Enterprises will not be able to build platforms on Ethereum without worrying about high transaction costs after Polygon’s zkEVM goes live. Sounds too good to be true? Well, believe it! Polygon’s Zero-Knowledge Proofs helps overcome the high gas fees issue while maintaining the same security and technical prowess.
For an in-depth understanding of zero-knowledge proofs and how Polygon zkeVM works, continue reading.
What is Polygon zkeVM?
Polygon Zero-Knowledge Ethereum Virtual Machine or zkEVM is a layer 2 scaling solution that seamlessly integrates with the Ethereum network. It is fundamentally equivalent to the Ethereum Virtual Machine that uses zero-knowledge proofs technology to improve scalability & security at much lower costs. And the best part is that zkeVM can be perfectly aligned with developer tools, smart contracts and wallets without any code modifications.
How does Polygon zkeVM help in cost-cutting?
90% of fee reduction is estimated with the coming of zkeVM! This is because the ZK proofs technology groups all transactions into batches and communicates the information as a single transaction request to the Ethereum blockchain network. So, the gas fee is charged essentially for a single transaction and later split between the participants.
Why is Polygon zkeVM the best solution for blockchain trilemma?
Web 3.0 is constructed on the foundation of blockchain technology that strives to give back the power of the internet to consumers. Therefore, along with the challenge of decentralisation, blockchain also faces scalability and privacy issues.
Currently, the blockchain architecture is such that developers have to choose between privacy or upscaling for their applications on web 3.0. This is why Polygon matic’s zkeVM is a breakthrough in cryptographic research, as it offers the complete solution to the blockchain trilemma.
The coming of zkeVM has strengthened the three pillars on which blockchain and web 3 thrive. Additionally, the zkEVM also facilitates the creation of NFTs, new web 3 crypto-gaming opportunities and so on.
Frequently Asked Questions
Q1) Does Polygon rely on Ethereum?
Ans) Polygon is a two-layer or side-chain scaling solution that runs alongside the Ethereum blockchain. Polygon aims to encourage the adoption of Ethereum via low a cost channel. However, for now, Polygon seems more dependent on Ethereum than vice versa.
Q2) Is Polygon a smart contract platform?
Ans) The Ethereum layer of the Polygon network architecture is a set of smart contracts which are implemented on Ethereum.
Q3) What is Ethereum Virtual Machine?
Ans) A virtual machine emulates a computer system. And an EVM or Ethereum Virtual Machine executes smart contracts and accesses the state of the Ethereum network after a new block is added to the chain.