A more seamless transition to Ethereum will be possible thanks to Polygon’s zkEVM Public Testnet

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Last Updated on October 11, 2022 by Bitfinsider

Polygon, a decentralized Ethereum scaling platform, has just announced the launch of its Polygon zkEVM Public Testnet, which is a “Ethereum-equivalent” ecosystem that features cross-compatibility with previously developed smart contracts, developer tools, and wallets that are built on Ethereum and Polygon PoS.

Zero-knowledge Ethereum Virtual Machine (zkEVM) is a layer-2 construction built on top of Ethereum that aims to improve scalability by combining the processing of mass transfers into a single transaction. This is accomplished through the use of Ethereum Virtual Machine (zkEVM). The full-featured, open-source implementation of zkEVM was launched as part of the testnet that was developed by Polygon’s zero-knowledge R&D team.

As the platform leads the charge toward widespread implementation of zk technology, Polygon encourages Web3 developers to work together by deploying contracts and locating bugs in the system.

Because of the full equivalency with the EVM, developers are able to migrate to zkEVM without the need for new programming languages and tools or the translation of existing code. This also includes a zk-Prover mechanism that is entirely open-sourced.

The announcement highlights the fact that Polygon zkEVM offers greater capital efficiency while simultaneously enabling businesses to build quick decentralized applications on Ethereum with low fees.

On September 27 of this month, Space and Time was successful in raising $20 million in strategic funding from a variety of investors, including the M12 fund, which is Microsoft’s venture capital arm, Avalanche, and Polygon.

Coin DCX and HashKey were two of the many investors who took part in the funding round that was for $20 million.

An executive at M12 named Michelle Gonzalez stated that Microsoft’s venture capital firm is excited to see how centralized systems can be automated and connected to smart contracts.


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