Polygon Labs recently made a major announcement that will positively impact the future of the Ethereum network. The protocol has launched Polygon’s zero-knowledge proof Ethereum Virtual Machine (zkEVM) on the Beta mainnet, a permissionless and public network that allows users to transact and build.
According to the announcement, to further support the development of the protocol, Polygon zkEVM is now open source. With this launch, Polygon is expected to help pave the way for the next chapter of Ethereum development and offer developers and users new tools to build decentralized applications.
What are the Benefits of zkEVM New Polygons?
Polygon zkEVM is a scalable zero-knowledge (ZPK) solution developed with the same protocol, designed to enable faster and cheaper transactions on the Ethereum network. Public testnets for zkEVM have become leaders among ZK scale solutions similar to the Ethereum Virtual Machine (EVM).
One of the main advantages of zkEVM is the use of zero-knowledge proof, which ensures security and reduces gas costs. Another win for users is that zero-knowledge proof enables transaction verification without revealing sensitive information, making it extremely secure.
Furthermore, Polygon’s zkEVM is designed to be compatible with EVM, so that developers can easily deploy existing Ethereum smart contracts on the network, making it easy for developers to move their existing applications to zkEVM.
In addition, zkEVM is designed to increase the scalability of Ethereum, allowing faster and more efficient transactions at a lower cost for developers and users of the protocol’s new features.
Polygon Takes Precautions Against Potential Risks from zkEVM Mainnet Beta Open
According to the announcement, the protocol shows the risk of using zkEVM Mainnet Beta. While the launch of the mainnet is an important development for the protocol, undetected bugs can disrupt the stability of the network.
To address these potential risks, Polygon Labs has outlined “strict” security measures, which will include the establishment of a temporary security council, which will be responsible for monitoring network security and addressing any issues-
The security council will include various companies and organizations in the blockchain industry. In addition, Polygon will implement a bug bounty program, which is intended to incentivize researchers and developers to identify and report bugs or vulnerabilities found in the Polygon zkEVM Mainnet Beta.
Given the risks and potential vulnerabilities, the established bug bounty program will have rewards of up to $1,000,000 offered for documenting critical vulnerabilities, according to the protocol.
Despite the positive development of the new Polygon feature, the original token of the protocol, MATIC, has not responded positively to the announcement. Currently, MATIC is trading at $1.0462, representing a decline of more than 5% in the last 24 hours.
However, the launch of this new development has received a positive reception from the cryptocurrency community, which could have a positive effect on the price of MATIC in the long run.
Featured images from Unsplash, charts from TradingView.com