Polygon, a Layer 2 scaling solution for Ethereum-compatible blockchain networks, 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!
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
– Polygon | $ MATIC – We’re hiring! (@ 0xPolygon) November 16, 2021
“We are proud to reveal the newest member of the Polygon family: Polygon Miden, an upcoming STARK-based and EVM-compatible Rollup!
The project is led by @bobbinth, a former Facebook ZK Principal Investigator who led the development of Winterfell.
Why is this exciting … “
zk-STARK stands for Zero-knowledge Scalable Transparent ARgument of Knowledge. In simple terms, zero-knowledge technology allows one party to prove to another that they possess private information (such as a password) without revealing what that information is. STARK is one of those methods to algorithmically obfuscate, test or verify such information. Polygon has committed more than $ 1 billion to developing zero-knowledge technology.
One of the applications of zk-STARK is its use in complex decentralized finance, or DeFi, such as decentralized car insurance or healthcare products, due to the need to verify identity. zk-STARK and other similar schemes can redact sensitive information on digitized assets, such as copies of driving licenses or passports, as well as reducing their size for quick verification by participants in the blockchain network.
This would ensure that the nodes can certify the authenticity of such documents without coming into contact with the actual personal data of the users., which would lessen privacy concerns and establish trust in the DeFi product. But it can also be used to simplify crypto testing on consensus mechanisms and improve computational performance.
Sandeep nailwal, a co-founder of Polygon, had this to say regarding development:
“ZK is the way to go for Ethereum and Miden VM is one of the most important elements in Polygon’s roadmap for Ethereum scalability. It will simplify and accelerate the validation of DeFi applications and cryptocurrencies, improving speed and reliability. scale of the Polygon ecosystem. “
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