Polygon Launches zkEVM Mainnet Beta,

Polygon Labs has recently made a big announcement that is set to positively impact the future of the Ethereum network. The protocol has launched the Polygon zero-knowledge proof Ethereum Virtual Machine (zkEVM) on mainnet Beta, a permissionless and public network that allows users to trade and build.

According to the announcement, to further support the development of the protocol, Polygon zkEVM is now fully open source. With this launch, Polygon is reportedly helping to pave the way for the next chapter in Ethereum’s evolution, offering developers and users a new tool for building decentralized applications.

What are the benefits of Polygon’s new zkEVM?

Polygon zkEVM is a zero-knowledge proof (ZPK) scaling solution developed by the same protocol, designed to enable faster and cheaper transactions on Ethereum’s network. The public testnets for zkEVM have established it as a leader among Ethereum Virtual Machine (EVM) equivalent ZK scaling solutions.

One of the main advantages of zkEVM is the use of zero-knowledge proof, which ensures security and reduces gas taxes. Another benefit for users is that zero-knowledge proofs enable transaction verifications without revealing sensitive information, making them highly secure.

Furthermore, Polygon’s zkEVM is designed to be fully compatible with EVM, allowing developers to easily deploy existing Ethereum smart contracts on the network, making it easier for developers to migrate their existing applications to zkEVM.

In addition, zkEVM is designed to improve the scalability of Ethereum, allowing faster and more efficient transactions with lower fees for developers and users of the protocol’s new feature.

Polygon takes precautions against potential risks when launching zkEVM Mainnet Beta

According to the announcement, the protocol refers to the risk of using zkEVM Mainnet Beta. While the launch of the mainnet is a significant development for the protocol, undetected errors can always disrupt the stability of the network.

To address these potential risks, Polygon Labs has outlined “strict” security measures, which will include the creation of an interim security council, which will be responsible for overseeing the network’s security and addressing any problems-

The Security Council will include various companies and organizations in the blockchain industry. Additionally, Polygon will implement a bug bounty program, which is intended to encourage researchers and developers to identify and report any bugs or vulnerabilities that they discover in the Polygon zkEVM Mainnet Beta.

With risks and potential vulnerabilities, the established bug bounty program will have rewards of up to $1,000,000 offered for documenting critical vulnerabilities, according to the protocol.

Despite the positive development of the new Polygon feature, the protocol’s original token, MATIC, has not reacted positively to the announcement. Currently, MATIC is trading at $1.0462, indicating a decline of over 5% in the last 24 hours.

However, the launch of these new developments has been met with positive reception from the cryptocurrency community, which could have a positive impact on MATIC’s price in the long term.

Featured image from Unsplash, chart from TradingView.com