zkSync, a particular protocol within Ethereum tasked with implementing the network’s scaling platforms, announced yesterday the test network release of an Ethereum Virtual Machine working simultaneously with Zero-Knowledge rollup, or zkEVM. What’s impressive, in this case, is the fact that the upgraded scaling testnet came much earlier than its previously scheduled timeframe – ahead by a matter of years.
The newly-announced test network will be the inaugural implementation of the ZK rollup capable of running the full Ethereum ecosystem to provide far greater insight as to how adept the zero-knowledge technology is on the matter of blockchain scaling. Notably, the Ethereum Virtual Machine, or EVM, is where all ETH contracts and wallets exist and are responsible for implementing the blockchain rules from one block to another.
ZK rollups are considered by many as something that can post network state on the network for a much lower cost in exchange for heavy pressure on nodes looking to resolve zero-knowledge validity proofs. To give an example, Loopring and zkSync offer transaction fees a fraction of the mainnet’s posted price, as low as 1/200th as of press time, meaning users wouldn’t have to commit the current standard of over $90 just to trade on decentralized exchanges, as both rollups enable them to do the same for just $0.45 or $0.68.
Suppose the zkEVM succeeds in offering the same rate as other ZK rollups. In that case, Ethereum’s scaling issues may likely be alleviated much earlier than expected. That being said, while lower transactions are indeed a significant piece when it comes to blockchain scaling, it would only matter if the chain, itself, can successfully host applications that its very user base demands. zkEVM is touted to be able to do just that without having to sacrifice liquidity, product offering, and even decentralization.