By using zero-knowledge proofs, Polygon cofounder Mihailo Bjelic said zkEVM will provide huge opportunities for scaling the number of transactions on the blockchain while also including the security and established ecosystem that the Ethereum network has built up over years

Polygon has released its open-source zkEVM Ethereum scaling technology to the mainnet, promising less transaction costs and higher throughput of smart contract deployments.

By using zero-knowledge proofs, which permit a user to prove certain statements without disclosing the actual data used, Polygon cofounder Mihailo Bjelic said zkEVM will provide huge opportunities for scaling the number of transactions on the blockchain while also including the security and established ecosystem that the Ethereum network has built up over years.

Ardently, Bjelic compared the zkEVM’s anticipated impact on crypto to the effect OpenAI’s ChatGPT has had on AI in recent months.

Building on Ethereum’s execution layer, or EVM, was necessary for the team at Polygon as it is already the most sought-after blockchain for decentralized applications.

If you have a solution that satisfies these two properties, security and scalability, but totally changes user experience, developer experience, you have to build the entire ecosystem from the beginning. That is a huge task, Bjelic said.

Polygon has partnered with major firms such as Starbucks and Instagram in the past, and Bjelic said zkEVM would be an exceptional fit for them and other firms or Web3 companies. By adopting the zkEVM mainnet beta, users could in certain cases pay 10 or 20 times less for the same number of transactions.

Vitalik Buterin, the Ethereum’s founder, executed the first symbolic transaction via a livestream on Monday, which Bjelic said goes to demonstrate just how important the tech is.

I feel very happy and excited for what’s to come, Buterin stated. The entire zkEVM thing is something that we have all dreamed about and talked about for a long time.