The options for scaling Ethereum through layer-2 solutions have increased after Polygon today launched its long-awaited zkEVM technology on Ethereum’s main network. The abbreviation zkEVM stands for zero-knowledge Ethereum Virtual Machine and it is a technology that makes it possible to use the block space on Ethereum more efficiently.
How does it work?
With zero-knowledge proofs you can prove things in theory (and now also in practice) without sharing all the information. In this case that is an advantage, because you do not need all the information about transactions to prove that everything is correct.
In the case of zkEVM, this means that more transactions fit in a block thanks to the technology. Sandeep Nailwal, the co-founder and Chief Operating Officer of Polygon calls this technology “the holy grail” of scalability solutions.
“With the power of math, you can calculate things outside the blockchain on a second layer and then verify everything on Ethereum in a very concise way that takes little time. So the launch of zkEVM is really a next step for Polygon and for Ethereum.
Security is of paramount importance to Polygon and that is not surprising, because it concerns a technology in which we basically play with billions of dollars. For that reason, zkEVM also received two rounds of external security audits that it had to process from the companies Hexens and Spearbit.
More checks are planned for the next three to four months following the launch on the main network. In addition, there will be a bounty program for which several millions have been set aside.
“Zk is new technology, so we want people to be as careful as possible,” so late Brendan Farmer, the co-founder of Polygon Zero viz. The Euler Finance hack shows once again how dangerous the interaction with smart contracts can be in theory.