Vitalik Buterin Completes First Transaction on Polygon zkEVM

03/27/2023 14:55 • Metaverse Matters • 138 views

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

Introduction

Recent reports reveal that Vitalik Buterin, the co-founder of Ethereum, has made his first transaction on the main website of Polygon zkEVM. Polygon Labs’ development engineer, Stephen Polygon, confirmed the news on social media with the transaction hash being 0x18db0b46e46777b5b369460be229b0704abe7d24bf88dbfee99054c43b0c121c. The transaction included 0.005 ETH, a transaction fee of 0.0003367104 ETH, and a gas fee of 0.00000000152 ETH.

What is Polygon zkEVM?

Before diving into Vitalik Buterin’s recent transaction, let’s first explore what the Polygon zkEVM platform is. Polygon is a Layer-2 scaling solution for Ethereum that enables fast and low-cost transactions. With large amounts of traffic on Ethereum, the Polygon network aims to reduce congestion and high gas fees by providing an efficient Layer-2 solution.
Polygon’s zkEVM is an optimistic rollup that uses zero-knowledge proofs. It aims to provide Ethereum-like security without sacrificing speed or cost-efficiency. By utilizing zero-knowledge proofs, the network ensures that transactions are valid, without revealing any confidential information. This feature is what sets apart Polygon’s zkEVM from other scaling solutions.

Vitalik Buterin’s Transaction on Polygon zkEVM

Stephen Polygon, Polygon Labs’ development engineer, shared the news that Vitalik Buterin made his first transaction on the main website of Polygon zkEVM. The transaction included 0.005 ETH, a transaction fee of 0.0003367104 ETH, and a gas fee of 0.00000000152 ETH.
This transaction highlights the increasing adoption of Polygon zkEVM as a viable scaling solution for Ethereum users. With Vitalik Buterin’s endorsement, it is expected that more developers and projects will consider using the Polygon network for their transactions.

Benefits of Using Polygon zkEVM

The benefits of using Polygon’s zkEVM are clear. Firstly, the network provides fast and low-cost transactions, which is essential for blockchain-based applications that require a quick and efficient transaction process. Secondly, the security of transactions is not compromised, thanks to the use of zero-knowledge proofs. This feature ensures that confidential information is not revealed, while still ensuring the validity of transactions.
Moreover, Polygon’s zkEVM inherits the security of the Ethereum network. Therefore, developers and users can rely on the security of their transactions. Additionally, Polygon has a growing community and a strong team of developers who are continually working on improving the network’s performance and usability.

Conclusion

Polygon’s zkEVM is a promising scaling solution for Ethereum users. With its fast and low-cost transactions, as well as zero-knowledge proofs, the network is attracting more developers and projects. Vitalik Buterin’s recent transaction on the main website of Polygon zkEVM is a significant milestone that reinforces the network’s credibility and adoption. As the Ethereum network continues to grow, Polygon’s zkEVM is a viable solution to address the scalability challenges.

FAQs

Q. Who created Polygon?
A. Polygon was founded by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.
Q. What is a zero-knowledge proof?
A. A zero-knowledge proof is a cryptographic method that allows one party to prove to another that a statement is true without giving away any additional information other than the statement itself.
Q. What is Vitalik Buterin’s role in Ethereum?
A. Vitalik Buterin is the co-founder of Ethereum and a prominent figure in the blockchain and cryptocurrency space.

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