After obtaining the ZK-Rollup-based Hermez Network in August 2021, Polygon is getting ready to relaunch the blockchain as its very first Ethereum-compatible Layer 2 chain.
Key Takeaways
- Polygon has actually revealed its very first totally Ethereum-compatible Layer 2 network, Polygon zkEVM.
- Polygon zkEVM will utilize Zero-Knowledge Rollups to provide lower deal costs than Ethereum mainnet.
- The Layer 2 network will work with all existing Ethereum applications and replicate the Ethereum Virtual Machine at the op-code level.
Polygon's brand-new Layer 2 network is set to introduce its testnet later on this summer season ahead of a complete mainnet launch in early 2023.
Polygon Reveals EVM-Compatible Layer 2
Polygon has actually revealed a brand-new Ethereum-compatible Layer 2 network.
Revealed on-stage throughout the 5th Ethereum Community Conference in Paris Wednesday, Polygon zkEVM is the blockchain business's very first totally Ethereum-compatible Layer 2 network.
Unlike the MATIC blockchain, which operates more like an Ethereum sidechain than a Layer 2 network, Polygon's brand-new offering will utilize Zero-Knowledge Rollups to batch deals and validate them on Ethereum mainnet, acquiring the security and decentralization of the base chain. As an outcome, gas charges on Polygon zkEVM will be considerably lower than Ethereum mainnet, and ultimately the MATIC blockchain.
Polygon zkEVM will work with all existing Ethereum applications and replicate the Ethereum Virtual Machine at the op-code level. Designers will have the ability to introduce their tasks utilizing Ethereum's programs language, Solidity, breaking down an essential barrier to entry. In addition, existing Ethereum tooling, such as the MetaMask wallet and advancement environments like Hardhat, will likewise work with Polygon zkEVM.
" Many thought that a zkEVM was years away, or not useful or competitive,'" stated Polygon Hermez co-founder Jordi Baylina. While Zero-Knowledge-based scaling options have actually been talked about for a long time, they were extensively anticipated to take a number of years to emerge. Polygon and other business structure on Layer 2, such as StarkWare and Matter Labs, have actually made substantial strides in the ZK-Rollup area over the previous year as the race to scale Ethereum magnifies.
Polygon's brand-new Layer 2 is an extension of Hermez Network, a ZK-Rollup-based scaling service the company obtained for $250 million in August2021 Following the acquisition, Hermez Network rebranded to Polygon Hermez and continued dealing with its Layer 2 network under its brand-new stewardship. Now, after rebranding to Polygon zkEVM, the network is preparing to introduce a public testnet later on this summertime ahead of a complete mainnet launch prepared for early2023
Disclosure: At the time of composing this piece, the author owned ETH and a number of other cryptocurrencies.
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