Polygon is a unique cryptocurrency that has its own blockchain. Its transactions are included in the Ethereum blockchain as the fast transaction speed, and low fees benefit investors and developers as well. A special feature of Polygon is that it allows its currency to be staked on the blockchain so that users can earn interest annually to contribute to better-validated transactions.
Besides the improved way Polygon works, the blockchain is constantly bringing new updates to make the ecosystem a better place for its users. Along with the Ethereum price and scalability solutions, Polygon provides better technologies and opportunities for the blockchain to upgrade. The merger between the functionalities of these two blockchains can lead to a better crypto network.
Lately, Polygon reached an impressive part of its evolution, which facilitated the first zkEVM transaction ever! But what does this upgrade mean?
What is Polygon zkEVM?
The Polygon zkEVM technology is one of the first zero-knowledge scaling solutions that act as an equivalent for the EVM (Ethereum Virtual Machine). EVM is built on the Ethereum network and executes smart contracts, and computes the state of the network. The decentralized software solution operates continuously to face millions of executable projects, and although it has many benefits, its drawbacks led to the creation of zkEVM. EMV is costly in storing data. And since all transactions require a fee to be executed, the gas prices are also high. Finally, dealing with the
EVM requires technical expertise and a certain amount of knowledge in the crypto domain. On the other hand, Polygon zkEVM provides faster and cheaper transactions compared to Ethereum’s mainnet.
When did the first Polygon transaction occur?
On the 27th of March 2023, the final mainnet from Polygon was launched. It has been since considered the “holy grail of blockchain scaling” as it ensures improved security, EVM equivalency and compatibility.
As a form of support for the zkEVM update, the founder of Ethereum, Vitalik Buterin, was the first to make a transaction following the release. Appearing on a live-streamed event, he included a message into the trades as a hex code to mark the way scalability is unconstrained for humanity. Moreover, Buterin set the gas limit to 69,430 for the transaction.
How does Polygon zkEVM work?
The ZK scaling solution works to reduce transaction costs and increase input by using the power of ZK proofs on the first layer of Ethereum. The main features of this update include the following:
- Increased security, equivalent to Ethereum’s;
- Lower costs compared to the first layer of Ethereum;
- Better finality than Optimistic rollups;
- Similar elements to Ethereum, such as smart contracts or wallets that work on Polygon zkEVM;
Polygon’s update was needed to help Ethereum scale better while providing similar experiences to users and developers.
What does Polygon zkEVM provide?
The Ethereum scalability feature ensures that all smart contracts develop tools and wallets efficiently. By leveraging zero-knowledge proofs, the software solution provides the validity of a digital statement without actually revealing it. In its basic form, zero-knowledge proof must acquire witnessing, challenging and responding elements to be structurally available.
Polygon zkEVM has the following functions:
- It reduces transaction costs through the power of ZK proofs and lowers the total cost of usage for end users;
- It is highly performant by leveraging frequent validity proofs and the recursive STARK so developers can create various dApps;
- It’s the equivalent of EVM and doesn’t require re-writing or changing codes;
- It ensures transaction validity and reassurance that network data can’t be altered or corrupted;
Competition is arising with the zkSync solution
Previous to the zkEVM scaling software solution, the zkSync scaler launched its own mainnet, called Alpha, through which Ethereum’s core values of self-sovereignty and decentralization will be taken to the next level.
The design of this solution is constantly worked on to provide the following:
- Hyper Scalability to process an unlimited number of transactions while ensuring scalability;
- Security++ to make the second Ethereum layer more secure and safe than ever;
The zkSYNC solution aims to achieve open source and forkability to ensure protocols can be exited under all conditions and blockchains are free and trustless. At the same time, resilience via decentralization is prioritized because protocol deployment must be preserved for inclusivity.
Why does Ethereum need scaling solutions?
Ethereum is one of its kind, and the blockchain allows anyone to build and deploy applications and technologies to leverage the features of the ecosystem. However, as the blockchain got bigger and an increasing number of users entered and used it, scaling became a little bit more challenging than in the beginning. Therefore, Ethereum has welcomed scaling solutions to minimize these issues to make the network a better and safer place.
When Ethereum reaches its capacity, the costs immediately increase, which disadvantages the users and makes it harder for the network to process transactions. And as Ethereum requires gas fees to complete transactions, scaling solutions are necessary to expand capacity and improve efficiency while safely reducing costs.
There are two ways in which Ethereum can be scaled. The Layer 1 Mainnet is scaled on a chain, meaning the Ethereum protocol is changing through sharding. At the same time, the outside of Layer 1 Mainnet is scaled off-chain, and this doesn’t require any changes within the system. As the most popular scaling solutions and rollups, the zkEVM software is necessary for securing Ethereum’s native security.
Ethereum is among the few blockchains that are constantly improving and changing to allow users to have proper and unique experiences. And as other blockchains provide solutions that Ethereum still hasn’t developed in exchange for smart contracts, dApps and other decentralized solutions, the zkEVM scaling technology is set to improve the crypto world by paving the way towards security.
Bottom line
The awaited zkEVM update is finally here and is expected to help Ethereum scale better and develop better security at the same time. While other Ethereum updates are released, the Polygon zkEVM sets the record for providing a cost-reducing solution for the blockchain’s challenges.
