zkEVM Can Turn The Blockchain Story into Happily Ever After 

  • Layer-2 zero knowledge solution can increase the transaction speed.
  • Decentralization and security are the major areas to be improvised. 
  • L1 blockchains are taking risk by neglecting decentralization and security. 

Areas needed more focus  

zKEVM (Zero-knowledge virtual machines) can change the portability of smart contracts by removing crypto’s obstacle for mass adoption. In the crypto ecosystem, many things need to be improvised. Very few projects come close to achieving the security and decentralization of the Ethereum network.

Security and decentralization are the two most crucial features that put Ethereum too stressed out to provide deserving throughput and prohibitively high costs. Some platforms, such as layer-1 blockchains, ignore security and decentralization to yield scale. Meanwhile, the Ethereum Virtual Machine (EVM) introduces a solution that helps to provide high throughput and low transaction fees on Ethereum. 

Does Ethereum really need to be improvised?

The Layer-1 blockchains are generally neglecting the security and decentralization of their platform, which is the biggest risk that has impacted the ecosystem very broadly. The platforms suffered through downtimes, large hacks, censorship and many more challenges. For example, large portions of assets are held by malicious fellows. 

Initially, Ethereum operated on the proof of work concept. Still, recently a few months ago, Ethereum upgraded itself and shifted from proof-of-work (PoW) to proof-of-stake (PoS) on September 15, 2022. It was necessary to upgrade and very helpful. The upgradation helps to reduce the energy usage compared to the earlier, unupgraded working system of the network.

Ethereum is well known as a leading blockchain network in the crypto industry. It has a huge amount of decentralized applications, non-fungible assets (NFTs) and many more things established on it. In the crypto ecosystem, no one has seemed to be a competitor of Ethereum. It is a fact that Ethereum is secured and decentralized but has a moderate speed of transactions, and the network is expensive to use. 

It has been noted that zKEVM can remove the barriers of the network. With the help of a layer-2 zero knowledge solution (ZK), networks can increase the transaction speed on their platform, and the mathematical proof of validation of transactions will be generated automatically. 

Vitalik Buterin, CEO of Ethereum, stated that layer-2 zero-knowledge (ZK) solutions are the future of Ethereum in terms of scaling. He also admitted additional Ethereum improvements, for example, sharding, which can assist the network’s vision and make it more powerful. It has been realized that zKEVM can help improve scalability, security, decentralization and developer experience.