Polygon (MATIC), an Ethereum (ETH) blockchain scaling solution, launched zkEVM. It’s an open source protocol that promises to greatly enhance the ability of its parent network to handle heavier traffic.
What is Polygon zkEVM?
On Twitter, Polygon, the Tier 2 blockchain, introduced zkEVM, a new solution that should improve scalability on Ethereum.
According to the team behind Polygon, zkEVM leverages the Zero-Knowledge (ZK) cryptographic protocol, also known as ZK-proof, to optimize costs. In concrete terms, this algorithm aggregates several transactions into one before sending them to the Ethereum blockchain for processing. This greatly reduces gas fees compared to sending them separately to the underlying blockchain.
In addition, zkEVM provides full compatibility with smart contracts, developer tools and an Ethereum (ETH) wallet. In fact, developers can run their applications on the Polygon network, benefiting from the security provided by Ethereum.
With this new solution, Polygon promises faster turnaround times and throughput. In addition, the company revealed that the solution also enables the seamless creation of non-mixed tokens (NFTs) and other blockchain-based applications.
In the last few days, the price of MATIC tokens has increased significantly from $0.63 to $0.86, an increase of almost 36.5% in just 7 days. This announcement does not seem to have affected the price of the token, which lost 6% of its value in 24 hours. This is a sign that, far from fake promises, investors expect concrete results.
Get a summary of the news in the world of cryptocurrencies by subscribing to our new daily and weekly newsletter service so you don’t miss any of the essential Cointribune!
I came to blockchain out of curiosity and stayed with it out of passion. I was amazed by the possibilities it offers through its various use cases. With my pen, I hope to help democratize this technology and show how it can help make the world a better place.