Polygon launches new scaling solution

Ethereum scaling network Polygon, one of the leading blockchains, has launched its new scaling solution zkEVM. It can work with all existing smart contracts, wallets and developer tools. This will allow developers to release their projects using Ethereum’s programming language.

In this regard, Polygon explained in a press release that Ethereum tools such as MetaMask Wallet and development environments such as Hardhat can also run with zkEVM. Mihailo Bjelic, Co-Founder of Polygon, explained, “The Web 3 infrastructure should have three big features – scalability, security and the ability to work with Ethereum. It was very difficult to put it all together. Polygon’s zkEVM is a superior technology that is offers these features. Ethereum’s transaction capacity is only 15 transactions per second. Polygon’s zkEVM can increase this capacity and will not affect the security of the network.

This solution from Polygon will significantly reduce gas fees on the Ethereum mainnet and the Polygon network. Polygon has been chosen as one of six firms participating in Disney’s accelerator program this year. A mentor will also be provided with guidance from Disney’s leadership team in this program. It is the only blockchain to be involved. Polygon’s MATIC token is the 16th largest cryptocurrency with a market capitalization of approximately $5.17 billion.

This year Polygon is set to become carbon neutral. For this the firm will spend $20 million and will also be allowed to purchase additional credits for people who are carbon negative. Every non-fungible token (NFT), decentralized finance (DeFi) trade and other activities created on its network will be made accountable for the impact on the environment. In addition, the firm will also offer resources to ecosystem partners to reduce carbon emissions. Help will also be given to NGOs working to deal with climate change. It has also hired Offsetra, which provides a tool to measure carbon emissions. Its goal is to control emissions from staking node hardware or bridging activities, as well as reduce energy consumption when connected to the Ethereum Mainnet.

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