Among the cryptocurrencies posting impressive gains is Polygon’s MATIC which has added 11% in the past day at $1.03, coinciding with the network’s test of its zero-knowledge (zk-Rollups) technology before the full deployment. On the weekly CoinMarketCap chart, MATIC has climbed 22%.
Speaking about the technology, the project lead of Polygon zkEVM and PolygonID, David Schwartz, confirmed that the zk-rollups are compatible with Ethereum after creating 12,000 zk-proofs for the testnet. The aim of zkEVM, according to the developer, is to increase the speed at which the layer-2 Ethereum scaling platform can achieve finality without compromising the validity and security of transactions.
Described as the most significant milestone in scalability, zkEVM mostly targets the scaling of the Ethereum blockchain, different from other scaling solutions – zk-SNARK and zk-STARK by StarkNet’s – that guarantee scalability by grouping multiple transactions into one proof to confirm validity on-chain.
How ZK Rollup Technology Works
Polygon’s ZK roll-up is a scaling solution that bundles several off-chain transactions into one on-chain transaction, eliminating the need for individual transactions to be validated on the Ethereum Mainnet by generating validity proofs for each roll-up. The Ethereum-scaling network is reportedly planning to invest more than $1 billion in zero-knowledge technology, where currently, at least four of its products are based, including Zero, Miden, Hermez, and Nightfall.
Polygon zero is one of the solutions in zkEVM that focuses mainly on scalability by reducing the computational cost of coming up with validity proofs, or zero-knowledge proofs, enabling instant confirmation of roll-up transactions on the mainnet. Users can transfer funds smoothly between the roll-up and Ethereum without delays.
Polygon’s latest development happens amid a bullish sentiment that has started the year off well for cryptocurrencies. The MATIC surge remains to be seen if it would be sustainable; however, the overall factors affecting cryptos would inform the next step. But considering the double-digit explosion of the token, investors could be readying to take profits, capping further gains before the next leg up.