ethereum scaling
Polygon launches a zk-STARK scaling solution for DApp deployment
The move is expected to improve the validation process for DApps on the Polygon network.
Polygon, a layer two scaling solution for Ethereum compatible blockchains, stated in a press release provided to Cointelegraph that it has launched its zk-STARK powered Miden Virtual Machine for the development of decentralized applications, also known as DApps.
1/7 We are proud to reveal the newest member of the Polygon family - Polygon Miden, an upcoming STARK-based, EVM-compatible Rollup!
— Polygon | $MATIC - We're hiring! (@0xPolygon) November 16, 2021
The project is led by @bobbinth, former Facebook's lead ZK researcher who led the development of Winterfell.
A on why this is exciting... pic.twitter.com/5RqAJgnZlP
zk-STARK stands for zero-knowledge Scalable Transparent ARgument of Knowledge. In layman's terms, zero-knowledge technology allows one party to prove to another that they hold private information (such as a password) without revealing what that information is. STARK is one such method to algorithmically obfuscate, prove or verify such information. Polygon has committed over $1 billion for the development of zero-knowledge technology.
One application of zk-STARK is for use in complex decentralized finance, or DeFi, such as decentralized car insurance or healthcare products, due to the need for identity verification. zk-STARK and similar schemes can redact sensitive information on digitized assets, such as driver's license or passport copies, as well as reduce their size for fast verification by blockchain participants.
It would ensure that nodes can certify the authenticity of such documents without them coming into contact with users' actual personal data — thereby diminishing privacy concerns and establishing trust for the DeFi product. But it can also be used to simplify cryptographic proofs in consensus mechanisms and improve computational performance.
Sandeep Nailwal, co-founder of Polygon, said the following in regards to 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.
EY selects Polygon to scale its enterprise blockchain products on Ethereum
EY is integrating its blockchain products with Polygon to mitigate the high fees and congestion associated with transacting on Ethereum mainnet for its enterprise clients.
Announced on Monday, EY’s flagship blockchain services including EY OpsChain and EY Blockchain Analyzer will be integrated with Polygon, allowing transactions to be committed to Ethereum via the sidechain.
EY emphasized that its enterprise clients will have access to increased transaction throughput with predictable fees and settlement times using Polygon.
The firm also revealed it is working with Polygon to offer permissioned, private optimistic rollup chains. Rollups are a second-layer scaling solution that provides increased security and efficiency compared to transacting on the Ethereum mainnet. Paul Brody, EY Global Blockchain Leader, remarked:
Ernst & Young (EY), one of the ‘Big Four’ consulting multinationals, will connect its blockchain solutions to Polygon to mitigate the scalability constraints of Ethereum’s mainnet.
"Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap to integration on the public Ethereum mainnet.”
Polygon co-founder Sandeep Nailwal praised EY for its commitment to the Ethereum ecosystem and open technology standards.
While EY has continued to iterate its layer-two zero-knowledge proof protocol Nightfall, the firm also helped launch the open-source Baseline Protocol in March 2020.
Related: EY publishes an Ethereum scaling solution to the public domain
Demand for Ethereum scaling solutions has surged in recent months amid the persistently high fees associated with transacting on mainnet. As such, the total value locked (TVL) on the Polygon network has surged from roughly $1 billion at the start of April to $8.5 billion today.
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