Encouraged by healthy rivalry — Polygon zkEVM in the lead

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Bitcoin

Bitcoin (BTC) traded close to $31,000 during today’s session as traders were upbeat in anticipation of incoming American inflation data.

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According to one of Polygon’s co-founders, the top development firms in the Ethereum ecosystem that are constructing zero-knowledge Ethereum Virtual Machines (zkEVMs) to scale the network are engaged in healthy competition.

The technical director of Polygon Hermez zkEVM, Jordi Baylina, spoke with Cointelegraph prior to the start of the EthCC in France. As Ethereum ecosystem developers converge on Paris, zero-knowledge proof (ZK-proof) scaling tools are anticipated to be a focal point.

Notable Ethereum development companies have published a variety of zero-knowledge scalability solutions that foster a competitive ecosystem. According to one of Polygon’s co-founders, the top development firms in the Ethereum ecosystem that are constructing zero-knowledge Ethereum Virtual Machines (zkEVMs) to scale the network are engaged in healthy competition.

The technical director of Polygon Hermez zkEVM, Jordi Baylina, spoke with Cointelegraph prior to the start of the EthCC in France. As Ethereum ecosystem developers converge on Paris, zero-knowledge proof (ZK-proof) scaling tools are anticipated to be a focal point.

Using ZK-proofs, Polygon’s zkEVM reduces transaction fees and improves the throughput of the Ethereum network, while leveraging the security and immutability of the layer-1 blockchain.

ZK-proofs have proved to be a valuable Ethereum ecosystem scalability mechanism. The technology enables protocols like Polygon’s zkEVM to conduct transaction computations off-chain before providing a resource-lite proof to the Ethereum mainnet without revealing associated data.

Baylina, who is in charge of zkEVM at Polygon, asserts that the scope of ZK technology development has been incredibly beneficial to the Ethereum ecosystem as a whole.

“Having a variety of projects is an excellent way to gain valuable experience and test out different approaches, methods of handling, and problem-solving techniques.”

Baylina explained that ZK-based projects in space endeavor to improve and imitate successful developments, while failures serve as a learning tool for all ZK-based projects.

Polygon zkEVM is now operative on the mainnet, and the network’s unique active addresses are approaching 250,000. Its daily active Polygon zkEVM addresses are also increasing, indicating an increase in user adoption.

Meanwhile, Baylina identified the number of applications based on Polygon zkEVM as the most important metric for his team. This results in an abundance of developer information and feedback, which is molding protocol modifications:

“Hearing from developers the issues that they have, if they notice something that can be improved or the quality of the tooling that they have on top of that for me, these are the real metrics we are working hard on.”

The actual metrics we are focusing on are hearing from developers about the problems they face, if they notice something that could be improved, and the quality of the tools they have.

Developers had identified crucial problems with timestamps for the operation of decentralized finance oracles. Baylina provided a practical illustration of this. While a definitive fix was being developed, the Bayina team devised a temporary solution. However, as more builders join the ecosystem, their contributions serve to improve the protocol.

“Important projects are being added to the network, and we’re gaining a wealth of knowledge and experience regarding the requirements of various applications.”

Polygon co-founder Sandeep Nailwal formerly told Cointelegraph that Polygon’s zkEVM is the “holy grail of Ethereum scaling,” as it enables the protocol to submit proofs to the Ethereum mainnet without requiring the layer-1 blockchain to rerun computations.

The technology is anticipated to significantly scalability Ethereum, allowing developers to construct decentralized applications unconstrained by the network performance of the base blockchain.

imbed to an intraday high of $30,831.81 earlier in the day after Tuesday’s low of $30,358.10.

With today’s action, the biggest cryptocurrency in the world managed to surpass a crucial resistance level of $30,800.

Since then, the price has slid beneath this level as the relative strength index (RSI) approached its ceiling at 62.00.

The index is currently trading at 61.98, and bulls are anticipating a breakout after the consumer price index (CPI) report.

The price goal will probably be at a resistance level of $31,400 should this happen.

Ethereum

Inching closer to the $1,900 region once more, the price of Ethereum (ETH) increased on the half-day.

ETH/USD reached its highest point today at $1,895.08, which was about 2% above Tuesday’s low of $1,863.22.

As of this writing, ethereum’s 14-day RSI is tracking at 53.42, surpassing its own 52.00 ceiling, unlike bitcoin, which has remained static at 52.00.

This is true even though the blue 25-day MA and the 10-day (red) moving average (MA) are about to cross downward.

Such a crossover will probably be a bearish indicator, which may lead traders to cut losses on earlier long bets.