The Ethereum scaling solutions provider is preparing to launch its long-awaited Ethereum Virtual Machine roll-up technology.
The long-awaited upgrade from Ethereum Layer-2 solution provider Polygon MAT ($1.2490).
It has been announced, that the beta release of the free Ethereum Virtual Machine (zkEVM) is scheduled for March 27.
In a Feb. 14th blog post, Polygon said that after three and a half months of “battle testing,” the system will be ready for the mainnet launch next month.
It’s billed as “the perfect alternative to Ethereum” and launched as a testnet in December last year. The development of zk-rollup scaling technology has been going on for three years. At this time, Polygon’s zkEVM system passed several milestones that the team said. These include deploying over 5,000 smart contracts, creating more than 75,000 zk certificates, more than 84,000 wallets, and two-thirds of public audits.
The team said that safety is the most important thing and that is why “Polygon zkEVM has been tested and tested.”
The technology uses zero-knowledge proof – cryptographic verification that, in terms of scaling, allows the platform to validate large amounts of transaction data before collecting and verifying it on Ethereum. Polygon is not the only group working on zkEVM solutions. Scaling provider zkSync develops EVM technology similar to zkPorter, which removes critical business data. Scroll, another provider of scaling solutions, also develops the zkEVM solution in private partnership with the Scaling Explorations group, which is part of the Ethereum Foundation.
The Ethereum Foundation also supports a project called Applied ZKP, which aims to create a zk-rollup that is compatible with EVM. The team explained the importance of the technology, noting that a true EVM equivalent means that Ethereum can multiply “without using half.”
“The best way to scale Ethereum is to preserve the existing Ethereum ecosystem: the code, tools, and infrastructure needed to make it work. And that’s what Polygon zkEVM wants to achieve.
Scaling technology also helps in saving money and business costs. The cost of proof for a large number of hundreds of transactions has fallen to around $0.06 and less than $0.001 for simple transfers, the group added.
Matter Labs, the company behind Polygon, raised $50 million in Series B led by Andreessen Horowitz to develop zk-Rollups with EVM in November 2021. Polygon’s native token, MATIC, reacted well to the announcement gaining 5.3% in the last 12 hours or so. As a result, the token is trading at $1.24 at the time of writing, according to data from various sources.
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