How Polygon Sealed A $400M Deal To Get Ahead In The Ethereum ZK Rollup Race
11 December 2021 - 9:22AM
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Scaling solution Polygon has stepped up its Zero-Knowledge (ZK)
proof ambitions. According to an official post, a startup called
Mir will collaborate with Polygon and has invested a staggering
amount of $400 million. Related Reading | Polygon: Ethereum’s
Friend Is Looking To Make Big Strides Mir and its team of experts
will join the scaling solution to implement their ZK Rollup
technology, developed for over two years. The startup was founded
by Brendan Farmer and Daniel Lubarov, and its team, comprised of
people with backgrounds in pure math, cryptography, and engineer,
will be integrated into Polygon. The scaling solution has already
been making efforts to support and contribute to the development of
scaling solutions. The project committed $1 billion from its
treasury for this purpose. In addition, it integrated ZK-friendly
EVM implementation Hermez Network renamed Polygon Hermez together
with the development of Nightfall and Miden, two privacy-focused
solutions. Now, Mir will be integrated into this ecosystem with a
new name, Polygon Zero. Since the DeFi boom, Ethereum has faced
issues regarding its network congestion and high transactions fees.
This has allowed competitors with lower fees to rise and take
market share from this network. In that sense, Polygon seeks to
improve Ethereum’s transaction capabilities and accelerate the
development of ZK proof. Thus, bringing what could be one of DeFi
and Web 3.0 dApps main obstacles for mass adoption. Mihailo Bjelic,
one of Polygon’s Co-Founders, said the following on the potential
for ZK rollups development to grow for the benefit of the entire
ecosystem: One of the key missing components required to build
highly scalable solutions has been performant recursive proof
systems; they simply haven’t existed so far. This ends today. We
are introducing a recursive proof system that is orders of
magnitude faster than anything else and is practical to verify on
Ethereum. This is a huge win for the entire industry. Polygon To
Lead Ethereum Into The Future? In doing so, Ethereum can become
more accessible and move forward in its objective of onboarding
millions of users. Per a press release shared with NewsBTC, the Mir
partnership is a “key component” in Polygon’s strategy for Ethereum
scaling. In the coming weeks, the project is set to provide more
details about their progress in this field. This will include a
solution called Plonky2 that will generate recursive proofs in
milliseconds and will open the gate for horizontal scaling. Thus,
the project will tackle one of the most fundamental issues with
scaling, the capacity for each node to process every transaction,
according to an official post by Polygon. Co-Founder of Mir Brendan
Farmer claimed the following on their cooperation with Polygon:
Joining Polygon is an incredible opportunity for us to work toward
scaling Ethereum. Polygon is one of the most dedicated and
successful teams in the space, and we’ve been impressed by their
commitment to ZK as a scaling solution for Ethereum. We’re very
excited to dedicate our world-class team and the technology that
we’ve developed toward achieving this vision. Related Reading |
Polygon’s Total Value Locked Explodes, MATIC Could Run Hotter After
A 120% Rally As of press time, MATIC trades at $2.17 with a 4.22%
profit in the past day.
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