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- Polygon has recently acquired Mir protocol for no more than $400 million worth MATIC tokens
- Mir uses the Zero-knowledge proofs that have been considered for privacy and is still in its early stage
- Polygon have made a strategic approach to explore and encourage all meaningful scaling approaches and techs at the current stage
Polygon, formerly known as Matic Network, has remained one of the fastest growing blockchain projects. The project offers scaling solutions on the Ethereum blockchain network. Since establishment the project has seen a notable count of partnerships in the crypto and DeFi industry. Recently, it has been announced that the blockchain has a war chest of MATIC tokens which it used to acquire Mir, a platform that uses “zero-knowledge proofs” to create decentralized applications (dApps) away from the ether network. Notably, the latest acquisition has been made for not more than $400 million worth of MATIC tokens.
Mir uses zero-knowledge proofs concept
Zero-knowledge proofs have been considered for privacy. These consensus are a cryptographic way of verifying something without handling over private information. For instance a user has $100 in their pocket and is able to prove that without opening up the wallet. Simultaneously, Mir with some similar concept runs with it so devs could create an entire application with in-built privacy.
The acquisition is quite similar as Polygon merged with ZK-rollups back in August. ZK-rollups, Mir’s speciality are vital parts of Polygon’s strategy to explore and encourage all meaningful scaling approaches. Notably, ZK-rollups also uses the same concept as what Mir uses to rollup multiple transactions into one big transaction. Letting small requests sign off from the main chain, the solution handles the requests privately in one go.
Polygon takes all meaningful approaches
Polygon is sitting atop of the Ether blockchain and taking pressure off of it. As Non-Fungible Tokens (NFTs), decentralized finance (DeFi), dApps, and blockchain-based games are growing rapidly, there seems to be more competition for ETH transactions to be pushed through. Ultimately, with increasing demand, the network faces congestions and gas fees are soaring.
Hence, sidechains like Polygon are acting as another leg to run faster and accommodate more transactions. However, the long term roadmap of the blockchain shows that the project is moving into a variety of different solutions to make Ether faster and more usable.
According to Sandeep Nailwal, Polygon’s co-founder, the brains behind the project have made a strategic decision to explore and encourage all meaningful scaling approaches and techs at the current stage. Moreover, the team believes that such measures would help to establish the network as the leading force and contributor in the ZK field and onboard the first billion users to the blockchain.
Rollups are still an early solution
According to Mihailo Bjelic, Polygon is introducing a recursive proof system that is orders of magnitude. Notably, the solution would be faster than anything else and will be practical to verify in Ether. Hence, the introduction of such a system would be a huge win for the entire industry.
Most significantly, such solutions are going to translate to ETH2.0, and will increase the blockchain’s bandwidth on its own. Vitalik Buterin, the creator of Ethereum has also highlighted that the network should use such a system in conjunction with other scaling solutions.
However, Buterin also underscored that Rollups are still an early stage technology, still that works. Experts also believe that much more exciting works will be introduced in the coming years out of the rollup ecosystem.
