Ethereum scaling answer Polygon has introduced it would dedicate a most of 250 million MATIC tokens ($627.5 million) to a cope with zero-knowledge cryptography startup Mir.
Zero-knowledge algorithms allow exterior validators to confirm encrypted transactions or paperwork with out revealing the delicate info hidden beneath. It’s helpful for advanced decentralized finance applications, equivalent to decentralized ride-share apps or decentralized medical insurance, the place nodes must confirm the private information of blockchain individuals with out risking privateness leaks.
Mir focuses on creating two subcategories of zero-knowledge proofs: PLONK and Halo. Each symbolize developments over earlier SNARK and STARK cryptography methods, permitting proofs to be generated in seconds.
Whereas PLONK nonetheless requires a trusted setup for validation, Halo algorithms can accomplish the duty in a decentralized method. Pace is a core design consideration in zero-knowledge proofs. Advanced info to be handed over blockchains, equivalent to redacted photograph IDs, can take up substantial dimension, thereby affecting the applicability of transactions.
“Polygon plans to deal with ZK cryptography as the tip sport for blockchain scaling,” mentioned Sandeep Nailwal, co-founder of Polygon.
“Now we have made a strategic resolution to discover and encourage all significant scaling approaches and applied sciences at this stage. We imagine that is the way in which to ascertain Polygon because the main power and contributor within the ZK subject and onboard the primary billion customers to Ethereum.”
The acquisition of Mir is part of a better $1 billion commitment to creating zero-knowledge know-how by Polygon.