Polygon, the Ethereum layer-2 scaling solution, is currently conducting performance evaluations of its zero-knowledge roll-up technology prior to its official integration with the mainnet, as per a recent report.
In October 2022, Polygon announced the launch of its zero knowledge-EVM public testnet, a scaling tool designed to facilitate lower-cost transactions on the Ethereum blockchain.
The company hopes that the introduction of zero-knowledge (ZK) roll-up technology will make Polygon the leading scalable system for Ethereum. It had previously announced plans to launch the zkEVM public testnet over the summer at ETHCC in Paris, with a mainnet launch planned for early 2023.
The new technology deploys the Ethereum Virtual Machine (EVM) for its ZK roll-up, allowing developers to use their existing smart contracts from Ethereum without additional programming.
According to the latest report:
The team has confirmed that zero-knowledge proofs can be implemented on Ethereum by successfully generating over 12,000 zk-proofs in a primary version of the zkEVM testnet.
This development is poised to have a major impact on the Ethereum ecosystem, as it allows for greater privacy and security for transactions on the network.
David Schwartz, the leader of Polygon zkEVM and PolygonID, provided insight into the progress of the technology in correspondence. He stated that Layer-2 platforms have become more advanced and enhanced the features of Ethereum, significantly contributing to its scalability.
He emphasized that by utilizing zero-knowledge technology in roll-ups on layer-2 platforms, transaction finality can be reached more rapidly while maintaining the security of the validated transactions through the use of zero-knowledge methods.
Additionally, Schwartz said Polygon zkEVM has a zkProver that passes all Ethereum tests at 99% and is the first complete EVM-equivalent source code available. He called completing validity proofs for transactions the most challenging and satisfying aspect of developing the native zkEVM.
Polygon (MATIC) Price Rise
Polygon (MATIC) experiences a significant price increase, breaking through key resistance levels and reaching $0.98, with notable gains seen in both daily and weekly charts following recent news.
According to CoinMarketCap, MATIC is currently trading at $0.9935 with a 10% increase in the daily chart and a 23.32% increase in the weekly chart. The trading volume of the token has also risen by 75.95%.
MATIC has established a key long-term support level at $0.77. As long as the price remains above this level, the trend is considered bullish.
A hard fork for Polygon is scheduled for January 17th, which aims to improve the user and developer experience. This could result in a potential increase in the price of MATIC, with the possibility of reaching the significant resistance level of $2.00 if the upward trend continues.
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