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