Polygon, the Ethereum scaling project, has announced the launch of its highly anticipated zero-knowledge Ethereum Virtual Machine (zkEVM) beta main network, set to take place on March 27. Polygon has not disclosed all the details about the beta network in its official blog post. However, the team has emphasized that network security will be the utmost priority, and further information will be shared leading up to the launch date.
The zkEVM technology aims to offer quicker transaction speeds and lower costs, with the same goals as its competitors, Solana and XRP. ZK roll-ups have a significant advantage over optimistic roll-ups since they do not require a delay period mechanism, which can slow down transactions. Instead, zkEVMs provide cryptographic proofs to accelerate the processing of transactions before they are delivered back to layer 1 networks.
Polygon Labs launched a zkEVM testnet last year that has already achieved numerous significant milestones, including deploying over 5,000 smart contracts, 75,000 ZK proofs, and having more than 84,000 wallets on its network. According to Polygon Labs, it is now time to “start the revolution to unlock mass adoption and the full potential of Web3,” with the introduction of the zkEVM Mainnet beta in March.
The Polygon team has emphasized that their zkEVM is the gold standard for EVM-equivalence, having passed all the applicable Ethereum test vectors for zkEVMs. This enables developers to easily copy-paste code from Ethereum and use it to build on Polygon zkEVM without changing anything, as all Ethereum tools work smoothly with Polygon zkEVM.
Following the announcement, MATIC, Polygon’s native coin, surged over 10% to $1.37. While the zkEVM Mainnet Beta announcement may have contributed to this price surge, the entire crypto market has seemingly recovered over the last 24 hours, with Bitcoin (BTC) increasing by over 11% and heading towards $25,000, and the global market cap surging by 8.83% in the last day, according to Coinmarketcap data.
In conclusion, the launch of the Polygon zkEVM Mainnet Beta marks a significant milestone for the blockchain community, allowing developers to build and deploy dApps with greater speed and lower costs. With Polygon’s focus on network security and their zkEVM being the gold standard for EVM equivalence, the stage is set for the broader adoption of the technology in the future.
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