Polygon, a famous layer-two scaling platform, has launched another service for its users. According to reports, the Web3 platform has launched the Polygon zkEVM (zero-knowledge Ethereum Virtual Machine).
This zkEVM is a layer-two scaling solution that is aimed at improving scalability. Also, it would help to reduce the cost of transactions on the Web3 platform.
zkEVM Scaling Solution To Reduce ETH Gas Fees
Furthermore, the latest zero-knowledge solution will operate on the Polygon Network. Also, it would be compatible with the present Ethereum-based smart contracts, wallets, and developer tools.
The ZK cryptography protocol, also called ZK proof, will make this compatibility possible. Meanwhile, Polygon can combine several transactions into different groups using Zk proof.
Afterward, it would relay them to the ETH blockchain as one transaction. This functionality results in lesser ETH gas fees. This is because multiple transactions are combined into one transaction.
Hence, the different senders share the gas fees in the transaction. This is better than when each transaction is sent to the ETH blockchain separately.
Recently, the increased on-chain transactions on the Ethereum network have increased the gas fees. However, the cryptocurrency’s gas fee has dropped to an average of $1.57. This figure was last witnessed in December 2020.
Therefore, the latest Polygon zkEVM comes at the right time. It has the capacity to reduce gas prices even more. Besides, Polygon said the latest solution would provide faster settlement and capital efficiency.
Faster Creation Of NFTs And Blockchain Apps
Also, EVM-compatible dApps can easily migrate to the zkEVM solution. Furthermore, the firm said this solution would allow the easy creation of NFTs and blockchain-based apps.
According to Polygon, the zkEVM solution promises a 90% cost reduction compared to previous layer-1 solutions. Meanwhile, other sub-ecosystems have been launching various solutions.
These solutions are aimed at improving major blockchains such as ETH and BTC. Moreover, in-house developers have supported these projects by executing consensus-based upgrades.
Furthermore, recent reports propose that the much-awaited Ethereum merge will occur on September 19th. Tim Beiko, a core ETH developer, announced the date for the merge.
Therefore, the Ethereum community awaits the transition to PoS from the PoW consensus mechanism. Compared to the PoS, environmentalists have attacked the PoW for its high power consumption and harm to the environment.
Reacting to the news on Twitter, another Ethereum developer, @superphiz, shared a tentative timetable. He added that the Ethereum community should watch out for an official announcement.