Finally, Polygon launched Polygon Hermes, their layer-2 zkEVM network. For decentralized applications (dapps) created on the Ethereum (ETH) network, this network intends to offer fast, affordable, and secure transactions.
A version of the Ethereum Virtual Machine called the zkEVM uses zero-knowledge proof (ZKP). Smart contract computation over a layer-2 network is made private and safe, thanks to this. As a result, the pressure on the Ethereum mainnet is reduced, transactions are processed faster, and prices are lower thanks to the Polygon Hermes network’s ability to execute transactions off-chain.
In addition to scaling advantages, the zkEVM also offers increased security and privacy. It lets users carry out smart contracts without disclosing the specifics of the transaction, guaranteeing the privacy of sensitive data.
To allow users to transfer assets and data across the two networks without difficulty, Polygon Hermes will also offer a bridge to the Ethereum mainnet. This will allow developers to create dApps that exploit both networks’ abilities.
ZkEVM Launched by Vitalik Buterin
The co-founder of the Ethereum blockchain, Vitalik Buterin, started the first transaction on the new zkEVM as part of the unveiling event.
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Just a few days have passed since the public release of Matter Labs’ zkSync Era on the Ethereum mainnet, which coincides with the introduction of zkEVM. Similar to what is offered by zkSync, most of the code that makes up Polygon zkEVM is open-source but licensed under AGPL v3.
Market participants feel this could lead to a bullish scenario for Polygon’s native token, MATIC. However, so far MATIC is trading at $1.05, a reduction of 3.3% over the past 24 hours compared to a decline of 5% over the last 7 days. The crypto market is heavily impacted by the CFTC’s legal action against Binance.