First Transaction on Polygon’s zkEVM: Vitalik Buterin Sends 0.005 ETH

According to reports, according to Stephen Polygon, a development engineer at Polygon Labs, who revealed on social media that Vitalik Buterin, the co founder of Ethereum, has completed its first transaction on the main website of Polygon zkEVM. The transaction hash is 0x18db0b46e46777b5b369460be229b0704abe7d24bf88dbfee99054c43b0c121c, with a transaction amount of 0.005 ETH, a transaction fee of 0.0003367104 ETH, and a gas fee of 0.00000000152 ETH.

V Shen completed its first transaction on the main network of Polygon zkEVM

Blockchain technology has come a long way since the inception of Bitcoin in 2008. Over the years, several new cryptocurrencies and blockchain-based platforms have emerged with unique features and capabilities. One such platform that has gained immense popularity recently is Ethereum, which was launched in 2015. Ethereum is an open-source, decentralized blockchain-based platform that facilitates the development of smart contracts and decentralized applications (dApps). It is currently the second-largest cryptocurrency in the world by market capitalization, and its co-founder Vitalik Buterin just completed his first transaction on Polygon’s zkEVM.

Introduction to Polygon

Polygon (formerly known as Matic Network) is a Layer 2 scaling solution for Ethereum. It is designed to address the scalability issues and high gas fees associated with the Ethereum network. Polygon is built on top of Ethereum as an independent sidechain, which means it can leverage Ethereum’s security and network effects while providing faster and cheaper transactions. Polygon offers several solutions to developers, including Plasma Chains, Optimistic Rollups, and zkRollups.

What is zkEVM?

zkEVM is a Zero-Knowledge Proof (ZKP) implementation of the Ethereum Virtual Machine (EVM). It is one of the Layer 2 solutions provided by Polygon. The zkEVM protocol enables private transactions on a public blockchain by using ZK-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge) to prove the validity of the transactions without revealing any sensitive information. This makes it possible to process transactions without disclosing the transaction amount, wallet address, or any other transaction details.

Vitalik Buterin Completes His First Transaction on Polygon zkEVM

According to a social media post by Stephen Polygon, a development engineer at Polygon Labs, Vitalik Buterin has completed his first transaction on Polygon’s zkEVM network. The transaction hash is 0x18db0b46e46777b5b369460be229b0704abe7d24bf88dbfee99054c43b0c121c, with a transaction amount of 0.005 ETH, a transaction fee of 0.0003367104 ETH, and a gas fee of 0.00000000152 ETH. This transaction marks a significant milestone for both Polygon and Ethereum.

Benefits of Polygon’s zkEVM

The use of zkEVM has several benefits for developers and users alike. With zkEVM, developers can create dApps that offer privacy and scalability without compromising on the security of the Ethereum network. Users can enjoy faster and cheaper transactions without worrying about the high gas fees associated with the main Ethereum network. The use of ZK-SNARKs ensures that the privacy of the users is maintained, which is crucial for decentralized finance (DeFi) applications.

Future of Ethereum and Polygon

The integration of Polygon’s zkEVM with Ethereum is expected to bring about significant improvements in terms of scalability and transaction speed. This integration is likely to make Ethereum a more attractive platform for developers and users alike. Furthermore, with the rise of DeFi applications, the need for scalable and secure blockchain solutions has never been greater. Polygon and Ethereum are poised to play a significant role in shaping the future of decentralized finance.

Conclusion

The completion of Vitalik Buterin’s first transaction on Polygon’s zkEVM network marks a significant milestone for both Polygon and Ethereum. It represents a step forward in the pursuit of faster, cheaper, and more private blockchain-based solutions. The use of ZKP protocols such as zkEVM is expected to become increasingly popular as the demand for DeFi applications continues to grow. The future looks bright for both Ethereum and Polygon, and we can expect to see more developments and innovations coming from these platforms in the years ahead.

FAQs

#Q1. What is Ethereum?

A1. Ethereum is an open-source, decentralized blockchain-based platform that facilitates the development of smart contracts and decentralized applications (dApps). It is currently the second-largest cryptocurrency in the world by market capitalization.

#Q2. What is Polygon?

A2. Polygon (formerly known as Matic Network) is a Layer 2 scaling solution for Ethereum. It is designed to address the scalability issues and high gas fees associated with the Ethereum network.

#Q3. What is zkEVM?

A3. zkEVM is a Zero-Knowledge Proof (ZKP) implementation of the Ethereum Virtual Machine (EVM). It is one of the Layer 2 solutions provided by Polygon. The zkEVM protocol enables private transactions on a public blockchain by using ZK-SNARKs (Zero-Knowledge Succinct Non-Interactive Arguments of Knowledge) to prove the validity of the transactions without revealing any sensitive information.