Bitcoin was consolidating on Wednesday, as the U.S. dollar continued to strengthen versus several G7 currencies. A strong dollar means demand for cryptocurrencies typically plummets, with the global market cap trading in the red as of writing. Ethereum was also lower today, falling as it remained below $1,300. Bitcoin Bitcoin (BTC) continued to consolidate in […]
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Polygon, an Ethereum layer-2 solution, has recently seen massive hype due to notable partnerships with major brands such as Starbucks, Mercedes, Meta, Reddit, eBay, Disney, and Adobe, among others. And the team led by Sandeep Nailwal, co-founder of Polygon, continues to work hard to keep that hype going. Via Twitter, Nailwal shared a massively bullish news today. He wrote: zkEVM passing 99.5% of Ethereum test vectors putting Polygon zkEVM at extremely high EVM-equivalence. This is also reflected in the dev experience where 1000s of solidity smart contracts have been deployed on zkEVM without any changes whatsoever. Running towards mainnet soon! Narwal referred to David Schwartz, who is the project lead of the Polygon Hermez team. Schwartz announced in this thread that Polygon’s zkEVM is making tremendous progress. “Currently, we are passing 99.5% of Ethereum test vectors that apply to our type-3 implementation (9,650+ tests passed),” wrote the project lead of team Hermez. Related Reading: This Report Suggests Crypto Sector Bearing A Final Flush-Out Polygon zkEVM is a complete EVM-equivalent L2 zk-rollup Ethereum scaling solution. On it, users have deployed more than 3000 smart contracts without friction or transformation. “Their dApps work seamlessly, with over 20K transactions,” Schwartz added, further explaining that the test network zkProver has provided more than 12,000 complete proofs of validity for these arbitrary user transactions. This Is Why The zkEVM Is Such A Big Deal For Polygon Layer-2 scaling solutions for the Ethereum blockchain have seen a gigantic growth in transactions in 2022. And the trend is projected to continue. Layer 2 growth this year has been monumental. I expect this trend to continue in 2023 and beyond. pic.twitter.com/wamQOPicuD — Miles Deutscher (@milesdeutscher) December 7, 2022 Meanwhile, Polygon has established itself as one of the leading scaling solutions. Of all the solutions, Polygon has forged the most notable and largest partnerships to grow the Ethereum ecosystem. And the zkEVM. a zero-knowledge Ethereum Virtual Machine (zkEVM), could further cement this position for Polygon. The zkEVM is operating zk rollups. This smart-contract technology bundles transactions from the Ethereum ecosystem and sends them to the Ethereum mainnet as a single transaction. Related Reading: Continued Upswing Of VIX Signals Doom For Bitcoin; But Friday Will Be Crucial In this context, the zero-knowledge cryptography is both a privacy measure and a data minimization measure. A zero-knowledge proof makes it possible to retain full security without revealing the data necessary to do so. Remarkably, the Polygon zkEVM maintains full Ethereum compatibility. Until now, zk rollups with full Ethereum compatibility were deemed difficult to program. In this respect, the development of Polygon is a major milestone. Once the zkEVM mainnet comes online, there could be an explosion of dApps on Polygon. And the price of MATIC could profit big time from it. However, at press time, MATIC was trading at $0.88, following the broader market sentiment.
Lehman Brothers’ 2008 collapse nearly brought the world financial system to its knees. Does FTX really compare? Are such analogies even useful?
Whenever you go to any NFT event, meetup or conference, one common theme is that traditional web2 gaming companies are ALL embracing web3; they are all doing something in the NFT space, etc. But, in reality, if you look at any AAA game studio or even Indie game studios out there, very few are even…
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Andrew Fierman highlighted the nuances of sanctions depending on who is involved, what is at stake and where they’re coming from.
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