and cheaply without jeopardizing the network’s most critical security guarantees.