Venly announces support for Polygon zkEVM upgrade

A major upgrade is coming to the Polygon blockchain. On March 27, Polygon Labs will launch their zero-knowledge Ethereum Virtual Machine - or zkEVM. Going live on the Polygon Mainnet BETA, the upgrade is a significant step towards greater dApp efficiency, scalability and privacy, without compromising on security.

As a partner of Polygon Labs, Venly is supporting zkEVM, meaning that our tools and services will be compatible with the upgrade. 

What is Polygon zkEVM?

In launching its zkEVM, Polygon Labs is becoming the first major blockchain developer to take advantage of Zero-Knowledge Cryptography, an innovation with major implications for Web3. It is comprised of two principal concepts:

A Zero-Knowledge Rollup is a method of executing smart contracts more efficiently. This is done by collecting batches of transactions and transferring them off-chain for verification. Doing so removes the resource constraints of working on-chain, meaning that greater volumes of data can be processed faster and more cheaply.

A Zero-Knowledge Proof is a method of securely packaging these transactions so that they can be authenticated without having their contents revealed. An example of this might be the verification of a wallet balance - using a zero-knowledge proof, your wallet balance can be verified, without the actual balance being revealed. This protects the privacy of users and enhances security.

Venly’s Support

Developers and users will be able to use Venly’s platforms and services to interact with the Polygon zkEVM. This means they will be able to create and use dApps that benefit from the enhanced efficiency, scalability and privacy of the upgrade.

Our wallet and market APIs, NFT tools including no-code minter and analytics suite, Shopify plugin, gaming toolkit and Unity SDK will all be compatible with the Polygon zkEVM.

Through this latest implementation, both Venly and Polygon Labs are once again demonstrating they are on the forefront of the effort to scale up blockchain technology to make it usable for the widest possible audience.

Gaming marketplaces that allow the buying and selling of in-game assets, e-commerce platforms that facilitate transactions between buyers and sellers, music streaming services that distribute royalties to artists, and online ticketing services looking to prevent fraud or inflated secondary market ticket prices, are just some of the examples of businesses that will benefit from this change.

We look forward to continuing to work with Polygon Labs to onboard the next billion users to Web3.