Polygon (formerly know as Matic network) is a blockchain network that aims to link all Ethereum Virtual Machine (EVM)-compatible blockchains with each other which allows developers to access the benefits of other blockchain platforms with minimal issues or friction. It is solving the scalability issues of the Ethereum network by handling transactions to a separate blockchain that is compatible to Ethereum and returning them to the main Ethereum blockchain post-processing.
Polygon can speed up transactions and lower transaction costs to less than a cent, making it an easy framework for new and existing blockchain projects to build on Ethereum without scalability issues.
Polygon has the potential to handle up to 65,000 transactions per second, while Ethereum can process only up to roughly 17 transactions per second.
Users can interact with any decentralized application (DApp) without ever having to worry about network congestion when using Polygon.
Source: (Cointelegraph's Guide to Matic)
The network was co-founded and developed in 2017 by Jaynti Kanani (the current CEO of Polygon), Sandeep Nailwal the chief operating officer, and Anurag Arjun, cofounder and chief product officer. It was known as Matic Network before until the rebranded it.
The project changed its brand to Polygon in February 2021 and is believed to have occurred to reflect its goal of bringing multiple Ethereum-compatible scaling solutions to Web3 and to become a layer-two aggregator transforming Ethereum into a multi-chain system as it is an interoperability and scaling framework for building Ethereum-compatible blockchains.
Polygon is the new umbrella for multiple projects including the Matic network.
Polygon (MATIC) token is the network's native token used to power the ecosystem's layer two Proof of Stake (PoS) blockchain built on top of the Ethereum network. It is used for transactions as gas fees. Also Polygon relies on a set of validators, who stake their MATIC tokens as collateral to secure the network and earn rewards in exchange for validating transactions.
Total supply: 10 billion which was all minted in 2019 during the network's inception. 8 billion of it are in circulation now. The remaining 2B tokens will be unlocked periodically over the next 3-4 years, mainly to be paid out through staking rewards. - (Source)
MATIC's token distribution
Polygon zkEVM, which stands for zero-knowledge Ethereum Virtual Machine, is an open source ZK-Rollup providing EVM opcode compatibility for a frictionless user experience and the security of Ethereum. It leverages and harnesses the power of zero-knowledge proofs (zk proofs) to reduce transaction costs and greatly increase throughput, all while inheriting the security of Ethereum's Layer 1.
Or to quote the zkEVM docs, re:
Polygon zkEVM is a decentralized Ethereum Layer 2 scalability solution that uses cryptographic zero-knowledge proofs to offer validity and quick finality to off-chain transaction computation, also known as a ZK-Rollup.
The ZK proof technology works by batching transactions into groups, which are then relayed to the Ethereum Network as a single, bulk transaction. The gas fee for the single transaction is then split between all the participants involved, dramatically lowering fees. - PRnewswire)
Developers and users on Polygon zkEVM can use the same code, tooling, apps and other Ethereum ecosystem components.
(Source)
The underlying protocol in zkEVM ensures that the state transitions are correct by employing a validity proof through using zk-SNARK circuits on Smart Contracts, Aggregators and Sequencers. The PoE smart contract, therefore, makes two basic calls: A call to receive batches from Sequencers and another call to Aggregators, requesting batches to be validated. (Source)
The Polygon zkEVM public testnet was launched in October 2022. Consequently, the Polygon University was launched to serve as a one-stop resources center for developers who want to build on Polygon. It provides tutorials and information about the network and the tools thereto.
Meanwhile, the zkEVM was launched in beta main network on the 27th of March 2023 and is now live and accessible.
Transactions and analytics can be viewed on the zkEVM's explorer
These are what make the zkEVM attractive and stand out, re:
EVM-equivalence: Polygon zkEVM is fully equivalent to an Ethereum Virtual Machine which allows developers and users on Polygon zkEVM to use the same code, tooling, apps, etc that they use on Ethereum but with much higher throughput and lower fee. The cost-saving feature of zkEVM is passed on to the applications and end-users of the zkEVM, making it an attractive option for those who are mindful of their budgets.
Ethereum security: zkEVM provides fast finality due to its validity being finalized once it is published on Ethereum Layer 1.
ZK-powered scalability: although it follows different consensus rules compared to Ethereum, it still verifies its proofs on Ethereum L1.
Sources: zkEVM Docs, Ethercto
Polygon zkEVM is an ideal solution for DeFi applications, given its high security and censorship resistance nature. The platform's ability to scale and process transactions quickly makes it an attractive option for blue chip NFTs, GameFi and other applications.
Nfts
The platform's compatibility with Ethereum and its ability to scale and process transactions faster and cheaper make it an attractive option for Non-Fungible Token (NFT) developers looking to create secure and scalable NFT marketplaces.
Payments
Polygon zkEVM's fast finality and low transaction fees make it an ideal solution for payment platforms. By enabling secure and scalable transactions at a lower cost, the platform makes it easier for merchants to accept cryptocurrencies as payment, thus increasing adoption.
Source
zkEVM Rollup can foster an ecosystem of smart contracts. It is far more flexible than the normal zk Rollup transaction network, and more secure and user-friendly than the Optimistic Rollup.
There is no need to learn a new language or even write a new contract to develop a DApp since zkEVM uses Solidity language which is the number one language in the blockchain.
Familiar user experience. It is exactly the same usage process and infrastructure as on the main network except for the need to switch networks within the wallet and application so no additional learning costs.
(Source)
This is a ZK rollup solution specifically designed to reduce the computational cost of generating validity proofs. It solves this problem by using “recursive proofs”, which are faster than existing prover systems.
It can batch up to 3,000 transactions per block. Although Polygon Zero is yet to go live, further breakthroughs in cryptography research may position it as the dominant ZK rollup project in the Ethereum ecosystem.
This is a ZK rollup project with decentralization being the main goal, and it is reputedly the only decentralized ZK rollup operating atop the Ethereum network. It has been active since 2021 but still lacks EVM compatibility.
The Hermez network uses a novel consensus algorithm, called proof of efficiency (PoE), to ensure network security and decentralization. This system consists of Sequencers and Aggregators, who collectively ensure the rollup’s functionality. Sequencers accept transactions and include them in a batch, while Aggregators generate ZK proofs to be submitted to Ethereum.
Sources: Alchemy
With this upgrade, Polygon can make good on its promise to scale Ethereum through ZK rollups. Already, the Polygon Hermez team plans to use machine instructions (opcodes) native to the EVM. This will make it easy for projects to port Ethereum-based dApps to Polygon Hermez or launch EVM-compatible dApps directly on the rollup.
Polygon Miden is a general-purpose, STARK-based ZK rollup with EVM compatibility. STARK (Scalable Transparent Argument of Knowledge) is a type of cryptographic proof with similarities to the more popular SNARK system.
It relies on the Miden Virtual Machine (VM) to execute arbitrary logic and run smart contracts. Developers can easily compile code written in Solidity or Vyper into Miden Assembly, the language used for programming machine instructions in the Miden VM.
It can process up to 5,000 transactions in a single block, with new blocks produced every five seconds. Although this ZK rollup exists as a prototype for now, it is expected to boost throughput to over 1,000 transactions per second (TPS) at launch.
This is an enterprise rollup solution developed to facilitate private transactions for institutions that launched on the Ethereum Mainnet on May 17th, 2022. The project is a collaboration between Polygon Technology and corporate giant Ernst & Young (EY).
Polygon Nightfall uses a unique rollup design that combines Optimistic rollups and zero-knowledge cryptography.
Nightfall is still in production, although the Polygon team recently announced the launch of a beta version on Ethereum Mainnet.
Info Source: Alchemy
Polygon was launched in 2017 as Matic network and rebranded to Polygon network in 2021 to become a Layer 2 aggregator.
Polygon is expanding and building EVM compatible applications like zkEVM, the very first Layer2 scaling solution that is fully compatible with Ethereum, thus allowing developers to deploy their existing Ethereum smart contracts without changes. All developers' codes, tools, wallets and apps work seamlessly with Polygon's zkEVM.
Polygon zkEVM leverages the power of zero-knowledge (ZK) proofs that reduce transaction costs and massively increase throughput, all without compromising transaction security as it inherits that of Ethereum's Layer 1.
The Polygon zkEVM Mainnet beta is now live and accessible.
ZK Rollup applications include Polygon Zero, Hermez, Miden, Edge, Nightfall and Avail.
For infotainment only. Information sources are cited above. 09062023/09:15ph
