Can Ethereum outrun Visa with zkEVM
July 31, 2022 9:32 PM
Polygon co-founder Mihailo Bjelic says; zkEVM rollups, which is a new scaling solution, can see Ethereum out perform Visa when it comes to transaction throughput.
Recently, Polygon stated to be the pioneer to implement a zkEVM scaling solution, which gears toward reduction in Ethereum’s transaction cost and making its throughput better. The layer-2 protocol can sum up multiple transactions and then relay them as a singular transaction to the Ethereum network.
According to Bjelic, the solution represents the perfection of web3 as it provides total compatibility, security and scalability with Ethereum. This means developers won't have need to acquire a new programming language to function with it.
Bjelic did explain "When you launch a scaling solution, you ideally want to preserve that developer experience. Otherwise, there will be a lot of friction."
Polygon's other cofounder, Sandeep Nailwal, did say that this solution will cut down the fees of ETH by 90% and increase up to 40-50 transactions per second of transaction throughput.
If upgraded any further, ZkEVM rollups could eventually handle thousands of transactions per second, thereby outperforming mainstream payment systems like Visa, Bjelic stated.