Polygon spent $ 400 million on Ethereum with Mir. Protocol to scale
Polygon has spent $ 400 million scaling Ethereum and will do so using the MIR protocol as a platform that uses zero knowledge proofs to build decentralized applications. In today’s latest Ethereum news, we’ll take a look at a few more scaling solutions.
Polygon is Ethereum’s scaling platform and now Polygon has spent $ 400 million on Mir to scale ETH and can scale the proposed scaling solutions. Ethereum 2 should address Ethereum’s congestion, but that doesn’t mean Polygon’s help in lowering fees and easing demand pressures will be phased out. At today’s event, the ZDK Scaling Platform announced the acquisition of the Mir protocol as a platform that uses zero knowledge proofs to build a decentralized application outside of the ETH network. According to Polygon, the deal will be valued at approximately $ 400 million in MATIC tokens.
Made some interesting announcements that could happen this week. View this room
– World (? polygon zero) (@mirprotocol) December 7, 2021
The acquisition confirms rumors that the project will spend a sizable chunk of the $ 1 billion allocated to scaling Ethereum after the acquisition of Mir. Polygon teamed up with Hermez ZK rental project in a $ 250 million deal. ZK-Know-how is about data protection as it is a cryptographic way of verifying something without transferring some personal information. So if you are assuming you have $ 100 in your pocket and you can prove it without opening your wallet, that would be great. I took over this concept and implemented it so that developers can create a persistent application with built-in data protection. Polygon, or Matic Community, was once known as a protocol that sits on top of Ethereum to relieve pressure from it. As NFTs, decentralized financial applications and blockchain games become more popular, with increased competition for Ethereum transactions, which, in fact, leads to high congestion and fees.
Polygon’s main strategy is to use sidechains or blockchains that can go from one chain to another so that more transactions can be placed on them. The long-term roadmap shows that Polygon uses different solutions to make Ethereum faster and more affordable. Co-founder Sandeep Naival said:
“We made a strategic decision to explore and promote all scaling techniques and technologies that make sense at this stage. We believe this is a way to make Polygon a leading force and participant in the ZK space and attract the first billion Ethereum users. ”
The ZK synthesis is an important part of the strategy. They use zero knowledge proofs to combine some transactions into one large transaction so that the ETH blockchain does not suffer from small requests to send funds, but can process them once. Co-founder of Polygon Mihailo Bjelich Note:
“We are introducing a recursive proof system that is the fastest and most convenient way to validate Ethereum.”
