Ether-based Web3 infrastructure Polygon reportedly disclosed details regarding its release of layer-2 scaling tool zero-knowledge Ethereum Virtual Machine (zkEVM).

Specifically, Polygon zkEVM reportedly is reportedly compatible fully with Ethereum (ETH)-powered smart contracts, developer tools, and wallets via utilizing zero-knowledge cryptography protocol, alternatively referred to as “zk proof”. 

The freshly rolled out solution reportedly seeks to bring down transaction costs while simultaneously enhancing scalability. 

Polygon reportedly utilizes zk proof to categorize different transactions into groups prior to relaying them over to the Ethereum blockchain as a single transaction.

The function to transmit numerous transactions as a single transaction will reportedly require a lower level of gas cost, which can be divided between the multiple senders associated in the transaction, consequently reducing the gas fees, in comparison with separate transfers over the Ethereum blockchain.

Despite investors having to endure excessive gas because of the incline in on-chain transactions, Ethereum’s average gas fee witnessed a slump to $1.57 — the figure with the last recorded appearance being in December two years ago.

Consequently, Polygon zkEVM is reportedly in an appropriate standpoint to drive down the infamous gas prices further, via promises of settlement at an accelerated speed, as well as greatly enhanced capital efficiency, thanks to the freshly introduced solution, adding to its capability in easy migration of EVM-compatible decentralized applications (DApps) over to zkEVM. 

Furthermore, the firm reportedly stated that an additional target of the tool is also supporting the seamless development of nonfungible tokens (NFT) and other blockchain-powered applications. When compared to layer-1 solutions, Polygon estimates a 90% reduction in costs by using the zk-Rollup approach.