Polygon, a multichain scaling solution for Ethereum that facilitates fast and cheaper transactions and where the MATIC coin acts as the network’s native token, is currently benefitting from a litany of positive developments that come as the sentiment across the wider crypto sphere seems to have stabilized after the carnage witnessed throughout much of 2022. Before going further, let’s do a brief refresher course. Polygon allows users to deposit the Ethereum coin to a smart bridge contract from where the MATIC coin is obtained. Such users can then work with various applications using the Ethereum-compatible Polygon chains. Finally, the users can re-convert MATIC coins to Ethereum coins and then deposit them on the Ethereum main chain. During this process, the MATIC token is used to pay the transaction fee and power Polygon’s proof-of-stake consensus mechanism, where miners are chosen randomly from a pool of validators to perform periodic authentication of the blocks produced, and any disagreements on the Polygon chains are resolved through cryptographic proof. Last week, Polygon remained the center of attention when it was among the six companies chosen by Disney to participate in its Accelerator program, whereby the media conglomerate aims to support innovative companies from around the world.
We’re excited to be the only blockchain chosen to be a part of the Disney Accelerator program. 🎉👇 https://t.co/LaGU4bhidi — Polygon - MATIC 💚 (@0xPolygon) July 13, 2022 Then, Aave’s decentralized social media, dubbed Lenstube, recently launched on the Polygon mainnet.
Lenstube, an open-source web3 video-sharing 🎥 social media platform built on top of @LensProtocol 🌿 is now live on @0xPolygon mainnet 🎉 Try now https://t.co/mwYvoda2CX Zero gas fees ⛽️ thanks to lens relayers. — Lenstube (🎥 , 🌿) (@lenstubexyz) July 11, 2022 Finally, Polygon announced today that the first Ethereum Virtual Machine (EVM) that is compatible with zero-knowledge proofs.
Introducing Polygon #zkEVM, the first EVM-equivalent ZK L2. Today we’re releasing a complete implementation, fully open-source, and we’re just getting started. [1/6] pic.twitter.com/P929DRCT1y — Polygon - MATIC 💚 (@0xPolygon) July 20, 2022 As a refresher, EVM is essentially a computer that runs on the Ethereum blockchain, allowing smart contracts from multiple sources to interact with each other, thereby enabling anyone to execute a code (smart contract) in a trustless environment. Rollups bundle Ethereum transactions and move them off-chain to Layer 2 (L2) protocols, where these batched transactions are processed much more efficiently, thereby reducing the overall transaction costs. Moreover, zkRollups use cryptographic proofs as a validation mechanism to authenticate transactions, precluding the need for a challenge mechanism and enabling higher transaction throughput. A zkEVM combines an Ethereum Virtual Machine with zkRollups, allowing efficient processing of transactions on L2 protocols. Hence, the excitement for Polygon’s latest move.
It’s just like using Ethereum, but with the groundbreaking scaling power of ZK tech. [3/6] — Polygon - MATIC 💚 (@0xPolygon) July 20, 2022 Polygon’s MATIC coin is up 73 percent over the past 7 days. Year to date, however, the coin is down over 64 percent.
