Polygon, an Ethereum Layer-2 scaling solution provider, has set March 27th, 2023 as the date for the launch of its zero-knowledge Ethereum Virtual Machine (zkEVM) beta.
With the launch date established, Polygon has indicated that it would reveal additional information about the zkEVM beta network in the coming weeks.
The Launch Date has been Set.
Ethereum scaling solution at Layer 2 Polygon has finally revealed the release date for their much-anticipated Ethereum Virtual Machine rollup technology. Polygon has announced the beta launch of their zero-knowledge Ethereum Virtual Machine (zkEVM) on March 27th, 2023. Polygon went to Twitter to herald the launch, noting that after more than three months of “battle testing,” the system is now ready for its mainnet beta launch.
“Roses are red, Violets are blue, Poems are hard Mainnet Beta is here ON THE 27TH OF MARCH, Polygon #zkEVM launches the future of Ethereum scaling.”
While the protocol has not detailed what the beta network will feature, the Polygon team has stated that additional information about the launch and the zkEVM beta network would be released in the weeks running up to the launch date. It further said that network security will be of the utmost importance. Polygon’s new zkEVM network has been lauded for enabling “seamless scalability for Ethereum,” and its testnet was launched in December.
The Highest Priority is Security.
According to the Polygon team, security is their first priority, which is why the new Polygon zkEVM has gone through a “gauntlet of testing and audits.” Zero Knowledge technology is widely regarded as a key advancement for blockchains and encryption, significantly boosting transaction speed and lowering transaction costs. ZKevms are a sort of ZK rollup that may process transactions on a separate Layer-2 blockchain before sending the transaction data back to the mainnet blockchain.
Polygon’s zkEVM testnet, which uses the Ethereum Virtual Machine (EVM) for its ZK rollup, became live in October, allowing Ethereum developers to migrate their smart contracts from the main blockchain without requiring any substantial rewriting. Around 75,000 ZK proofs have been created since the testnet’s introduction, with over 5000 smart contracts already implemented. Polygon co-founder Mihailo Bjelic also mentioned that the company is looking into methods to incorporate ZK-technology into the Polygon POS chain. Polygon co-founder Sandeep Nailwal commented,
“Polygon zkEVM Mainnet is set to be the first fully EVM equivalent ZK rollup to reach mainnet. This represents a huge step towards scaling Ethereum and bringing Web3 to the masses.”
They Are Not the Only Ones Working on ZkEVM
Polygon is far from the only group working on developing a viable zkEVM solution. zkSync, a scalability provider, is also collaborating with zkPorter to establish and develop a comparable EVM solution that pulls transaction data off-chain. Scroll, another scaling solution provider, is collaborating with the Ethereum Foundation’s Privacy and Scaling Explorations Group to develop a zkEVM solution.
In addition, the Ethereum Foundation is financing a project called Applied ZKP. Applied ZKP is attempting to create an EVM-compatible zk-rollup. The researchers explained the relevance of the technology by stating that real EVM equivalency implies Ethereum may be scaled properly without using half measures.
“The best way to scale Ethereum is to preserve the existing Ethereum ecosystem: code, tooling, and infrastructure needs to just work. And that’s what Polygon zkEVM is aiming to achieve.”
The method also enables considerable reductions in transaction costs, with proof costs for big batches of transactions reduced to roughly $0.06, and basic transactions costing as little as $0.001. Meanwhile, MATIC, Polygon’s native token, has risen by more than 5.50% in response to the announcement.
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