Healthy competition welcome - Polygon zkEVM lead example of Web 3.0 projects.
Healthy competition welcome — Polygon zkEVM lead

What is Web 3.0 and Ethereum Crypto?

As EthCC in France kicks off, Ethereum’s top development firms are fostering a healthy competitive environment as they build zero-knowledge Ethereum Virtual Machines (zkEVMs) to scale the network, according to one of Polygon’s co-founders, Jordi Baylina.

Web 3.0 is a term used to describe the next generation of the internet, which is based on blockchain technology and decentralized networks. It is an example of the inverse finance crypto trend, which is a new way of using blockchain technology to create a more secure and efficient financial system. Polygon’s zkEVM is one of the many web 3.0 projects that use zero-knowledge proofs to reduce transaction costs and increase the throughput of the Ethereum network, while providing a layer-1 blockchain with security and finality.

Zero-knowledge proofs have become an important tool for scaling the Ethereum ecosystem. This technology allows protocols such as Polygon’s zkEVM to handle computations off-chain and provide a resource-light proof to the Ethereum mainnet without revealing any of the associated data.

As crypto news this week shows, the Ethereum crypto space is rapidly evolving and web 3.0 technology is a key player in this development. With the use of zero-knowledge proofs, the Ethereum network is able to scale while remaining secure and efficient, making it a great choice for crypto daily users.

The Growing Adoption of Ethereum’s ZK-Based Projects

Baylina, the leader of Polygon’s zkEVM, has noted the tremendous growth of ZK technology and its impact on the Ethereum ecosystem. She pointed out that projects are constantly striving to make improvements, while also learning from mistakes.

As evidence of its success, Polygon zkEVM is now running on mainnet, with over 250,000 unique active addresses. The daily active Polygon zkEVM addresses are also trending upward, showing that user adoption is increasing.

Baylina is particularly pleased with the number of web 3.0 projects building on Polygon zkEVM, as it provides valuable feedback to the team and helps to shape the protocol. Inverse finance crypto and scale ai are two examples of such projects.

Scaling Ethereum with Web 3.0 Projects

Baylina provided a working example of how developers can use Web 3.0 technology to identify issues with timestamps that are critical for the operation of decentralized finance oracles. Her team found a workaround solution while they worked on a long-term fix, and the input from builders is helping to improve the protocol as more join the ecosystem.

Polygon co-founder Sandeep Nailwal previously told Cointelegraph that Polygon’s zkEVM is the “holy grail of Ethereum scaling,” allowing the protocol to submit proofs to the Ethereum mainnet without the layer-1 blockchain having to rerun computations.

Web 3.0 projects are seen as a way to drastically scale Ethereum, allowing developers to build decentralized applications without being limited by the base blockchain’s network performance.

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