Polygon (MATIC), an Ethereum layer-2 provider, has finally announced the long-awaited scaling update. The Beta Launch of the zero-knowledge Ethereum Virtual Machine mainnet (zkEVM), is scheduled for March 27.
Polygon stated in a blog post published February 14th that the platform was ready for launch the next month after three and a quarter months of battle testing.
It was released for the first time in a Testnet In December 2017, the project was announced and has been promoted as “seamless scaleability for Ethereum”
The development of the scaling technique called “zk-rollup” has continued since the start of this decade. As mentioned by the team, Polygon zkEVM systems has reached a number notable milestones in that time.
They include the implementation and production of more that 75,000 zkproofs, creation of more then 84,000 wallets, as well as two third-party public audits.
According to the group maintaining a safe environment is their primary concern. That is why Polygon ZkEVM was subject to a series of audits and testing.
This technique uses zero-knowledgeproofs, which are cryptographic verifications that allow platforms to verify large volumes of transaction data.
Polygon isn’t the only one working hard to create a zkEVM system. Scaling provider zkSync has created a solution similar to EVM through its zkPorter software. This product allows for the transfer of key transaction data off-chain.
Scroll, another company that specialises in scaling solutions is also working with the Ethereum Foundation’s Privacy and Scaling Explorations team to develop a zkEVM option.
The Ethereum Foundation also provides funding for Applied ZKP. This project aims to create a zk rollup that is compatible the EVM.
The group elaborated on its relevance by claiming that real EVM equivalent indicates that Ethereum can be scaled “without needing to settle for half measures.”
Maintaining the current Ethereum ecosystem is the best way to grow Ethereum. That means the code, tools, infrastructure and code must all be in sync. This is exactly what the Polygon zkEVM Project aims to achieve.
Scaling technology can reduce the cost of individual transactions by a large amount. The researchers found that proof costs for a large batch of hundreds of transactions were reduced to $0.06 while proof costs for a simple transfer were less than $0.001.
The company responsible for Polygon, Matter Labs, closed a Series B round of funding in November 2021 that was led by Andreessen Horowitz. It received $50 million. These funds will be used for the development of zk-Rollups interoperable with EVMs.