Polygon Launches New Scaling Solution to Further Cut Ethereum Costs?
Navigasi - Web3 infrastructure provider Polygon today announced the launch of the Polygon zkEVM (Ethereum Virtual Machine without knowledge), which is said to be the "first" Ethereum compatible scaling solution that uses a cryptographic method called zero-knowledge proof.
|Polygon Launches New Scaling Solution to Further Cut Ethereum Costs?|
Previously known as the Matic Network, Polygon is an interoperability and scaling protocol for launching Ethereum-compatible blockchains. Its core component is the Polygon SDK, a flexible and modular framework that supports the creation of various types of decentralized applications (dApps).
PoligonHead of Enterprise, Antoni Martin, gave a keynote speech at the EY 2022 Global Blockchain Summit and introduced Poligon Night, the company's new zero-knowledge proof (ZKP) solution that offers privacy to companies looking to use the Ethereum Blockchain.
According to Martin's speech, Polygon Nightfall generates results eight times faster than the Ethereum base layer, transfers non-private ERC20 for six times cheaper, and is fully public.
Nightfall is one of four Polygon scalability solutions. The other three, the Hermez Polygon, Miden Polygon, and Zero Polygon have different strengths. Polygon Nightfall distinguishes itself as the only solution with enhanced privacy.
Combining zero knowledge with optimistic rollup
Polygon Nightfall combines privacy-preserving ZKP and optimistic rollup. It uses an optimistic rollup to reduce transaction costs and uses ZKP to provide privacy.
The privacy-preserving rollup only discloses the time and date of the transaction while keeping it confidential. An optimistic rollup, on the other hand, assumes all transactions are valid but still allows validators to oppose one transaction if they think it is inaccurate.
During his presentation, Martin said that Nightfall can be used in business operations such as supply chain management, private NFT marketplace transactions, and blockchain mixers.
EY and Polygon
Ernst & Young (EY) started work on Nightfall in 2019 to allow its customers to use Ethereum privately. However, the project stalled when the company had to combat Ethereum's high gas fees in September 2021. To cut private transaction fees, EY partnered with Polygon.
Two of EY's blockchain services, EY OpsChain and EY Blockchain Analyzer are already connected to Polygon Nightfall. Polygon Co-Founder Sandeep Nailwal commented on this and such partnership:
“EY's commitment to the public Ethereum ecosystem and open standards was a huge driver in developing a shared approach. No other organization has made the same scale of commitment to open ecosystems and systems, or brought the technological depth that EY organizations have in this space.”
According to the announcement, the two will continue to innovate on enterprise-friendly solutions that prioritize privacy to grow their ecosystem.
Is ZKP the next big thing?
A report from the Mina Foundation reveals that ZKP has recently played an important role in the crypto field. According to the survey, increased privacy and scalability are the two main things that make ZKP attractive. Almost all participants (90.1%) said they found cryptocurrencies with the ZKP solution implemented more attractive. Additionally, 52.1% also said they would be more likely to use a dApp with ZKP implemented.