From the LBank blog.
Polygon (previously known as the Matic Network) is a Layer 2 scaling solution for Ethereum, designed to offer faster and cheaper transactions while still maintaining the security and decentralisation of the Ethereum network.
One of the key features of Polygon is the use of ZK-rollups, a technology that enables the batching of multiple transactions into a single, compact transaction.
What are Polygon ZK Rollups?
Polygon ZK rollups are a form of off-chain scaling solution, which means that they take place outside the main Ethereum blockchain. This allows for faster and cheaper transactions, as the transaction data is not recorded on the Ethereum blockchain, reducing the amount of data that needs to be processed and stored.
ZK rollups use zero-knowledge proofs to ensure that the batch of transactions is legitimate, even though the transactions themselves are not recorded on the Ethereum blockchain. The zero-knowledge proofs act as a form of digital signature that can be verified by anyone, ensuring the security and integrity of the transactions.
Why did Polygon build the ZK rollup?
Polygon’s implementation of ZK rollups is designed to address the scalability and efficiency issues faced by the Ethereum network, and provides a platform for decentralised exchanges, decentralised applications (dApps), and decentralised finance (DeFi) applications to operate with lower fees and faster transactions.
Polygon ZK Rollups suites
The Polygon MATIC ZK rollups suite offers a range of solutions to meet the needs of different users and applications. Whether you are looking for fast, cheap, or private transactions, Polygon’s ZK rollups suite has a solution to meet your needs. They include:
1) Polygon zero: What separates Polygon Zero from other ZK scaling solutions is the power of Plonky2. Plonky2 supports efficient recursive proof generation, allowing Polygon Zero to scale horizontally, meaning the throughput of the protocol is limited not by the weakest nodes on the network, but only by the total compute available.
2) Polygon Hermez: This addresses Ethereum’s scalability issue by condensing many transfers into a single transaction. The rolling transfers conducted on the Ethereum blockchain are shown and publicly recorded using the “zero-knowledge proof” (ZK) technology. The network’s effectiveness and performance are increased by storing only the proof and compressed data of a batch of transfers.
3) Polygon Miden: This measure uses zero-knowledge technology (zk-STARKs) to merge thousands of layer 2 transactions into one Ethereum transaction, which increases throughput and lowers transaction costs.
4) Polygon Nightfall: Polygon‘s Head of Enterprise, Antoni Martin, introduced Polygon Nightfall at the 2022 EY Global Blockchain Summit in July. According to him, this is the company’s new zero-knowledge proof (ZKP) solution that offers privacy for companies that want to use Ethereum blockchain. It uses advanced privacy technologies, such as zk-SNARKs, to ensure the privacy and confidentiality of transaction data, making it an ideal platform for applications that require high levels of privacy.
The role of zkEVM for ZK Rollups suite of Polygon
zkEVM is a crucial component of Polygon’s ZK rollups Suite. It is a virtual machine that supports zero-knowledge proofs and enables the execution of smart contracts in a secure and private manner.
The role of zkEVM in Polygon’s ZK Rollups Suite is to ensure the validity of transactions within the ZK Rollup, even though they are not recorded on the Ethereum blockchain.
Using zero-knowledge proofs, zkEVM is able to verify the authenticity of each transaction, without revealing the transaction data to the public. This helps to maintain the privacy and security of the transactions, while still ensuring their legitimacy.
By using zkEVM, Polygon’s ZK rollups Suite is able to offer a highly secure and private platform for decentralised and DeFi applications. With zkEVM, users can transact with confidence, knowing that their transactions are protected by the latest advances in zero-knowledge technology.
zkEVM enables Polygon’s ZK rollups Suite to offer a scalable, secure, and private platform for decentralised and DeFi applications. By leveraging the power of zero-knowledge proofs, zkEVM helps to ensure that Polygon’s ZK rollups Suite remains at the forefront of blockchain innovation and remains a leader in the decentralised finance space.
What are the benefits of Polygon ZK Rollups?
Polygon ZK rollups offer several key benefits to users and the broader Ethereum ecosystem, including:
- Scalability: Polygon ZK Rollups enable faster and cheaper transactions compared to traditional Ethereum transactions. This increased scalability makes Polygon ZK Rollups a popular platform for decentralised exchanges, dApps, and DeFi applications.
- Security: They use zero-knowledge proofs to ensure the security and legitimacy of transactions, even though they are not recorded on the Ethereum blockchain. This helps to protect users’ funds and ensures the integrity of the transactions.
- Privacy: Provide enhanced privacy for its users by hiding transaction data from the public. This makes them an attractive platform for applications that require high levels of privacy, such as privacy-focused DeFi applications.
- Cost-effectiveness: They offer low-cost transactions, making them an attractive platform for users who are looking to transact with lower fees.
- Interoperability: Polygon ZK Rollups are compatible with the Ethereum blockchain, which means that users can easily move their funds between the two platforms. This makes Polygon ZK Rollups a valuable tool for users looking to transact across multiple blockchain platforms.
Polygon ZK rollup is a significant advancement in the field of blockchain technology. It enables faster and cheaper transactions, while still maintaining the security and decentralisation of the Ethereum network. This makes Polygon an attractive platform for dApps, and DeFi applications.
Disclaimer: The opinions expressed in this blog are solely those of the writer and not of this platform.
This article came directly from the LBank blog, found on https://lbank-exchange.medium.com/polygon-zk-rollups-everything-you-need-to-know-b47f1de27069?source=rss-87c24ae35186——2