Here’s what we know so far about Polygon’s (MATIC) latest solution for Ethereum (ETH) scaling — and why it is crucial for Web3
Here’s what we know so far about Polygon’s latest solution for Ethereum scaling — and why it is crucial for Web3On July 20, 2022, Polygon Network , an ecosystem of Ethereum scaling solutions, unveiled zkEVM, the latest addition to its stack of solutions. The new product is the first open-source zk-rollup natively interoperable with EVM.
zkEVM onboards all Ethereum opcodes; every instrument from the “original” Ethereum can therefore be implemented in zkEVM;zkEVM has been open source and MIT-licensed since day one: every Web3 team can experiment with zkEVM and audit it; As such, developers decided to create systems designed to reduce “transactional pressure” on the Ethereum mainnet. Simply put, they partially process the computations off-chain and then broadcast the results to Ethereum. Layer 1 Ethereum , in turn, verifies these results and includes them into new blocks.
In 2019, Polygon raised $5.6 mln in its ICO. One year later, the project decided to migrate from Ethereum to its own blockchain — technically, Ethereum sidechain. In 2021, the project rebranded to Polygon Network and introduced a full-scale ecosystem of L2 solutions for Ethereum. Developers can run Ethereum’s smart contract on zkEVM without changing a single line of code. All Ethereum tools can be seamlessly integrated into zkEVM-based dApps: the new product will support all Ethereum opcodes. Thus, Ethereum’s battle-tested security will be inherited by a
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