On Monday, Polygon (MATIC), an Ethereum (ETH) layer two scaling solution known for its fast transaction times and negligible gas fees, announced the launch of Plonky2, a claimed zero-knowledge scaling technology. which is the fastest in the world. Zero-knowledge algorithms ensure that everything is calculated correctly at layer two and returns the succinct proof to Ethereum without sending the entirety of the data. Rather than each miner, or validator, verifying each submitted transaction, zero-knowledge enables simplified, rolled-up test verification, significantly speeding up overall network processing.
1/2 We are proud to announce Plonky2, the world’s fastest ZK scaling tech!
Plonky2 is a recursive SNARK that is ~ 100x faster than existing alternatives! Furthermore, it is Ethereum compatible (it can prove Ethereum transactions and proofs can be verified on Ethereum). https://t.co/al62Wl2xpm
– Mihailo Bjelic (@MihailoBjelic) January 11, 2022
1/2 We are proud to announce Plonky2, the world’s fastest ZK scaling technology.
Plonky2 is a recursive SNARK that is ~ 100 times faster than existing alternatives! In addition, it is compatible with Ethereum (you can test Ethereum transactions and the tests can be verified on Ethereum).
As Polygon let it be known, zero-knowledge recursive tests were largely theoretical in 2014. In 2019, they took about 120 seconds to generate. In 2020, that number dropped to 60 seconds. This year, Plonky2 is poised to allow such tests to be generated in just 0.17 seconds. The developers of the network claim that it is 100 times faster than existing alternatives.
This class of algorithms could allow horizontal or linear scaling of blockchains in the future. The nodes do not need to store the transaction history of the blockchain to be operational, thus increasing the capacity of the network with each one that is added.
Polygon has committed $ 1 billion to the development of zero-knowledge technologies. In August, Polygon merged with zero-knowledge blockchain network Hermez for $ 250 million in MATIC tokens. In December, it announced the allocation of up to 250 million MATIC tokens in a deal with crypto startup Mir. This company specializes in the PLONK and Halo subcategories of zero-knowledge algorithms, and the latter does not require a trusted configuration for testing verification.