Source : coinspeaker.com
The zk-STARK implementation on Polygon is useful for complex DeFi application that involves identifying crucial information like user identity without actually coming in contact with personal data.
Ethereum’s layer-two scaling solution Polygon (MATIC) announced a major upgrade in its development. The team announced the launch of Polygon Miden, an EVM compatible rollup powered by zk-STARK.
Here, zk-STARK stands for zero-knowledge Scalable Transparent Argument of Knowledge, which will focus on the development of decentralized applications (DApps) on the Polygon blockchain network.
The zero-knowledge technology allows one to prove that they hold private information without actually revealing the information. STARK is a method that will algorithmically obfuscate, prove or verify this information.
So far, Polygon has committed more than $1 billion in the development of zero-knowledge technology. Back in August 2021, Polygon acquired the ZK-Rollup solution Hermez Network for a staggering $250 million. Later in September, Polygon launched Nightfall, a privacy-focused rollup built in partnership with EY.
zk-STARK Has Major Application in DeFi
One of the major applications of zk-STARK is during the use of complex decentralized finance (DeFi). This includes decentralized healthcare products or car insurance that require identity verification.
The zk-STARK technology can edit sensitive information on digitized assets like passport copies or driver’s licenses. Besides, they can also reduce the file size for fast verification by blockchain participants. As Polygon explains:
Polygon Miden is an advanced ZK Rollup. ZK Rollups are very promising, but currently, it’s hard for them to support arbitrary logic and transactions, such as those happening on Ethereum. Polygon Miden will solve this challenge using its core component – Miden VM.
The technology’s prowess is such that it will ensure that nodes can certify the authenticity of such documents without actually coming in contact with users’ actual personal data. this helps in alleviating privacy concerns while simultaneously building trust for DeFi products.
Besides, the technology also helps in simplifying cryptographic proofs in consensus mechanisms while simultaneously improving computational performance. Speaking of the entire development, Sandeep Nailwal, co-founder of Polygon said:
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.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.