- Oct 25, 2021
- Reaction score
Mihailo Bjelic: ‘Polygon Is Focused on Zero-Knowledge Cryptography as the End Game for Blockchain Scaling’
Following Polygon’s acquisition of the
“The Mir team is now joining Polygon in order to utilize this groundbreaking technology and build our new project – Polygon Zero, a highly-scalable, Ethereum-compatible ZK Rollup,” Bjelic said. “Polygon is focused on Zero-Knowledge (ZK) cryptography as the end game for blockchain scaling. We have committed $1B from the Polygon treasury to this effort, and we outlined our plans in our
During the last 30 days, the Polygon network’s native token
Miden, Nightfall, Plonky2
The project recently revealed
“ZK scaling represents the future of Ethereum, but scalable, EVM-compatible ZK Rollups don’t exist yet,” Bjelic says. “The missing piece is efficient recursive proofs, as recursion allows us to parallelize proof generation for much better performance. Unfortunately, the existing recursive proof systems supported by Ethereum are inefficient and slow.” Bjelic further added:
This ends today. We are announcing plonky2, a recursive proof system that is incredibly fast, and Ethereum-friendly. We believe this engineering breakthrough will be a huge value-add to the community and will open new frontiers of Ethereum scaling.
Bjelic further explains that plonky2 is “practical to use on Ethereum” and “plonky2 can generate recursive proofs in an incredible 170 milliseconds on a laptop.” The Polygon co-founder detailed that plonky2 will be officially announced in the next few weeks. In terms of total value locked (TVL) in decentralized finance (defi), Polygon has
The 4.88 billion locked in Polygon defi protocols equates to 1.96% of the $248 billion locked in defi across all blockchains, according to defillama.com stats. Defi protocols leveraging Polygon include projects like Aave, Quickswap, Sushiswap, Curve, and Balancer. In regard to the Mir acquisition announcement, Bjelic post notes that part of the $400 million deal was made with
What do you think about Polygon acquiring Mir in a $400 million deal? Let us know what you think about this subject in the comments section below.