Polygon is investing up to 250 million MATIC in zero-knowledge technology

Ethereum scaling solution Polygon announced that it will release up to 250 million MATIC tokens ($ 627.5 million) in a zero-knowledge deal with crypto startup Mir.

Zero knowledge algorithms allow external validators to validate transactions or encrypted documents without revealing sensitive information hidden underneath. This is useful for complex decentralized financial applications such as decentralized travel distribution or health insurance applications where nodes need to verify people’s personal information.

I specialize in developing two subcategories of zero knowledge proofs: PLONK and Halo. Both represent improvements over the previous SNARK and STARK encryption methods and enable proofs to be created in seconds.

While PLONK still requires strong configuration for authentication, Halo algorithms can do the job remotely. Speed ​​is a design factor that is used for zero knowledge proofs. Complex information transmitted over the blockchain, such as processed photo IDs, can grow in size and affect the usability of transactions.

“Polygon plans to focus on the ZK cryptocurrency as the best game for blockchain scaling,” said Sandeep Nailwal, co-founder of Polygon.

“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 Mir acquisition is part of a larger $ 1 billion commitment to develop Polygon’s zero-knowledge technologies.

Fully funded, this would be a $ 627.5 million investment in zero knowledge technology at today’s MATIC prices.

Ethereum scaling solution Polygon announced that it will release up to 250 million MATIC tokens ($ 627.5 million) in a zero-knowledge deal with crypto startup Mir.

Zero knowledge algorithms allow external validators to validate transactions or encrypted documents without revealing sensitive information hidden underneath. This is useful for complex decentralized financial applications such as decentralized travel distribution or health insurance applications where nodes need to verify people’s personal information.

I specialize in developing two subcategories of zero knowledge proofs: PLONK and Halo. Both represent improvements over the previous SNARK and STARK encryption methods and enable proofs to be created in seconds.

While PLONK still requires strong configuration for authentication, Halo algorithms can do the job remotely. Speed ​​is a design factor that is used for zero knowledge proofs. Complex information transmitted over the blockchain, such as processed photo IDs, can grow in size and affect the usability of transactions.

“Polygon plans to focus on the ZK cryptocurrency as the best game for blockchain scaling,” said Sandeep Nailwal, co-founder of Polygon.

“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 Mir acquisition is part of a larger $ 1 billion commitment to develop Polygon’s zero-knowledge technologies.