Source : crypto-news-flash.com
- Polygon layer-two Ethereum scaling solution has launched a zk-STARK scaling solution dubbed Miden VM to support the deployment of dApps to its ecosystem.
- The technology verifies personal identifying information between DeFi users without compromising their privacy.
Polygon (MATIC), has launched a new technology in line with its mission to scale up the Ethereum blockchain. The zk-STARK powered Miden Virtual Machine will improve the validation process for decentralized applications (dApps) on the Polygon network.
As announced by Polygon on its official Twitter account,
We are proud to reveal the newest member of the Polygon family – Polygon Miden, an upcoming STARK-based, EVM-compatible Rollup!
Notably, zk-STARK is an abbreviation for zero-knowledge Scalable Transparent Argument of Knowledge. Simply put, zero-knowledge technologies enable one party to prove to another that the former holds certain private information, such as a password, without actually revealing the information. STARK is one of these methods that algorithmically obfuscates and enables proving or verifying such information.
Polygon unveils zk-Rollup privacy solution
To support the development of zero-knowledge technology, Polygon has committed funds to the tune of over $1 billion. The Polygon Miden project will be led by Ethereum engineer Bobbin Threadbare, a former Facebook leads ZK researcher who headed the development of the Winterfell general-purpose STARK prover.
In terms of utility, the zk-STARK cryptographic proof technology is most helpful in situations requiring identity verification. These include sophisticated decentralized finance (DeFi) like decentralized car insurance or healthcare products. The technology redacts sensitive information on digitized assets, such as driver’s licenses or passport copies. It also compresses such data for speedier verification by blockchain participants.
In this way, zk-STARK enables nodes to verify the authenticity of such sensitive documents without actually ‘seeing’ them or revealing them to a third party. This does away with privacy concerns and increases the trustworthiness of a DeFi product.
Another application of this scaling infrastructure is in simplifying cryptographic proofs in consensus mechanisms alongside bettering computational performance.
Importantly, Polygon, the largest sidechain on the Ethereum network, has been noted for developing several layer-two scaling solutions. These include Optimistic Rollups and zk-Rollups. In August, the team acquired the zk-Rollups solution Hermez Network for $250 million. A month later, it launched Nightfall – a standalone privacy-focused rollup developed in collaboration with EY Global Limited. In the future, Polygon plans to aggregate all the above scaling solutions.
Sandeep Nailwal, the co-founder of Polygon, has the following to say of the development:
ZK is the way ahead for Ethereum and Miden VM is one of the most important elements in Polygon’s roadmap for Ethereum scalability. It will simplify and accelerate validation for DeFi apps and cryptocurrencies — enhancing the speed and scale of the Polygon ecosystem.
Meanwhile, according to our data, MATIC was trading at $1.52 as of this writing, having shed off 5.0 percent in the day. The token has, nonetheless, illustrated 9,087.6 percent gains year-over-year.
The Polygon ecosystem has witnessed massive growth this year. However, it still has to raise its bar as competition heats up from Matter Labs’ zkSync and StarkWare’s Cairo.