Ethereum is 2nd biggest cryptocurrency and is continuously upgrading starting with a change in consensus mechanism to shanghai upgrade. And now getting closer to scalability with the Polygon's zkEVM Layer 2 Network Launch. Read about it here.
Polygon launched the Polygon Hermes (a layer 2 zkEVM network ) for the decentralized applications (dApps) to be created on the Ethereum blockchain. Zero-knowledge proof (ZKP) is used by a version of the Ethereum Virtual Machine dubbed the zkEVM. This makes the computation of smart contracts over a layer-2 network secure and private.
Vitalik Buterin, the founder of the Ethereum Blockchain made the first transaction on the new zkEVM network with a secret code. This was later decoded as “a few million constraints for man unconstrained scalability for mankind.”
How Polygon's zkEVM Layer 2 Network Launch is Paving the Way for Faster and Cheaper Transactions on Ethereum
zkEVM is made up of two words “zk” and “EVM” where zk stands for zero knowledge and EVM is the Ethereum Virtual Machine. Zero-knowledge is a technology through which any layer2 solution can publish a proof of validity for the block where it won’t require or ask for any information to be made public. Whereas EVM can be called an execution engine which allows the developers to create a smart contract written the code that stores information.
Because of this, Polygon's ZkEVM rollup is a zk-rollup that delivers an off-chain clone of the Ethereum transaction execution process along with a compressed summary back to the Ethereum mainnet. This opens the door to improved network efficiency, higher throughput, and fewer transactions.
How Zero-Knowledge Will Be Achieved By zkEVM?
This is based on zk Rollup mechanism where zero knowledge is used. This will help in achieving the high scalability from the layer 2 solution and security will be achieved from the later1 which is Ethereum in this case. Rollup term is used because multiple transactions are rolled up in 1 bundle without knowing the details of the transactions. By rolling up the transactions high scalability can be achieved with low fees.
Where This zkEVM Can Help?
zkEVM has three very special features which make it special and can help the underlying Ethereum chain. It can help with: -
- Scalability (ZKP-powered scalability)
- Low Cost
- EVM equivalency/ EVM compatibility (Most Ethereum smart contracts, wallets, tools, etc. work on Polygon zkEVM)
Overall this will help in achieving lower fees and higher transaction rates. It will also make it easier for the developers to move projects written by using solidity.
What zkEVM Will Solve These Problems?
As it is based on the two core blockchain concepts of Rollups and zero-knowledge proof. Where Rollups are to make the network more scalable by rolling up the transactions into a single piece of data. And the zero-knowledge proof where thousands of transactions are bundled off-chain and validated with the minimum required information while keeping the details of the blockchain transaction hidden.
According to the information made available by the zkEVM website, this will be solving the following issues: -Low Cost
- Polygon zkEVM harnesses the power of ZK proofs to reduce transaction costs.
- zkSNARK footprint size in L1 for user cost optimization
- Lowers total cost of usage for end users for a better user experience
- Fast network finality with frequent validity proofs
- Use of Polygon Zero technology, the fastest ZK proof in the world
- Recursive STARK for extreme scalability
- Developers can create different types of dApps for a variety of user experiences
- Deployment onto EVM without changes in code
- The vast majority of existing smart contracts, developer tools, and wallets work seamlessly.
- Allows developers to focus on improving code rather than re-writing it
- Ethereum security is inherited in L2 with the additional benefit of L2 batching for scaling
- ZK proofs ensure transaction validity and safeguard user funds
- Assurance that information stored cannot be changed or corrupted
A New Tech Has Emerged; Carries Risk
This is a new feature that hasn’t been experimented with much and considering that situation, the polygon’s co-founder, Mihailo Bjelic commented: -
“This is bleeding edge technology that is deployed on the mainnet for the first time and made available to everyone. We definitely advise caution and not moving large amounts of funds to it. Give it time, basically, to become a little bit more battle-tested and mature”
He further clarified that the project had completed both the internal and external comprehensive auditing cycle. The testnet for this was released in October of last year, and there they discovered a few small faults and problems that had already been fixed.
Around 50 web3 projects have been indicated to be built up on the Solution. Telefónica Tech is joining Polygon's zkEVM Beta in addition to a number of crypto-native projects like MetaMask and Lens Protocol. With its TrustOS traceability and notarization solution, the telco's subsidiary for digital transformation is turning to Polygon.
In order to maximize security, zkEVM technology will still go through two independent audits and one internal audit over the next four months. With the zkEVM Mainnet Beta, the Polygon team has also disclosed a bug bounty scheme. The company has announced a reward ranging from $5,000 to $1 million to individuals who can find weaknesses in the code, depending on the severity of the threat.
Here polygon is the first network to merge the services of both zk and EVM. Developers have not yet extensively developed this technology, leaving room for improvement. Vitalik Buterin has also expressed his excitement related to this while mentioning that this would speed up the verification process for the base layer. Xero Knowledge concept will bring the crypto industry 1 more step closer to the world of complete decentralization.
For more information on Polygon's zkEVM Layer 2 Network Launch, check out Suncrypto Academy.