Polygon (MATIC) looking to make Ethereum more scalable and faster through its ZK solutions

Karthik Subramanian

Polygon, the Layer 2 solution on Ethereum, that recently merged with the open-source ZK rollup Hermez seeks to make Ethereum more scalable and much faster than it is now along with making it more affordable again.

polygon

This was disclosed in a fireside chat organized by the company where it was made clear that the main developmental goal is to launch a zero-knowledge Ethereum Virtual Machine (zkEVM) and smart contracts would then be able to be deployed on this. Due to the new compression strategies and a small ZK Proof size, the company believes that it would be able to process 2,000 transactions per second and even more. The solution would also be able to batch together up to 2,000 transactions which would be the main reason for it to be able to cut down on the gas fees and bring in more efficiency into the network. As it is a Layer 2 solution, it will have the same reliability and security guarantees that are seen in Ethereum.

The company has also said that a proof of concept has already been built which is under testing at this time. The company believes that a testnet version would be released during the early part of 2022 and if all goes well with that, then it would be in a position to release a mainnet version. When this does get released, it is likely to see a lot of traction and interest from various users as well as developers who have already been working on Ethereum.

Polygon has been able to extract a lot of users and developers from the Ethereum network since its launch with its promise of lower fees and higher speed. It has managed to deliver on this promise so far and with its upcoming solutions, it promises to bring in even more efficiency. It also has an SDK which has been very useful for all the developers who want to develop on the Polygon network. By performing the computations off-chain, it has been able to save on the costs which have been the main point of attraction for users and its userbase has been steadily increasing over the last few months as it draws away most of them from the ETH network. So far, Polygon has been the only Layer 2 solution on Ethereum that has been able to generate so much of traction.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<