The Potential and Difficulties of ZK Rollups
The primary method of scaling Ethereum with ZK proof revolves around the development of a ZK rollup. This Layer 2 protocol bundles a large number of transactions and submits them to the Ethereum network using ZK Validity proof. The ZK rollup holds great potential for scaling Ethereum. One transaction can replace several, thus improving throughput, reducing latency, cutting fees, and offering other benefits. However, this ZK technology does come with its own limitations.
Despite its promising features, the ZK rollup faces performance constraints. It is slow and costly to generate. Scaling Ethereum requires a significant boost in cost-efficiency and throughput on the Ethereum mainnet. There are also compatibility issues with Ethereum. The ZK rollup might not be able to run code deployed on Ethereum, possibly requiring the adoption of a new coding language or participation in a new developer ecosystem to build apps. Additionally, the Ethereum 2 layer might not operate in the same way as Ethereum. Because of these challenges, many believed that zkEVM would take years to materialize.
Polygon zkEVM Solves ZK Rollup Limitations
The Polygon Zero Knowledge team has worked diligently to find solutions to the challenges mentioned above. Significant breakthroughs in performance have been made, and their collective efforts have notably reduced proof generation time. The result of this dedication is the Polygon zkEVM, which is now ready for prime time. Users and developers will experience greatly reduced costs and enhanced speeds, making their interactions much smoother.
The excitement surrounding the EVM equivalence of Polygon zkEVM is palpable, as users and developers eagerly anticipate the experience. They will be able to develop in a way similar to how they would on Ethereum. Ethereum Smart Contracts can be deployed easily, just like they would be on Ethereum. In practice, every tool and decentralized application that works on Ethereum will also function on Polygon zkEVM. Everything users do on Ethereum can be done on Polygon zkEVM, but with better speed and reduced costs. Validation is performed on the Ethereum network using ZK Validity Proof. It operates just like Ethereum but with enhanced ZK scalability.
Mihailo Bjelic, co-founder of Polygon, emphasizes that the core elements of Web3 infrastructure—scalability, security, and Ethereum compatibility—are fundamental. He regards Polygon zkEVM as a groundbreaking technology capable of achieving all these goals simultaneously. Until now, it was impossible to deliver all of these aspects together. Polygon zkEVM is expected to reduce Ethereum costs by about 90%, while increasing throughput to 2000 transactions per second. According to Bjelic, this would slightly surpass the global payment processor, VISA, which processes an average of 1700 transactions per second. Bjelic envisions Ethereum as the foundation of Web3, and for this to succeed, Ethereum must exceed VISA’s TPS.
CryptoChipy has learned that Polygon is committed to delivering on these promises and will release further documentation to provide more insight into its implementation. The test net is expected to launch soon for Polygon’s developers and community to explore possibilities and suggest improvements. The mainnet launch is scheduled for early 2023.
