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What does Polygon's launch of zkEVM bring to MEXCers?

2023.09.15 MEXC

1. What is zkEVM?

  • zkEVM=Zero Knowledge + Ethereum Virtual Machine

  • zkEVM, in terms of its own technical attributes, is a very complex and time-consuming project, so it is difficult to explain it clearly in one sentence. However, in terms of the function of zkEVM, its greatest significance is the perfect combination of the two technologies. These two technologies are Zero Knowledge and Ethereum Virtual Machine (EVM). Therefore, in order to understand zkEVM, we can start by understanding these two technologies.

1.1 Zero Knowledge

  • Zero-knowledge proof means that one party sends encrypted proof to the other party to prove that it owns certain data without revealing the content of the data.

  • This data transmission method greatly protects the privacy of both parties and improves data security.

  • At the same time, the Off-chain scalability solution also improves the speed of uploading transaction validity evidence by using Zero Knowledge.

1.2 Ethereum Virtual Machine

  • There is no virtual machine in the Bitcoin blockchain. Because the core function of Bitcoin is to store data in a distributed manner, we can record, verify, store and copy transaction data on this network.

  • Ethereum is a decentralized "world computer". Developers can also build decentralized applications on this operating system, which means that Ethereum must not only be able to distribute data storage, but also need to calculate and run code , communication, etc. Therefore, the Ethereum virtual machine is the operating environment for smart contracts.

  • When we only need to trade on the Ethereum blockchain, the Ethereum Virtual Machine will perform the following processes:

1. Confirm whether the transfer amount is correct, verify the validity of the signature, and verify whether the nonce of the transaction matches the nonce of the specific transaction account. If there is a mismatch, the transaction will be returned.

2. Calculate the fee required for the transfer and charge Gas.

3. Run the transfer operation.

In summary, zkEVM improves the security and transaction speed of the Ethereum blockchain by combining Zero Knowledge and Ethereum Virtual Machine.

2. Why is zkEVM so important?

2.1 Safe scalability:

Transactions executed by smart contracts on L2 can also be reliably verified on L1 without requiring nodes to re-execute operations.

2.2 Cheaper cost:

  • ZK-Rollups can publish the least amount of data to Ethereum: it is equivalent to packing data and putting them on the chain together, and each transaction will share the transaction fee.

  • Therefore, ZK-Rollups can reduce the cost of using dApps such as decentralized exchanges, NFT markets, and prediction markets.

2.3 Faster finalization and capital efficiency:

  • With ZK-rollups, transactions executed in zkEVM are usually completed immediately after they are published to Ethereum.

  • Faster finality is ideal for advanced users such as NFT traders, DeFi investors, or arbitrage traders who need to move assets seamlessly, especially between L1 and L2.

2.4 Network effects:

  • The most important reason for building an EVM-compatible zkEVM is to take advantage of Ethereum's network effects. As the world's largest smart contract platform, Ethereum has a huge ecosystem that provides value to developers and projects.

3. How to invest in L2 track on MEXC?

1. If MEXCers want to invest for a long time, the most direct way is to obtain spot Polygon tokens. As an L2 platform attached to the Ethereum blockchain, its ecological chain has the broadest appreciation space.

2. Under the same value-added logic, investing in spot ETH is also a good choice.

3. If you are very interested in various projects on the L2 track, you might as well try to learn about these tokens and invest in these projects on MEXC.

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