Polygon zkEVM

Owned by Egya (Unlicensed)
Last updated: Mar 27, 2023
4 min read

Polygon Labs announced that the Polygon zkEVM will be launch on March 27, 2023.

The Polygon zkEVM protocol is a layer-2 scaling solution for the Ethereum network that combines the security of Ethereum with the scalability of cryptographic zero-knowledge proofs to offer validity and quick finality to off-chain transaction computation (ZK-rollups). It is designed to allow for fast and cheap transactions, while maintaining the security and decentralization of the Ethereum network.

The zkEVM uses zero-knowledge proofs to bundle multiple transactions together and verify their validity on the Ethereum network. By doing so, it reduces the number of transactions that need to be processed on the Ethereum network, which helps to reduce congestion and lower gas fees.

One of the benefits of the Polygon zkEVM is that it is fully compatible with the Ethereum Virtual Machine (EVM), which means that developers can use the same tools and smart contracts that they would use on the Ethereum network. This makes it easy to migrate existing DApps to the Polygon network.

Users can send and receive tokens and interact with dApps on the network, as well as make peer to peer transactions. The use of zero-knowledge proofs in the zkEVM makes transactions faster and cheaper than on the Ethereum network, which can make it a more attractive option for users looking to transact peer to peer.

The Polygon zkEVM also has a strong focus on user experience, with a developer-friendly environment and user-friendly tools to make it easy for developers to build and deploy applications on the network.

Useful links:

Announcement | Polygon zkEVM Mainnet Beta

Polygon zkEVM Documentation | Polygon Wiki

What is Polygon zkEVM | Polygon Wiki

 

Evaluation Process  

MidChains has:  

  • Evaluated the Polygon zKEVM

  • Analysed the impact of the changes

 

  What is New?  

  • The Proof of Efficiency (PoE) Smart Contract – the zkEVM introduces the PoE smart contract (a set of pre-defined rules) that employs a validity proof  verification to ensure that the state (how many MATIC exist, which accounts hold them, the security settings of those accounts, what other assets exist, who holds them, what offers have been made to transfer one asset for another, etc) transitions (a change that requires a jump - discontinuous state) are correct in the underlying protocol in zkEVM by utilizing zk-SNARK circuits. The PoE smart contract makes a call to receive batches from Sequencers and subsequently to makes another call to Aggregators requesting batches to be validated.

    • Proof of Efficiency (PoE) is a decentralised auction that is conducted automatically, and the participants (coordinators) bid a number of tokens so that they have the chance to create the next batch.

  • zkNode - the software (often referred to as a client in blockchain parlance) needed to run a zkEVM node on the network responsible for the implementation for the synchronization and  to govern the roles of the participants (Sequencers and Aggregators).

  • Consensus Algorithm: Proof of Efficiency (PoE) – the zkEVM introduces Proof of Efficiency consensus mechanism which is responsible for deciding the next batch creator in Layer 2 (L2). The batches are created from rolled-up transactions of Layer 1 (L1). The Distributed Ledger Technology (DLT) under the PoE maintains its permissionless feature to produce layer 2 batches while keeping a proportionate balance between the overall validation effort and the value in the network.

  • The LX-to-LY Bridge smart contracts – the zkEVM introduces a smart contract that allows users transfer their assets between two layers, LX and LY (denoting movements from L1 to L2). The L1-L2 in zkEVM is a decentralized bridge for secure deposits and withdrawal of assets that was created from a combination of two identical smart contracts, one deployed on one chain and the second on the other. L1 contracts are deployed on the Ethereum mainnet in order to manage asset transfers between rollups, while L2 contracts are deployed on a specific rollup and it is responsible for asset transfers between mainnet and the rollup (or rollups). The interoperability feature on the Layer 2 which is embedded in the bridge smart contract allows a native mechanism to migrate assets between different L2 networks.

 

Impact Analysis 

The Polygon zkEVM: 

  • is a scaling solution and is not a Fork,  

  • does not result in a new virtual asset 

  • the underlying protocols (Polygon Plasma following ERC 20standard and Ethereum) for the Accepted Virtual Assets; MATIC and Ether remain the same and the Accepted Virtual Asset of MidChains are not affected 

  • does not impact clients’ funds 

MidChains will not support the Polygon zkEVM. Node operators, and users are not required to perform any action or run new nodes to support the new Polygon zkEVM if they do not wish to use the Polygon zkEVM protocol. This is only an introduction of a new protocol that is intended to enhance the Ethereum blockchain. No action is required by clients who hold MATIC as MidChains supports the ERC-20 standard version of Polygon’s MATIC. Deposit, withdrawal, and trading will remain uninterrupted for MATIC and MATICUSD.