Polygon, Zero-Knowledge The Scalability Race is heated up by Polygon is embrace of Zero Knowledge Proofs

 

In a bold move, Polygon just used Zero-knowledge (ZK) Technologies to grow Ethereum as the network gets ready for its greatest upgrade ever.

 

The code for Polygon is Layer 2 rollup that employs zero-knowledge technology, zkEVM, which was made available to the public on July 20.

 

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The rollup, a Layer 2 chain that offers quick and inexpensive Ethereum transactions, is completely compatible with EVM smart contracts. It is referred to as "the first EVM-equivalent ZK L2" by Polygon.

 

Same as Ethereum

 

According to a blog post by Polygon, "You can create on Polygon zkEVM the same way you would on Ethereum." Any Ethereum smart contract may be used.

 

Any Ethereum-compatible tooling will also function on Polygon zkEVM. A testnet for zkEVM will soon go live, Polygon noted. DeFi Llama estimates that the current Proof of Stake sidechain for Polygon has $1.8 billion in total value locked.

 

With a capitalization of just under $7 billion, its native token, MATIC, is the twelfth-largest Cryptocurrency Asset.

 

In its goal to become the internet of value's settlement layer, scalability has long been Ethereum's biggest challenge.

 

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Ethereum's developers aim to extend the network so it can support the global online economy and process up to 10M transactions per second, up from the existing 10 transactions per second capacity.

 

Co-founder of CoinGecko Bobby Ong told The Defiant that zkEVM solutions are "a critically needed addition to support the next bull cycle" and are essential to scaling Ethereum.

 

"It appears that these three teams are vying for the advantage of being the first to debut, as obtaining market share has a first-mover advantage."

 

 

It'll be fun to watch these teams compete against one another, he said.

 

Low-Cost Layer 2

 

As of right now, rollups are the best method for scaling Ethereum.

 

They operate by grouping transactions carried out on a cheap Layer 2 network, which are then sent to Ethereum is base layer in batches for validation.

 

Rollups could scale the network by up to 100 times, according to Justin Drake of the Ethereum Foundation, who recently appeared on The Defiant Podcast.

 

The top two Layer 2 scaling solutions by total value locked (TVL), Arbitrum and Optimism, both use optimistic rollups.

 

When validators are proven to be submitting erroneous transactions, they run the danger of losing a sizable amount of collateral. These rollups presume transactions are accurate but allow network players to contest them.

 

The only information released to the Blockchain about a transaction's time and date, and the only individuals with access to additional information are the counterparties, make Zero-Knowledge (ZK) Technology faster and more private.

 

ZK rollups were cited as an essential part of Ethereum's scaling roadmap for the foreseeable future in a blog post by Vitalik Buterin, the chief scientist of Ethereum, in December.

 

EVM Equivalence

 

On the same day that Matter Labs and Scroll launched their own EVM-equivalent rollups based on zero-knowledge proofs, Polygon unveiled zkEVM.

 

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With the release of its Bedrock upgrade in May, Optimism introduced the concept of "EVM equivalency."

 

Additionally, Scroll revealed that it will be recruiting outside testers to take part in the pre-alpha testnet for their own zkEVM-based rollup on July 20.

 

The Ethereum Foundation is working with developers on the solution.

 

In a tweet, Matter Labs asserted that its recently released zkEVM rollup, zkSync 2.0, is in fact "the first zkEVM rollup," and that it will be made available on the mainnet in 100 days.

 

With $64M secured on the network, zkSync's initial iteration is currently the sixth-largest rollup, according to L2beat.

 

Although zkSync is EVM-compatible, it does not totally replace the EVM, so programmers using Solidity, Ethereum is native programming language, might need to modify their code in order to deploy on the network.

 

Web3 venture studio Not Centralised analyst Cam Crossley emphasised the growing competition between development teams to provide the first ZK-rollup with complete compliance with the Ethereum Virtual Machine.

 

Scaling Solutions

 

Crossley underlined how simple it is for Ethereum developers to port their existing code to rollups that offer complete EVM compatibility, saying that competing ZK-based rollups that only provide partial EVM compatibility have found it difficult to gain traction.

 

The main hurdle to the  entrance in this field has been persuading developers to learn Cairo, Stark ware’s recently created programming language. Stark Ware introduced their universal zk rollup, Stark Net, earlier this year.

 

Stark Net currently secures [less than] $1M of TVL as a result, according to Crossley, speaking to The Defiant. Optimistic rollups are impeded, according to Crossley, "by delayed withdrawals that typically take several days to settle on L1 Ethereum."

 

ZK-rollup teams are vying for supremacy, and Polygon co-founder Mihailo Bjelic has refuted rivals' assertions that their methods are equivalent to EVMs.

 

He claimed in a tweet that Scroll only supports some opcodes and said, "we don't know much," in reference to zkSync 2.0's absence of open-source code. Senior researcher at Scroll Toghrul Maharramov responded by tweeting that Polygon's zkEVM is not a zkEVM.

 

He said, "Ignore the marketing, request to view the code." In August of last year, Polygon announced a strategic turnaround and a $1 billion investment in solutions for Zero-Knowledge (ZK) scaling.

 

In the same month, Polygon combined with ZK scaling solution Hermez in a $250 million deal; the project is now complete with the release of zkEVM. Additionally, in collaboration with "big four" financial services company Ernst & Young, Polygon announced a hybrid ZK and Optimistic rollup in May and introduced an identification solution based on Zero-knowledge Technology in March.

 

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