Ethereum scaling platform Polygon has announced that it is involved in Zero Knowledge (ZK) technology, also known as zero-knowledge proof. The zkEVM technology announced by Polygon will allow both smart contracts and developer tools on Ethereum to be used in Polygon zkEVM, as well as significantly reducing the transaction fees paid while doing these.

In a press release from Polygon, it was stated that zkEVM is also the first Ethereum-equivalent scaling solution and can work seamlessly with all existing smart contracts and wallets:

   “This enhancement is the same as using Ethereum, but with the scaling power of a groundbreaking ZK technology… Polygon zkEVM did not compromise speed or increase costs to achieve this game-changing EVM parity. High throughput, low latency, and low cost were achieved. It can also be called 'EVM compatibility without compromise'. Polygon zkEVM is a first-of-its-kind technology. No previous scaling solution has been able to combine the potential of ZK proofs with EVM equivalence. And this will be just the beginning."

zkevm

Polygon's new layer-2 solution is also seen as a follow-up to Hermez Network, a ZK-Rollup-based scaling platform that the firm bought in August last year for $250 million. Following the acquisition, Hermez Network was rebranded as "Polygon Hermez" and continued to work on layer-2 with its new management. After being rebranded as Polygon zkEVM, the network will launch a testnet towards the end of this summer, the statement said. At the beginning of 2023, it is planned to go to the mainnet completely.

Polygon price was $0.851 at the time of writing, according to CoinGecko data. The last 24-hour trading volume of Polygon (MATIC) is $1,293,134,352. Polygon (MATIC) price has decreased by -8.0% in the last 24 hours. There is a supply of 8 Billion Polygons (MATIC) in circulation, with a total supply of 10 Billion Polygons (MATIC).