Polygon, the layer-2 scaling solution for Ethereum, has released its open-source zkEVM scaling technology to the mainnet. The technology is designed to increase smart contract deployment throughput and reduce transaction costs.
Polygon’s zkEVM is a zero-knowledge rollup (ZK-rollup) solution, which is equivalent to the Ethereum Virtual Machine. The solution increases the throughput of Ethereum’s blockchain by batching computations and state storage to layer-2 platforms. Thousands of transactions can be batched off-chain, with a minimal data summary containing a proof posted to the Ethereum mainnet.
The zkEVM is open-source, and the technology allows decentralized applications (DApps) to scale through transaction batching. Polygon’s zkEVM reduces gas fees for DApp users, which could help to drive wider adoption. Additionally, the use of zero-knowledge proofs ensures that Polygon zkEVM inherits the same network security as Ethereum. Lastly, being equivalent with Ethereum means that developers can copy existing smart contracts across to Polygon’s zkEVM.
Polygon co-founder, Sandeep Nailwal, described ZK proofs as “the holy grail of Ethereum scaling,” because they allow the layer-1 blockchain to verify a submitted proof without having to rerun computations. This means that the user can compute a business transaction somewhere off-chain and submit a succinct proof to Ethereum for verification. Polygon’s zkEVM technology is expected to make Optimistic Rollups obsolete. Ethereum assumes that Optimistic Rollups submit correct computations, while a network participant verifies the details of the transaction. This is part of the reason Optimistic Rollups on layer 2 require a seven-day withdrawal period.
According to Nailwal, the advent of ZK-rollups means that future development of the Ethereum ecosystem can focus on user experience, increased scalability, and easier proofing. This will help to “open up the floodgates” for wider use.
The zkEVM has been launched to mainnet beta, but the technology is not yet in the end-state of the product. The zkEVM will continue to be optimized as users increase, and bug bounties and further audits will be carried out over the next couple of months.
Polygon’s zkEVM is a significant milestone, bringing the Ethereum ecosystem closer to solving the blockchain trilemma, which was coined by Ethereum Co-Founder Vitalik Buterin. The trilemma suggests that out of security, decentralization and scalability, only two can be chosen. Polygon’s zkEVM increases scalability while preserving both security and decentralization.
The launch of Polygon’s zkEVM on March 27 also saw Buterin carrying out the first user transaction. Nailwal described Buterin’s participation in the launch as symbolic, given his ongoing influence in the development of Ethereum.
Polygon’s release of its zkEVM technology is likely to have positive implications for the wider DeFi ecosystem, as it will enable users to transact with lower fees and improved speed. The technology will also help to address the scalability issues that have been plaguing Ethereum, paving the way for growth of the ecosystem in the coming years.
