Polygon spent $400 million to scale Ethereum and it will do it by using the MIR protocol as a platform that uses zero-knowledge proofs for building decentralized applications. In our latest Ethereum news today, we are looking some more into the scaling solution.
Polygon is an Ethereum-scaling platform and now with Mir, Polygon spent $400M to scale ETH and can expand the scaling solutions that it offers. Ethereum 2.0 is supposed to solve the congestion problem of Ethereum but that doesn’t mean Polygon that helped lower fees and ease the demand pressure will be going away. At its ZDK event today the scaling platform announced the acquisition of Mir protocol as a platform that uses zero-knowledge proofs for creating a decentralized application away from the ETH network. As per Polygon, the deal will be worth about $400 million in MATIC tokens.
Mir has caught wind of some interesting announcements that could be happening this week. Watch this space 😎
— Mir (🔜 Polygon Zero) (@mirprotocol) December 7, 2021
The acquisition confirms the rumors that the proejct will spend a sizeable portion of the $1 billion which is dedicated to Ethereum scaling on the Mir acquisition. Polygon merged with the ZK-rollup project Hermez in a $250 million deal. ZK-knowledge is all about privacy as they are a cryptographic way of verifying something without handing over some private information so if you let’s say you have $100 in your pocket and can prove it without opening your wallet, it would be amazing. Mir takes the concept and runs with it so that the developers can create a while application with built-in privacy. Polygon or Matic Network previously known is a protocol that sits on top of Ethereum and is designed to take the pressure away from it. As NFTs, the decentralized finance applications and blockchain games are growing more in popularity with more competition for Ethereum transactions to be pushed through which essentially results in high congestion and high fees.
The basic strategy of Polygon has been to use sidechains or blockchains that can get out from another chain so they can accommodate more transactions. The long-term roadmap shows that Polygon is moving into a variety of different solutions and making Ethereum faster and more usable. The co-founder Sandeep Naiwal said:
“We have made a strategic decision to explore and encourage all meaningful scaling approaches and technologies at this stage. We believe this is the way to establish Polygon as the leading force and contributor in the ZK field and onboard the first billion users to Ethereum.”
ZK rollups are a part of the key to the strategy. They use zero-knowledge proofs to roll up a few transactions into one big transaction so instead of the ETH blockchain being bombarded with small requests for sending funds, it can handle them in one go. Polygon co-founder Mihailo Bjelic noted:
“We are introducing a recursive proof system that is orders of magnitude faster than anything else and is practical to verify on Ethereum.”
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