Polygon Labs recently made a significant announcement that will have a positive impact on the Ethereum network’s future. The protocol has launched Polygon zero-knowledge proof Ethereum Virtual Machine (zkEVM) on mainnet Beta, a permissionless and public network allowing users to transact and build.
According to the announcement, to further support the protocol’s development, Polygon zkEVM is now completely open-source. With this launch, Polygon is allegedly helping to pave the way for the next chapter of Ethereum’s development and offering developers and users a new tool for building decentralized applications.
The Polygon zkEVM is a zero-knowledge proof (ZPK) scaling solution developed by the same protocol, designed to enable faster and cheaper transactions on Ethereum’s network. The public testnets for zkEVM have established it as a leader among Ethereum Virtual Machine (EVM) equivalent ZK scaling solutions.
One of the key benefits of zkEVM is its use of zero-knowledge proofs, which ensures security and reduces gas fees. Another advantage for users is that zero-knowledge proofs allow for transaction verification without revealing sensitive information, making them extremely secure.
Furthermore, Polygon’s zkEVM is designed to be fully compatible with the EVM, allowing developers to easily deploy existing Ethereum smart contracts on the network and migrate existing applications to zkEVM. Furthermore, the zkEVM is intended to improve Ethereum’s scalability by allowing for faster and more efficient transactions with lower fees for developers and users of the protocol’s new feature.
According to the announcement, the protocol refers to the risks of using zkEVM Mainnet Beta. While the launch of the mainnet is an important step forward for the protocol, undetected bugs can always disrupt network stability.
The security council will be made up of representatives from various blockchain companies and organizations. Moreover, Polygon will implement a bug bounty program, which is intended to incentivize researchers and developers to identify and report any bugs or vulnerabilities that they discover in the Polygon zkEVM Mainnet Beta.
With the risks and potential vulnerabilities, the established bug bounty program will have rewards of up to $1,000,000 being offered for documenting critical vulnerabilities, according to the protocol.
Despite the positive development of the new Polygon feature, MATIC, the protocol’s native token, has not responded favorably to the announcement. MATIC is currently trading at $1.0462, indicating a 5% drop in the last 24 hours.
However, the launch of these new developments has been met with positive reception from the cryptocurrency community, which could have a positive impact on MATIC’s price in the long term.
