Fun

News Feed - 2023-07-18 06:07:59

Gareth Jenkinson14 hours agoHealthy competition welcome — Polygon zkEVM leadProminent Ethereum development firms have rolled out varying zero-knowledge scaling solutions that drive healthy competition in the ecosystem.1450 Total views59 Total sharesListen to article 0:00NewsJoin us on social networksAn environment of healthy competition is being fostered between the Ethereum ecosystem’s top development firms building zero-knowledge Ethereum Virtual Machines (zkEVMs) to scale the network, according to one of Polygon’s co-founders.


Jordi Baylina, technical lead of Polygon Hermez zkEVM, spoke to Cointelegraph ahead of the start of EthCC in France. With builders from across the Ethereum ecosystem converging on Paris, zero-knowledge proof (ZK-proof) scaling tools are set to be a major focal point.


Polygon’s zkEVM uses ZK-proofs to reduce transaction costs and increase the throughput of the Ethereum network, while taking advantage of the security and finality of the layer-1 blockchain.


ZK-proofs have proved to be an important scaling tool for the Ethereum ecosystem. The technology allows protocols like Polygon’s zkEVM to handle transaction computations off-chain before providing a resource-lite proof to the Ethereum mainnet without revealing any of the associated data.


Related: Ethereum scaling protocols drive zero-knowledge proof use in 2023


Baylina, who is at the helm of Polygon’s zkEVM, says the breadth of development being done with ZK technology has been hugely beneficial to the wider Ethereum ecosystem:“Having different projects adds a lot of experience, and it’s also a way to test different approaches, ways of handling things or solving things.”


Baylina added that various projects emulate good advances and try to make them better, while failings act as a learning for all ZK-based projects in the space.Polygon zkEVM unique addresses. Source: Polygon zkEVM


Polygon zkEVM is live on mainnet, and the network is closing in on 250,000 unique active addresses. Its daily active Polygon zkEVM addresses are also trending upward, with both metrics suggesting that user adoption is growing.


Related: ConsenSys launches Linea zkEVM to further scale Ethereum


Meanwhile, Baylina highlighted the number of applications that are building on Polygon zkEVM as the most important metric for his team. This, in turn, leads to a wealth of information and feedback from developers, which is shaping changes to the protocol:“Hearing from developers the issues that they have, if they notice something that can be improved or the quality of the tooling that they have on top of that for me, these are the real metrics we are working hard on.”


Baylina provided a working example where developers had identified issues with timestamps that were critical for the operation of decentralized finance oracles. Bayina’s team found a workaround solution while a long-term fix was being developed. Nevertheless, the input from builders is helping improve the protocol as more join the ecosystem.“Important projects are coming to the network, and we are getting a lot of experience and knowledge on the needs of different applications.”


Polygon co-founder Sandeep Nailwal previously told Cointelegraph that Polygon’s zkEVM is the “holy grail of Ethereum scaling,” allowing the protocol to submit proofs to the Ethereum mainnet without the layer-1 blockchain having to rerun computations. 


The technology isenvisioned to drastically scale Ethereum, allowing developers to build decentralized applications while being unencumbered by the base blockchain’s network performance. 


Magazine: Here’s how Ethereum’s ZK-rollups can become interoperable# Blockchain# Ethereum# Web3# Polygon# zk-Rollup# zk-STARKAdd reactionAdd reactionRelated NewsWhat is NFT rarity, and how to calculate it?Bitcoin rally will lead to "speculative blow-off top” in 2024, Mark Yusko predictsThe European Commission’s Web4 strategy might be a flopPolygon co-founder proposes zkEVM ‘validium’ upgrade to improve securityStarknet moves closer to EVM compatibility with upcoming ‘Kakarot’ testnetZero Barriers podcast series: Crypto adoption fueled by ZK-rollups

News Feed

Report: Bankrupt Crypto Hedge Fund Three Arrows Capital Probed by SEC, CFTC for Possible Legal Violations
Report: Bankrupt Crypto Hedge Fund Three Arrows Capital Probed by SEC, CFTC for Possible Legal Violations Reports indicate that the bankrupt crypto hedge fund Three Arrows Capital
Halving & Burns on BitGesell – the Optimal Combination for Scarcity and Value in the Crypto Age
Halving & Burns on BitGesell - the Optimal Combination for Scarcity and Value in the Crypto Age BitGesell represents a deflationary cryptocurrency that closely r
Why reports of the death of NFTs are greatly exaggerated
Ezra Reguerra12 hours agoWhy reports of the death of NFTs are greatly exaggeratedToshiuki Otsuka, who founded a snap-to-earn platform, strongly opposed the narrative and argued that NFTs are "evolving."1151 Tot
Rapper Nas & the No-Good-Very-Bad Payday Loan Investment
Nas wasn"t wrong to back a fintech product designed to disrupt the payday loan industry. He just threw his weight behind the wrong one. | Source: ShutterstockFamed rapper Nasir Jone
Bitcoin price struggles as investors expect Fed interest rate cuts — Why?
Marcel Pechman3 hours agoBitcoin price struggles as investors expect Fed interest rate cuts — Why?Bitcoin price is stuck in a downtrend even though investors are betting on Fed interest rate cuts. What gives?3609 Total
Metaplanet Becomes A Global Bitcoin Powerhouse with 20,000 BTC Hoard, More Buys Ahead?
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Chinese State Media Surprises With Forecast of Bitcoin Outshining Gold
Chinese State Media Surprises With Forecast of Bitcoin Outshining Gold Chinese state-operated media outlets keep adding cryptocurrencies — specifically bit
England’s Manchester United Set to Unveil Tezos Blockchain Shirt Sponsorship, Report
England"s Manchester United Set to Unveil Tezos Blockchain Shirt Sponsorship, Report Tezos blockchain has reportedly agreed to a training kit sponsorship with Manchester United in
UK Watchdog Asks Crypto ATM Providers to Stop Operating or ‘Face Enforcement Action’
UK Watchdog Asks Crypto ATM Providers to Stop Operating or "Face Enforcement Action" U.K. watchdog, the Financial Conduct Authority (FCA), has told firms running crypto ATMs in the
DC Attorney General Sues Billionaire Michael Saylor and Microstrategy Over Alleged Tax Fraud — Seeks $100 Million
DC Attorney General Sues Billionaire Michael Saylor and Microstrategy Over Alleged Tax Fraud — Seeks $100 Million The attorney general of the District of Columbia has sued Micros
Indian Authorities Search Crypto Exchange Coinswitch Kuber — CEO Says It’s Not Related to Money Laundering
Indian Authorities Search Crypto Exchange Coinswitch Kuber — CEO Says It"s Not Related to Money Laundering India’s Enforcement Directorate (ED) has conducted searches at f
Savannah Fortis14 hours agoDecentralized sensors to combat noise pollution hit the blockchainA network of 35,000 smartphone sound sensors was deployed on the Peaq Network ecosystem to collect hyper-local noise pollution