What is ZkEVM: A Complete Guide
Privacy and scalability are paramount in the ever-evolving world of blockchain technology and decentralized finance (DeFi). To address these challenges, a transformative concept called ZkEVM has emerged. This article will delve into ZkEVM, its functions, and why it is gaining significant traction in the Web3 community.
ZkEVM, which stands for Zero-Knowledge Ethereum Virtual Machine, is a layer 2 (L2) solution that harmonizes the power of zero-knowledge proofs with the Ethereum Virtual Machine (EVM). Its primary objective is to offer users enhanced privacy and scalability while preserving the functionality and compatibility of the Ethereum network.
How ZkEVM Works
ZkEVM utilizes a combination of two techniques known as zero knowledge non interactive arguments of knowledge (zk SNARKs) and zero knowledge succinct transparent arguments of knowledge (zk STARKs). Specifically ZkEVM employs the Plonky2 scheme. By using zk SNARKs and zk STARKs ZkEVM introduces an approach to computations while ensuring complete confidentiality of the data involved.
With the implementation of zk SNARKs and zk STARKs on the Ethereum Virtual Machine ZkEVM allows users to create and execute contracts while safeguarding information like contract parameters, input values and transaction details. This methodology guarantees that authorized parties, in a transaction can access data thus upholding privacy.
Benefits of ZkEVM
Scalability with Safe Bridges
ZkEVM also boasts remarkable scalability, made possible by offloading computations to layer 2 and utilizing safe bridges. By leveraging these safe bridges, ZkEVM effectively reduces the computational load on the Ethereum mainnet, ensuring the network’s overall security. This results in faster transaction confirmations and lower transaction fees, making the network more accessible to users and applications while maintaining a high level of safety and protection.
ZkEVM provides a seamless and user-friendly experience for its users. Since ZkEVM is fully compatible with the existing Ethereum Virtual Machine, developers can easily migrate their current applications and smart contracts to ZkEVM without significant code modifications. This compatibility ensures that users can enjoy the benefits of ZkEVM without sacrificing the familiarity and functionality of the Ethereum network.
Custom Gas Fees
Furthermore, zkEVM’s gas fee customization not only benefits individual users but also provides a valuable tool for blockchain projects and developers to design cost-efficient and user-friendly applications. This flexibility in gas fee management can foster innovation in the blockchain space and drive the creation of more accessible and economically viable decentralized solutions.
As privacy and scalability take center stage in the blockchain landscape, ZkEVM emerges as a promising solution. By merging the power of zero-knowledge proofs with the versatility of the Ethereum Virtual Machine, ZkEVM elevates privacy, enhances scalability, and delivers a user-friendly experience.
Presto’s Contribution to ZkEVM
Presto plays a significant role in enhancing the security of the bridges and transactions in its platform by incorporating ZkEVM. By adopting ZkEVM, Presto contributes to a better world in the following ways:
– Boosting Scalability: The integration of ZkEVM by Presto accelerates transaction processing, reducing costs and resource consumption, thereby improving the efficiency and environmental friendliness of blockchain technology.
– User-Centric Approach: Presto’s commitment to a user-friendly experience ensures that the benefits of ZkEVM are accessible to all, promoting the widespread adoption of blockchain technology globally.
To learn more about ZkEVM and its potential impact on the future of blockchain technology, we encourage you to explore the following resources:
Embrace the power of ZkEVM and embark on a new era of privacy and scalability in the realm of blockchain. Utilizing zkEVM expands the range of web3 applications, improving security, customization, and scalability options. Presto takes it to the next level, allowing you to set it up in just four clicks.
Here, you can discover examples of web3 use cases where Presto may be applied.
Disclaimer: The information presented in this blog post is solely for educational purposes and should not be construed as financial or investment advice. It is always recommended to conduct thorough research and consult with a professional before making any investment decisions.