What is Polygon zkEVM? Polygon zkEVM is a Layer 2 scaling solution for Ethereum, leveraging the scaling power of Zero-Knowledge Proof while maintaining EVM compatibility. In this article, let’s learn about zkEVM technology and its importance for the future investment technology platform, the development potential of the Polygon zkEVM cryptocurrency.
Some articles below related to Polygon zkEVM that you can refer to:
- What is Polygon (MATIC)? Polygon Cryptocurrency Overview
- Polygon Returns to Ethereum in Polygon 2.0 Version
- What is zkEVM? Distinguishing 4 Types of zkEVM
- zkEVM – A Close Battle and Where Are the Opportunities for Us
Overview of Polygon ZkEVM
What is Polygon zkEVM?
Polygon zkEVM is a decentralized Ethereum Leyer 2 scalability solution that uses cryptographic Zero-Knowledge Proof to bring rapid validity and finality to transaction computation. off-chain translation, also known as ZK Rollup.
zK-Rollup executes smart contracts transparently, by publishing zero-knowledge proofs, while maintaining compatibility with EVM (Ethereum Virtual Machine).
Developers on Polygon zkEVM can use the same source code, tools, and applications that they use on Ethereum, but with higher processing capacity and lower fees. So Polygon zkEVM was born with the mission of bringing Layer 2 scalability. Helping users have additional advantages in transaction speed and cost savings, as well as bringing high security to the network.
Mechanism of action
Polygon zkEVM is one virtual machine designed and developed to emulate the Ethereum Virtual Machine (EVM) by recreating all existing EVM code for transparent deployment of existing Ethereum smart contracts. Polygon zkEVM technological development ZK Rollup runs on Ethereum Mainnet and improves Ethereum’s exponential scalability and transactions per second (TPS).
Normally transactions will have to be processed directly on Layer 1 so the cost will be high. But with Rollup technology, this job is performed on Layer 2. After completing verification, the final result is transferred to Layer 1. At this time, Layer 1 only functions as a storage place and the amount of fees has been paid. be saved.
Polygon zkEVM Sequencers process transactions (Tx) on the network, then aggregate multiple transactions into a block. After closing the block, the block will be sent by the Sequencer to Layer 1 Ethereum as Calldata. Continuing, Layer 2 sends the transaction proof for that block to Ethereum. Finally, send the state, also known as State Root (ie network state, including transaction balance,…) so that Layer 1 remembers the state of layer 2 after making batches or blocks of transactions. there.
Core Team
- Jaynti Kanani (Co-Founder): Graduated with a Bachelor of Engineering degree from Dharmsinh Desai University. He is a Blockchain Engineer and developer for Web3, Plasma, WalletConnect. Previously a data scientist at Housing.com.
- Sandeep Nailwal (Co-Founder): Sandeep earned a Master of Business Administration (MBA), Finance, Technology and Supply Chain Management from National Institute of Industrial Engineering. After graduating, Sandeep spent some time working at Deloitte, an auditing company. He is also a programmer. Formerly CEO of Scopeweaver, CTO of Welspun Group.
- Mihailo Bjelic (Co-Founder): Anurag graduated with a bachelor’s degree in Engineering and Computer Engineering from Nirma Institute Of Technology University. After graduating, Anurag held the position of Analyst Programmer at Cognizant Technology Solutions for more than 2 years. He previously held the position of Product Manager at Dexter Consultancy Pvt. Ltd and continued to hold this position at IRIS Business Services Limited. In addition, he is also a technology developer on Ethereum.
Investor
- April 2019: Pre Seed round raised $450K with the only investment fund being Coinbase Ventures.
- December 20, 2020: Funding round raised $1M from individual investor John Lilic.
- May 26, 2021: Funding round received investment from angel investor Mark Cuban.
- February 7, 2022: Funding round mobilized an impressive $450M from large investment funds. Led by Sequoia Capital India, there is also the participation of famous names such as Dragon Fly Capital, SoftBank, Galaxy, Tiger Global Management.
- June 13, 2022: Funding round with an undisclosed amount from Disney Accelerator.
Tokenomics
Information About MATIC Token
- Token Name: Polygon (Matic)
- Ticker: MATIC
- Blockchain: Ethereum, Polygon
- Token Standard: ERC-20
- Contract: 0x7d1afa7b718fb893db30a3abc0cfc608aacfebb0
- Total Supply: 10,000,000,000 MATIC
Token Allocation MATIC
- Ecosystem: 23.33% – Project Ecosystem Development
- Foundation: 21.86% – Foundation
- Main Sale: 19% – Token Sale round
- Team: 16% – Project development team
- Advisor: 4% – Advisory team for the project
- Seed Sale: 2.09% – Seed Round Token Sale
- Early Supporter: 1.71% – Members who support the project in the early stages
Token Release
Token Use Case
MATIC is the network’s native cryptocurrency: used as fees for transactions and staking activities.
Exchanges
Users can buy and own Tokens on leading centralized exchanges such as: Binance, Coinbase, Huobi global, kucoin… And other decentralized exchanges.
Information Channel of Polygon ZkEVM
- Website: https://polygon.technology/
- Telegram: https://t.me/polygonofficial
- Twitter: https://twitter.com/0xPolygon
- Discord:
summary
Polygon zkEVM is a layer 2 solution for Ethereum and one of the most popular Blockchain platforms with over 7,000 decentralized applications.
Polygon zkEVM is a decentralized Ethereum Layer 2 scaling solution that historically uses zero-knowledge proofs of cryptography to bring rapid validity and usefulness to transactions. off-chain computation translation, also known as zk-Rollup.