Recently, Polygon unveiled zkEVM, which stands for ‘Zero Knowledge Ethereum Virtual Machine’, the first ever Ethereum equivalent scaling solution.
Polygon zkEVM seeks to provide scalability and preserve Ethereum’s network security. It also seeks to reduce fees and increase the throughput. Additionally, zkEVM will also help Web3 technology by boosting its adoption.
The Zero Knowledge Virtual Machine is supposed to work with all the smart contracts, developer’s tools and wallets.
Polygon stated, “EVM-equivalence means that any smart contract or dev tool that you can use on Ethereum can be used on Polygon #zkEVM. Period. It’s just like using Ethereum, but with the groundbreaking scaling power of ZK tech”.
What is Polygon zkEVM and how it reduces costs?
Polygon zkEVM is a one-of-a-kind technology that helps a developer execute arbitrary transactions. It is a Layer 2 scaling solution that helps execute the transactions while keeping all the proof and data sources on the secure Ethereum Blockchain.
It helps reduce cost or the gas fees by arranging the transactions so that when they are relayed to Ethereum Network, they reach there as a single bulk transaction. The gas fee is thus divided among all the participants, thus reducing it.
Mihailo Bjelic, the co-founder of Polygon, said, “The holy grail of Web3 infrastructure should have three major properties: scalability, security and Ethereum compatibility. Until now, it has not been practically possible to offer all these properties at once. Polygon zkEVM is a breakthrough technology that finally achieves that, thus opening a new chapter of mass adoption.”
zkEVM will help developers of payments and Defi because of its high security and censorship resistance.