zkEVM (Zero-knowledge Ethereum Virtual Machine) technology can potentially revolutionize the scalability of Ethereum, and the competition between zkEVM projects tells an exciting story of innovation, rivalry, and aspiration.
An ethereum (ETH) scalability battle is heating up as zkEVM projects vie for dominance.
The involvement of Ethereum creator Vitalik Buterin and heated debates on Twitter only add to the excitement as the zkEVM revolution is set to reshape the cryptocurrency landscape for years to come.
Unlocking the potential of zkEVM
To appreciate the significance of zkEVM’s technological advances, it is crucial to understand the basics of zero-knowledge rollups and the Ethereum Virtual Machine (EVM).
Zero-knowledge rollups (zk-rollups), an Ethereum-based Layer 2 scaling solution, aggregate multiple off-chain transactions into a compressed representation or “rollup” and send proof of the rollup to the main blockchain of ethereum.
This process significantly reduces on-chain data processing, which increases network performance and reduces transaction fees.
The EVM, the backbone of Ethereum, executes smart contracts that power decentralized applications (dApps), ensuring their correct and secure execution according to the rules of the Ethereum protocol.
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By merging the power of zk-rollups and EVM support, zkEVMs are emerging as game-changers in the Ethereum ecosystem. These networks allow developers to move their smart contracts without modifying the existing code, which improves the performance and scalability of dApps.
zkEVM’s ability to execute thousands of transactions per second, far exceeding the performance of the Ethereum mainnet, enables various applications previously hampered by network congestion and high gas fees.
Furthermore, the zero-knowledge aspect of zkEVM ensures the privacy and security of transaction data, making them attractive solutions for projects that require privacy or handling of sensitive information.
zkEVM Projects Reshaping the Ethereum Landscape
As zkEVM technology gains traction, several innovative projects are harnessing its potential to create innovative solutions for the Ethereum ecosystem.
Here we delve into four pioneering zkEVM-based projects that push the boundaries of scalability, compatibility, and privacy.
Polygon
At the forefront of Ethereum Layer 2 solutions, Polygon (MATIC) has established itself as a leader in zk-rollup technology.
Polygon’s zk-rollups are faster and more cost-effective than many competitive solutions by employing recursive tests. Polygon zk-rollups are also fully compatible with Ethereum, making it easy for developers to create and migrate smart contracts.
With multiple blockchain networks under its umbrella, including the highly decentralized Polygon Hermez and the high-performance Polygon Zero, this project is continually expanding its offerings.
ZKSync
ZKSync offers an Ethereum Layer 2 solution that combines high speeds, low gas fees, and robust security.
Its zk-rollup protocol is fully EVM compatible, allowing developers to easily redeploy live smart contracts without any modifications.
ZKSync uses SNARK (Succinct Non-Interactive Argument Knowledge) for its test protocol, providing a unique approach to scalability and security. Some notable projects implemented on the ZKSync blockchain include Argent, Gitcoin, Yearn Finance, and Gnosis Safe.
Loop
Loopring is a layer 2 protocol based on zk-rollup for creating decentralized exchanges (DEXs), non-fungible tokens (NFTs), and payment systems.
By allowing non-custodial trading via an order book method, Loopring offers a more familiar experience similar to traditional centralized exchanges.
In addition to powering independent DEXs, Loopring has its own DEX: Loopring Exchange, the first publicly accessible zk-rollup exchange built on the Ethereum blockchain. While offering unique benefits for decentralized finance (DeFi) applications, Loopring processes an average of 200 transactions per second (TPS).
Commute
Developed in collaboration with the Ethereum Foundation, Scroll is a cutting edge zk-rollup based Layer 2 blockchain designed to offer the highest level of compatibility with Ethereum.
Their zk-rollups are verifiable on the general EVM, allowing for a seamless migration of existing Ethereum dApps.
With a decentralized marketplace for testing in the works and $30 million in funding, Scroll is poised to make a significant impact on the Ethereum ecosystem.
Intense competition between zkEVM projects
The zkEVM revolution is driven by a dedication to web3 development and open source innovation. Polygon’s decision to make its zkEVM fully open source encourages collaboration and experimentation in the zero-knowledge space.
By sharing their code, zkEVM projects aim to create a decentralized and collaborative environment, paving the way for future innovations and breakthroughs in scaling solutions.
However, the rivalry between the competing zkEVM projects has turned into public disagreements and debates on Twitter. In a heated debate that rocked the blockchain world, Brendan Farmer, the co-founder of Polygon Zero, got into a heated fight with Alex Gluchowski, the CEO of zkSync.
While the eventual market dominance project remains uncertain, the rivalry highlights the potential of zkEVM technology to revolutionize Ethereum scalability.
Involvement of industry giants and high-profile endorsements
The launch of the zkEVM projects has attracted the attention of industry giants and high-profile backers. Ethereum co-founder Vitalik Buterin participated in the launch of Polygon’s zkEVM mainnet, initiating the first transaction and embedding a hidden message.
Also, Ethereum software company ConsenSys entered the race with its zkEVM, “Linea.”
These endorsements and the entry of major players into the cryptocurrency space underscore the importance and potential of zkEVMs to transform the Ethereum ecosystem.
Anticipating a future dominated by zero-knowledge technology
As the zkEVM race heats up, many predict that zero-knowledge technology will dominate the Ethereum landscape for years to come.
This prediction aligns with the growing interest in zkEVM projects and their potential to reshape the future of Ethereum. Although the ultimate winner is still unknown, the race is on to revolutionize blockchain technology and elevate Ethereum to unprecedented levels.
With more at stake than ever before, the crypto world is eagerly awaiting the next chapter in the zkEVM saga, and one can only imagine the possibilities that lie ahead.
