Polygon has spent $ 400 million to scale Ethereum and will do so using the MIR protocol as a platform that uses zero-knowledge evidence to build decentralized applications. In our current Ethereum news, we deal a little more with the scaling solution.
Polygon is an Ethereum scaling platform and now Polygon has spent $ 400 million with Mir to scale ETH and expand the scaling solutions it offers. Ethereum 2.0 is designed to solve Ethereum’s congestion problem, but that doesn’t mean that Polygon, which helped lower fees and ease demand pressures, is going away. At its ZDK event today, the Scaling Platform announced the adoption of the Mir protocol as a platform that uses zero-knowledge proofs to create a decentralized application away from the ETH network. According to Polygon, the deal will be valued at around $ 400 million in MATIC tokens.
I have come across some interesting announcements that could happen this week. Observe this room 😎
– Mir (🔜 Polygon Zero) (@mirprotocol) December 7, 2021
The acquisition confirms rumors that the project will spend a sizable portion of the $ 1 billion that will be used to scale Ethereum for the Mir acquisition. Polygon merged with the Hermez ZK roll-up project in a $ 250 million deal. ZK-Wissen is all about data protection as it is a cryptographic way to check something without revealing some private information. So if you say you have $ 100 in your pocket and can prove it without opening your wallet, it would be amazing. I take the concept and run with it so the developers can create an application with built in data protection for a while. The previously known Polygon or Matic network is a protocol that sits on top of Ethereum and is designed to take the pressure off it. As NFTs, the decentralized financial applications and blockchain games are becoming increasingly popular as more competition for Ethereum transactions has to be enforced, which essentially leads to high congestion and high fees.
Polygon’s basic strategy was to use sidechains or blockchains that can exit from another chain so that they can accommodate more transactions. The long-term roadmap shows that Polygon is getting into a variety of different solutions and making Ethereum faster and more usable. Co-founder Sandeep Naiwal said:
“We made a strategic decision to explore and promote all sensible scaling approaches and technologies in this phase. We believe this is the way to establish Polygon as a leading force and contributor in the ZK area and bring the first billion Ethereum users on board. “
ZK rollups are part of the key of the strategy. They use zero-knowledge evidence to aggregate some transactions into one large transaction so that the ETH blockchain isn’t bombarded with small requests to send funds, but can process them all at once. Polygon co-founder Mihailo Bjelic noted:
“We are introducing a recursive evidence system that is orders of magnitude faster than anything else and is practically verifiable for Ethereum.”
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