Tuesday's Ethereum Community Conference (EthCC) in Paris saw the unveiling of Polygon zkEVM, which the Ethereum scaling solution Polygon touted as a "huge leap forward" in the field of zero knowledge (ZK) technology.
According to a news release from Polygon, zkEVM will be the "first scaling solution that is Ethereum-equivalent and integrates smoothly with all current smart contracts, developer tools, and wallets using zero-knowledge proofs."
Because of its high gas prices and lesser transaction capacity (about 15 transactions per second) than rival chains Solana and Tezos, Ethereum is now prohibitively expensive for a range of use cases.
The Ethereum community mostly uses rollups like Polygon zkEVM to increase the network's capabilities, enabling users to transact swiftly and affordably without jeopardizing the network's most crucial security guarantees.
Rollups come in two primary types: optimistic and zero knowledge. Zero knowledge is usually regarded as the superior technology of the two, but because of its engineering complexity, it is slower to market than optimistic rollups.
Up until recently, it was believed that a fully-featured ZK rollup, similar to the most popular Optimistic rollups of today, would take many years to develop.
Everyone believed a zkEVM was at least 12 to 18 months away, according to Sandeep Nailwal, co-founder of Polygon.
However, we are now making the test network live and open sourcing the code. Nailwal says he anticipates the Polygon zkEVM mainnet debut to occur between four and ten weeks after it launches as a test net on Thursday.