Polygon Labs, the Ethereum Layer 2 scaling solution, has launched Polygon zkEVM Mainnet, termed as an Ethereum scaling breakthrough that will make it possible for Ethereum to outpace Visa in terms of transaction throughput.
Today, Polygon Labs is announcing that Polygon zkEVM is fully open-source. Every single component is licensed with AGPL v3, including the zkProver, which is where all of the ZK magic happens 🪄
More: https://t.co/H124ATcuWJ pic.twitter.com/adceTbOVMq
— Polygon (Labs) (@0xPolygonLabs) March 27, 2023
In what Polygon Labs describes as a watershed moment for the Web3 industry, the launch of the zkEVM solution presents a resolution to the scaling problems such as lack of speed and throughput.
“This solution has the capability to scale Ethereum infinitely, allowing the network to surpass the transaction throughput of major payment processors such as Visa,” said Polygon in a release.
The launch on mainnet comes almost a year since the zkEVM was first introduced in a testnet back in July 2022.
zkEVMs, which are ZK rollups designed for compatibility with the Ethereum Virtual Machine, are considered the holy grail of scaling technology.
“They are the only solution that can achieve three major blockchain design goals: scalability, security that is inherited directly from Ethereum itself, and a seamless experience for developers building on Ethereum.”
Zero-knowledge rollups (ZK-rollups) themselves are layer 2 protocols that bundle (or ‘roll-up’) hundreds of transfers off-chain and generate a cryptographic proof (or validity prooof) which gets posted on L1 drastically simplifying the process.
Polygon Labs also announced that all aspects of Polygon zkEVM are now open-source under an AGPL v3 license. Open-source licenses allow developers to share their code and encourage collaboration and innovation within the developer community.
According to Polygon, over 50 of the world’s biggest Web2 and Web3 companies have committed to building on Polygon zkEVM, including Spanish telecom giant, Telefónica, which will use the tech to improve the privacy and confidentiality of company data in enterprise use cases.
Jose Luis Nuñez, Head of Blockchain at Telefónica Tech said:
Telefónica Tech, leading company in digital transformation, and leaders in the development of blockchain solutions for enterprises, will be one of the first companies to deploy its framework, TrustOS, for notarisation and traceability solutions on top of the zkEVM Mainnet to improve privacy and confidentiality of companies and user’s data in enterprise use cases.
Other platforms adopting the zkEVM include:
- Lens
- Aavegotchi
- Ovix
- Quickswap
- EtherScan
- Phantom
- Midnight Society
- Luganodes
- Celer
- GameSwift
- Yeeha Games
While several teams in the Web3 community are working on ZK rollups, Polygon indicates it has several advantages, not least being the first to launch a beta version on mainnet:
- It is the only leading full-featured, open-source zkEVM with a complete, working, and audited prover
- It’s EVM-equivalent, meaning existing developer tools on Ethereum, existing wallets, infrastructure, etc., can be used seamlessly, unlike ‘EVM-compatible’ alternatives, which require existing developer tools and smart contracts to be modified to work creating incompatibility and increasing the risk of security vulnerabilities
- Withdrawal times back to Ethereum take 30 – 60 minutes on Polygon zkEVM compared to a 24-hour withdrawal delay for zkSync Era, for example
- Polygon is the first to launch a mainnet beta making it the most advanced solution available. Alpha mainnets test basic functionality in a closed environment while beta mainnets are more stable and feature-rich
“Today’s launch is an incredible milestone and the beginning of a new chapter for blockchain technology, fulfilling Ethereum’s original promise of becoming a true ‘world computer’ and creating a fairer, more egalitarian internet for all” said Mihailo Bjelic, Co-Founder of Polygon.
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