Ethereum Layer-2 scaling solution provider Polygon has picked the 27th of March, 2023, as the date when its zero-knowledge Ethereum Virtual Machine (zkEVM) beta launch will go live.
With the launch date set, Polygon has stated that it would release more details about the zkEVM beta network over the next few weeks.
Launch Date Confirmed
Layer-2 Ethereum scaling solution Polygon has finally announced the launch date of its long-awaited Ethereum Virtual Machine rollup technology. Polygon has stated that the beta launch of its zero-knowledge Ethereum Virtual Machine (zkEVM) has been set for the 27th of March, 2023. Polygon took to Twitter to announce the launch from its official Twitter handle, stating that after over three months of “battle testing,” the system is finally ready for its mainnet beta launch.
“Roses are red, Violets are blue, Poems are hard Mainnet Beta is here ON THE 27TH OF MARCH, Polygon #zkEVM launches the future of Ethereum scaling.”
While the protocol has not specified what the beta network will include, it did share that the Polygon team will release more details regarding the launch and the zkEVM beta network in the coming few weeks leading up to the launch date. It also added that the security of the network would be given the highest priority. Polygon’a new zkEVM network has been hailed for bringing “seamless scaling for Ethereum” and saw its testnet launch in December.
Security The Highest Priority
The Polygon team stated that it has given security the highest priority, which is why the new Polygon zkEVM has gone through a “gauntlet of tests and audits.” Zero Knowledge technology is widely considered as a significant improvement for blockchains and cryptography, increasing the speed of transactions and greatly reducing their cost. ZKevms are a type of ZK rollups that can process transactions on a separate Layer-2 and then send the transaction data back to the primary mainnet blockchain.
Polygon’s zkEVM testnet, which deploys the Ethereum Virtual Machine (EVM) for its ZK rollup, went live in October, enabling developers on Ethereum to move their smart contracts from the main blockchain without any major reprogramming required. Since the launch of the testnet, over 75,000 ZK proofs have been generated, with over 5000 smart contracts already deployed. Mihailo Bjelic, the co-founder of Polygon, also revealed that the team is looking at ways to bring the ZK-technology to the Polygon POS chain. Sandeep Nailwal, Polygon co-founder, stated,
“Polygon zkEVM Mainnet is set to be the first fully EVM equivalent ZK rollup to reach mainnet. This represents a huge step towards scaling Ethereum and bringing Web3 to the masses.”
Not The Only Ones Working On zkEVM
Polygon is far from the only team that is working on creating a viable zkEVM solution. zkSync, a scaling provider, is also working to create and develop a similar EVM technology with zkPorter, which takes transaction data off-chain. Another scaling solution provider, Scroll, is looking to create a zkEVM solution through a collaboration with the Privacy and Scaling Explorations Group, which is a part of the Ethereum Foundation.
Furthermore, the Ethereum Foundation is also funding a project titled Applied ZKP. Applied ZKP is looking to develop an EVM-compatible zk-rollup. Explaining the significance behind the technology, the team stated that true EVM equivalence means Ethereum can successfully be scaled without half measures.
“The best way to scale Ethereum is to preserve the existing Ethereum ecosystem: code, tooling, and infrastructure needs to just work. And that’s what Polygon zkEVM is aiming to achieve.”
The technology also helps to enable significant savings when it comes to transaction costs, with proof costs for large batches of transactions being brought down to around $0.06, with simple transactions costing as less as $0.001. Meanwhile, MATIC, Polygon’s native token, had a positive reaction to the news and is currently up by over 5.50%.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.