I have really enjoyed watching Polygon develop (great fees, fast transactions, etc.), and I have felt for a long time that its relationship with ETH would pay dividends. There is an amazing new public testnet going live shortly that will connect Ethereum and Polygon like never before 🤓 And that is on top of the recent news this month of Coca-Cola and Disney partnering with Polygon! This chain is going to really see some massive growth soon.....
#MEME
"EVM-equivalence means that any smart contract or dev tool that you can use on Ethereum can be used on Polygon #zkEVM. Period."
- Polygon Team
Above is a link to the press release today but here is a quick synopsis
zk = Zero-Knowledge proofs
EVM = Ethereum Virtual Machine
Developers will soon be able to deploy Zero-Knowledge contracts on Polygon's network using EVM, with a public testnet launching in the near future.
"The basic approach to scaling Ethereum with ZK proofs is to build a ZK rollup, a Layer 2 protocol which “rolls up” a large batch of transactions and proves all of them to the Ethereum network with a single ZK validity proof. The potential for a ZK rollup to scale Ethereum is obvious: One transaction replaces many, increasing throughput, saving on fees, reducing latency, etc."
- Polygon Team
"Polygon’s ZK teams have made major breakthroughs in performance. Working together, we’ve significantly improved proof-generation times. This makes Polygon zkEVM ready for primetime. Users will see dramatically reduced costs and improved speed.
Even more exciting is the EVM-equivalence of Polygon zkEVM. You can build on Polygon zkEVM the same way you would on Ethereum. You can deploy any Ethereum smart contract. Any tooling that works with Ethereum will work on Polygon zkEVM. Do anything you would do on Ethereum, for lower cost and at greater speeds, and have it verified on the Ethereum network via a ZK validity proof. It’s Ethereum, but with ZK scalability."
- Polygon Team
If this initiative is successful it has the potential to really change the game for #Crypto with the #ETH being 2nd in market cap and #MATIC holding a top 20 position (currently 14th). The largest hurdle with ETH for me personally has been gas fees which is why I have been loving these Polygon developments.
I also am very curious to see how the chains will trade once this system is live. Will some of ETH's value move to MATIC? Will they both rise in value? What do you guys think about this release? As far as I can tell it's great news for both parties (especially for Polygon 😉 though). I hope everyone has a great day and with successful trades, Cheers!