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Polygon Unveils Its 'Most Important Reveal of 2022,' MATIC Price up 64% in Week

Wed, 20/07/2022 - 12:43
Polygon Unveils Its 'Most Important Reveal of 2022,' MATIC Price up 64% in Week
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Polygon has unveiled what it deems the "most important reveal" of 2022: Polygon zkEVM, the first EVM-equivalent of Layer 2 ZK (zero-knowledge).


Ahead of the reveal, Polygon co-founder Mihailo Bjelic tweeted on July 17: "When we started Polygon, the Ethereum community embraced us. That empowered us to onboard 30,000 apps and 150 million users and become a giant among scaling efforts and alt L1s. We made a promise to stay committed and give back to Ethereum."

He further states that Polygon's tech team has been quietly working on the latest release, which he refers to as the "Holy Grail of blockchain infrastructure," for over a year.

The new release focuses on advancing Ethereum scaling and ZK innovation, which it believes will help users experience significantly lower costs and faster speeds. The team describes the Polygon zkEVM's features in a blog post, claiming that it enables developers to build and deploy numerous smart contracts in the same manner as they would on Ethereum.

Additionally, Polygon zkEVM will offer Ethereum-supported tooling, enabling users to perform any action as they would on Ethereum at a lesser cost and faster rate. A ZK validity proof might be used for verification on the Ethereum network. The Polygon zkEVM is referred to as "Ethereum, but with ZK scalability" in the passage.

The testnet is slated to launch soon, according to the blog post, allowing developers and the community to explore possibilities and make improvements.

Polygon's MATIC price is yet to respond to the big news, but the price remains up nearly 64% in the last seven days. MATIC was trading down 1.06% at $0.92 at press time.

Cadbury leverages on Polygon blockchain for NFTs

As shared by Polygon co-founder Sandeep Nailwal, Cadbury Gems has announced the debut of its first non-fungible token (NFT) collection through the most recent Junior NFT campaign.

The chocolatier has worked with GuardianLink, a blockchain network built on Polygon, to transform children's artwork from around the country into NFTs.


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