- Polygon announced the Polygonzk EVM, the first fully Ethereum compatibility layer 2 network.
- Polygon zkEVM uses a zero-knowledge rollup to offer lower transaction fees than the Ethereum Mainnet.
- The Layer 2 network is compatible with all existing Ethereum applications and emulates Ethereum virtual machines at the opcode level.
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Polygon’s new Layer 2 network will launch a testnet later this summer, ahead of the full mainnet launch in early 2023.
Polygon reveals EVM compatibility layer 2
Polygon has announced a new Ethereum compatible Layer 2 network.
Unveiled on stage at the 5th Ethereum Community Conference in Paris on Wednesday, Polygonzk EVM is the first fully Ethereum compatibility layer 2 network for blockchain companies.
Unlike the MATIC blockchain, which acts more like an Ethereum sidechain than a Layer 2 network, Polygon’s new product uses a zero-knowledge rollup to batch transactions, review and base on the Ethereum mainnet. It inherits the security and decentralization of the chain. As a result, the gas price of Polygon zkEVM will be significantly lower than the Ethereum mainnet and ultimately the MATIC blockchain.
Polygon zkEVM is compatible with all existing Ethereum applications and emulates Ethereum virtual machines at the opcode level. Developers can launch projects using Solidity, the Ethereum programming language. Break down barriers to entry. In addition, existing Ethereum tools such as the MetaMask wallet and development environments such as Hardhat are also compatible with Polygonzk EVM.
“Many people believed that zkEVM was a few years away, or neither practical nor competitive,” said Jordi Baylina, co-founder of Polygon Hermez. Zero knowledge-based scaling solutions have been discussed for some time, but were widely expected to take years to come to fruition.However, Polygon and other companies Building on Layer 2 such as StarkWare and MatterLabs has made great strides in the ZK-Rollup space over the past year as Ethereum’s scaling competition has intensified.
Polygon’s new Layer 2 is a continuation of Hermez Network, a ZK-Rollup-based scaling solution. It was acquired in August 2021 for $ 250 million. After the acquisition, Hermez Network changed its brand name to Polygon Hermez. Under the new stewardship, we continued to work on Layer 2 networks. Now, after rebranding to Polygon zkEVM, the network is preparing to launch a public testnet later this summer, ahead of the planned full launch of the mainnet in early 2023.
Disclosure: At the time of writing this article, the author owned ETH and several other cryptocurrencies.