Ethereum will outpace Visa with zkEVM Rollup, says Polygon co-founder
The rise of Ethereum continues with a new scaling solution, zkEVM Rollup, threatening to outpace Visa
By Shashank Bhardwaj
In a recent interview, Polygon co-founder Mihailo Bjelic said, “zkEVM Rollups, a new scaling solution for Ethereum, will allow the smart contract protocol to outpace Visa in terms of transaction throughput.”
Polygon claims to be the first of its kind to introduce a zkEVM scaling solution, a layer-2 protocol that can pool together multiple transactions and then relay them as a single transaction to the Ethereum network. This helps make the process simpler and faster, as well as reduce Ethereum’s transaction costs.
Bjelic’s comments show that the company is extremely positive about this new feature on all fronts since it provides security, scalability, and full compatibility with Ethereum. It also overrides the issue of time and resources being wasted since developers will not have to learn a new programming language to work with it and can easily adapt to the system. "When you launch a scaling solution, you ideally want to preserve that developer experience. Otherwise, there will be a lot of friction," explained Bjelic.
Ethereum’s transaction fees have been a thorn in the side for the network since it was first introduced and this scaling solution is projected to make things a lot easier. Sandeep Nailwal, Polygon’s other co-founder along with Bjelic, claims that it would help cut down on Ethereum’s fees by 90 percent and increase transaction throughput to 40-50 transactions per second, shooting up the efficiency of the system.
Bjelic also pointed out that the room for further upgrades in the future could put it above the mainstream payment system of Visa by allowing for thousands of transactions per second.
Ethereum is set to undergo an upgrade called The Merge in September, converting it from a proof-of-work to proof-of-stake mechanism, and making it more sustainable. However, the issues of high fees and low transaction speed were not solved by this upgrade. This new scaling solution addressing both these major issues could be the key for Ethereum to become the Visa of crypto.
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
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US Govt Links North Korea to Axie Infinity HackRead More..
Jack Dorsey's first tweet NFT resells for only $280Read More..
Opera crypto browser now available on iOSRead More..
Beanstalk Stablecoin protocol loses $182 million in governance exploitRead More..
Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction feesRead More..
Ripple claims 'a very big win' in SEC caseRead More..
Argentinian town to invest in crypto mining to fight inflation, upgrade rail infraRead More..
Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billionRead More..
Homegrown blockchain co Polygon commits to go carbon neutral this yearRead More..
NBA registers four NFT trademarksRead More..
US crypto expert jailed 63 months for helping North KoreaRead More..
Fortnite developer Epic Games raises $2 billion to build for the metaverseRead More..
Indian companies storm the metaverse and NFT spaceRead More..
Coinbase is producing a movie trilogy on Bored Ape NFTsRead More..
Multiple Indian Twitter accounts hacked, NFT content postedRead More..
German police shut down $1.3 billion illegal darknet firmRead More..
Meta tests sale of virtual goods in metaverseRead More..
Bitcoin 2022 Conference: Bitcoin Maximalists attack national currenciesRead More..
Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu DhabiRead More..
EU limits Russians' crypto investments to 10k EurosRead More..
Coinbase suspends UPI payments in India three days after launchRead More..
From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipeRead More..
In Texas, crypto miners turn to solar powerRead More..
South Africa concludes technical Proof-of-Concept for its CBDC settlement systemRead More..
Terra buys $200 million in AVAX for reservesRead More..
Bitcoin will remain as a standard: Chess world champion Garry KasparovRead More..
Coinbase launches in IndiaRead More..
Meta working on virtual money 'Zuck Bucks': reportRead More..
Germany closes Russian darknet marketplace HydraRead More..
Britain paves way to accept stablecoinRead More..
Crypto industry reels from $600 million hackRead More..
NFT of Nelson Mandela's arrest warrant auctioned for $130,000Read More..
Bank of England calls for tighter regulation of cryptocurrenciesRead More..
ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctionsRead More..
Crypto provides fix for some in crisis-hit AfghanistanRead More..
Bitcoin to the rescue: Cryptocurrencies' role in UkraineRead More..
Digital art in spotlight as Dubai makes crypto hub bidRead More..
G7 looks to thwart cryptoassets use as Russian sanctions dodgeRead More..
Can cryptocurrencies give Russia, others breather from economic sanctions?Read More..
Cryptocurrencies enter Russia-Ukraine conflictRead More..
Russia seeks to regulate cryptocurrenciesRead More..
Donald Trump's NFT collection to laud his own presidencyRead More..