Polygon, the Layer 2 solution on Ethereum, that recently merged with the open-source ZK rollup Hermez seeks to make Ethereum more scalable and much faster than it is now along with making it more affordable again.
This was disclosed in a fireside chat organized by the company where it was made clear that the main developmental goal is to launch a zero-knowledge Ethereum Virtual Machine (zkEVM) and smart contracts would then be able to be deployed on this. Due to the new compression strategies and a small ZK Proof size, the company believes that it would be able to process 2,000 transactions per second and even more. The solution would also be able to batch together up to 2,000 transactions which would be the main reason for it to be able to cut down on the gas fees and bring in more efficiency into the network. As it is a Layer 2 solution, it will have the same reliability and security guarantees that are seen in Ethereum.
The company has also said that a proof of concept has already been built which is under testing at this time. The company believes that a testnet version would be released during the early part of 2022 and if all goes well with that, then it would be in a position to release a mainnet version. When this does get released, it is likely to see a lot of traction and interest from various users as well as developers who have already been working on Ethereum.
Polygon has been able to extract a lot of users and developers from the Ethereum network since its launch with its promise of lower fees and higher speed. It has managed to deliver on this promise so far and with its upcoming solutions, it promises to bring in even more efficiency. It also has an SDK which has been very useful for all the developers who want to develop on the Polygon network. By performing the computations off-chain, it has been able to save on the costs which have been the main point of attraction for users and its userbase has been steadily increasing over the last few months as it draws away most of them from the ETH network. So far, Polygon has been the only Layer 2 solution on Ethereum that has been able to generate so much of traction.