Polygon raised up to $450 million from a strategic investment round led by Sequoia fund in February.
L2 Experience on Display
Polygon will launch a scalable layer-two solution using Zero Knowledge Rollups (ZK-Rollups) technology, or Polygon zkEVM. According to technical information from the development team, zkEVM will be compatible with the Ethereum Virtual Machine (Ethereum Virtual Machine), which means that projects built on zkEVM will easily integrate with the Ethereum network.
Polygon zkEVM is still in the testnet phase and is expected to launch the mainnet by the end of 2022.
ZK-Rollups is a type of Layer 2 blockchain technology that increases transaction throughput while lowering costs and making withdrawals faster for users. It is one of the several solutions being widely used on Ethereum.
In terms of operation, ZK-Rollups execute transactions off chain which are bundled together and posted to Ethereum with a validity proof. The proof verifies the correctness of transactions, and the state can only be updated with another validity proof. It is more efficiency with block space since only the proof needs to be posted instead of all the transaction data.
“Many believed that a zkEVM was years away, or not practical or competitive. No one believed in us, but Polygon did.” Hermez co-founder Jordi Baylina said.
Polygon has demonstrated why they are the among most pioneering and influential Layer 2 solution on Ethereum. With a successful launch of the zkEVM platform, Polygon will establish itself as a leader in implementation of high-throughput EVM solutions.
Since the end of the first quarter of 2021, Polygon has implemented a $1 billion ZK scaling technology development strategy. The project spent $650 acquiring two ZK-Rollup Layer-2 solutions, Hermez Network ($250 million) and Mir Protocol ($400 million).
In addition, Polygon also launched the world’s fastest zero-knowledge technology, Plonky2, built a user identification solution, and established an Avail solution to support sidechain building. Avail is a powerful tool for Polygon to launch the Supernet initiative, inviting projects to build sidechains, and funded by the project’s $100 million development fund.
The model is similar to other multichain systems like Polkadot’s parachain, Avalanche’s subnet, and most recently, BSC Application Sidechain (BAS).
What is Polygon:
Polygon (formerly known as MATIC) is a Ethereum-based Layer-2 protocol that tackles the fundamental high gas fee and congestion issues of the Ethereum blockchain. The effectiveness of Polygon as an alternative to generic Ethereum has seen existing projects such as Aave, Curve adopting its chain.
Recently, the platform announced the launch of the Polygon SDK. The SDK will be the framework developers will use to build decentralised applications (DApps) on the network.
For more about Polygon, take a look at the platform’s media handles:
Website | Twitter | GitHub | Reddit | YouTube
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