Polygon, a Web3 infrastructure around the Ethereum blockchain, announced the launch of Polygon zkEVM or zero-understanding Ethereum Virtual Machine, a Layer-2 scaling solution targeted at reducing transaction costs and improving scalability.
The brand new zero-understanding (ZK) scaling solution, Polygon zkEVM, are operating in full compatibility with existing Ethereum (ETH)-based smart contracts, developer tools and wallets using zero-understanding cryptography protocol, a.k.a. zk proof. Polygon uses zk proof to club multiple transactions into groups before relaying on them towards the Ethereum blockchain like a single transaction.
This capability to transmit multiple transactions like a single transaction leads to lesser gas charges, which may be split between your various senders active in the transaction — thus getting lower the gas charges in comparison with delivering them sepeartly within the Ethereum blockchain.
While investors were susceptible to exorbitant gas because of the increase in on-chain transactions, Ethereum’s average gas fee fell lower to $1.57 — several last observed in December 2020.
Consequently, Polygon zkEVM is well-positioned to create lower the infamous gas prices further. Polygon promises faster settlement and better capital efficiency with the recently-launched solution, contributing to its capacity in easy migration of EVM-compatible decentralized applications (dApps) to zkEVM.
Furthermore, the organization says the answer also suits the seamless development of nonfungible tokens (NFT) along with other blockchain-based applications. In comparison with layer-1 solutions, Polygon estimates a 90% decrease in costs using the zk-rollup approach.
While sub-environments still launch solutions wishing to enhance major blockchains like Bitcoin (ETH) and Ethereum, in-house developers offer the drive by applying consensus-based upgrades.
Inside a recent business call, core Ethereum developer Tim Beiko propose September 19 because the tentative target date for that crucial transition from proof-of-work (Bang) mining consensus to proof-of-stake (PoS).
This merge timeline is not final, but it is very exciting to determine it uniting. Please regard this like a planning timeline and consider official bulletins!https://t.co/ttutBceZ21 pic.twitter.com/MY8VFOv0SI
— superphiz.eth (@superphiz) This summer 14, 2022
Following on the discussion, Ethereum developer superphiz.eth shared the roadmap and clarified the suggested target date ought to be seen as an roadmap as opposed to a hard deadline.