Top 3 Crypto News: Polygon zkEVM is Launching
Polygon Labs’ much awaited zkEVM has successfully launched on Mainnet Beta. Polygon’s zkEVM is the leading Zero Knowledge solution that is equivalent to Ethereum Virtual machine.
The testnet for Polygon zkEVm is an open-source ecosystem wherein developers will have access to the repositories to use, modify, and distribute as needed and unlock the true potential of web3.
Polygon zero knowledge Ethereum Virtual Machine is built to maintain scalability, reduce transaction cost and enhance the security of Ethereum L1 with the power of ZK proofs. It helps developers to seamlessly deploy their Ethereum smart contracts with fast finality by connecting to the mainnet beta.
Vitalik Buterin, the Ethereum co-founder, has performed the first transaction on Polygon zero knowledge Ethereum virtual machine (zkEVM) Mainnet Beta with a hidden message (hex code) on polygon’s live stream event. The message stated,
“Millions of constraints for man, unconstrained scalability for mankind”
What is Zero Knowledge?
Zero Knowledge proof is an encrypted protocol that shows the truth of a statement without revealing the entire secret information. The Zero Knowledge Ethereum Virtual Machine executes the same level of the transaction as Minnet Ethereum on a layer2 level.
Features of zKEVM
- Security: Polygon made security their priority. ZK proof safeguards funds and ensures transaction validity.
- Lower cost: It harnesses ZK proof to lower the transaction cost and lower the total cost for dapps users.
- Scalability: Polygon zkEVM provides greater performance of decentralized apps.
- Equivalence: Existing smart contracts and developer tools work seamlessly without changing codes which helps developers to focus on improving codes rather than rewriting them.
- Performance: Developers can create a variety of dapps easily. Polygon Zero Knowledge provides superior performance and performs batch transactions effortlessly. It uses Recursive STARK for extreme scalability.
The top companies in web3 using Polygon zkEVM are API3, ankr, Biconomy, Chainstack, Covalent, Etherscan, gateway.fm, Luganodes, Multichain, Quicknode, Sequence.
Polygon zkEVM will be a new chapter in the history of Ethereum and Web3 and will ensure significant improvements in the Ethereum ecosystem. Polygon attests that new developments are on the way and ZK innovation will play an important role in the coming months.
ZKSYNC launches Alpha Mainnet
Matter Labs’ zkSync Era launches Ethereum scaling solution. A zero-knowledge Ethereum Virtual Machine is the core aspect of zkSync’s mainnet, a layer-2 network that can easily integrate with the Ethereum ecosystem to provide a better user experience.
The zkSYNC scales Ethereum’s security and its values of trustlessness, permissionless, resilience, and censorship resistance through decentralization.
Features of zKSYNC
- Hyperscalability: With the help of zkSYNC, users can perform an unlimited number of transactions without compromising security at a low cost.
- Security: zkSyn worked on security issues very keenly. The zkSync Era testnet ran for a full year with 500,000 active accounts, 30,000 smart contracts deployed, and nearly 9 million transactions without any critical issues. They conducted top-tier audits and stress tests of the network before opening it to projects or users.
- Better User Experience: It upgrades users from externally owned accounts to smart contract accounts by introducing automated payments, paying gas fees in any token or paying gas fees on the user’s behalf, batch multiple operations & sign all at once, enables biometric verification and social recovery, user can start a session by signing once with a preset time.
The top investors that invested include Blockchain capital, DragoFly, Ethereum foundation, Lightspeed, USV, OKX Blockdream Ventures, MIRANA, alchemy ventures, ripio ventures, coinbase ventures, and many more.
Over 200+ projects (DeFi, NFT, Games, Payments, Infrastructure, Bridges, Wallet, Social, DAO, etc) have been registered to deploy on zkSYNc Era including Chainlink, Sushiswap, Uniswap, Aave, Argent, 1inch, Gnosis, and Curve.
The zkSYNC is still in the alpha stage, so it takes time to reach its excellence while overcoming challenges throughout the phases. Meanwhile, Users can explore the open-source network and contribute to the development of the ecosystem.
Coinbase’s layer-2 network Base
Coinbase, a leading cryptocurrency exchange, launched its Ethereum layer 2 network “Base” last month. The network is powered by Optimism and is developed to make transactions faster and reduce costs. Base processes batches of transactions on the layer 2 network and sends the receipts to the Ethereum mainnet.
Base is built as an open-source, secure, low cost and developer-friendly network to build decentralized apps (dapps) by anyone. It also acts as the home for coinbase’s on-chain products.
Features of Base
- Security: It leverages the underlying security and scalability of Ethereum. Base is focusing on enhancing the security of DeFi apps and hence protecting users from scams and hacks.
- Empowered by Coinbase: Users will have complete access to Coinbase tools, and products.
- Low cost: Able to perform various actions on the network with low cost and set up gasless transactions.
- Open-Source: Base is a decentralized open-source platform. Coinbase joined Optimism as a core Dev.
Coinbase is looking to build flatcoins (stablecoins), inflation-pegged coins, on their layer-2 network. With these flat coins, users can safeguard their funds from inflation and Coinbase expects this feature will encourage more users into the cryptocurrency industry.
Another innovation of base is the introduction of limit order exchange for cryptocurrency trading. This enables users to set price targets which give control over their orders and this feature helps to increase liquidity on the network.
Coinbase is focusing on providing a better user experience to the users without compromising on security. Base is giving tough competition to the other major players in the cryptocurrency industry. These advancements will ultimately contribute to the growth of web3 and the Ethereum ecosystem.