India-based Layer 2 Ethereum scaling platform Polygon has acquired zero-knowledge technology developer Mir for US$400 million as part of Polygon’s continued focus on ZK tech.
Fast facts
- Mir will help Polygon build its new project — Polygon Zero, a highly scalable, Ethereum compatible ZK rollup. A zero knowledge protocol is a cryptographic algorithm that allows validators to verify encrypted data without revealing the data.
- Mir has developed a recursive ZK proof system that can generate proofs within 170 milliseconds on a laptop, according to a press release. This makes it the fastest recursive proof generator and ideal for building an Ethereum compatible ZK virtual machine, the press release claimed. Additionally, Mir’s recursive proof generation system is also suitable for use on Ethereum since the proofs are sized at 45kb in size-optimized mode, the press release added.
- Polygon has been working with the Mir team for some time and has come up with the overall design, approach and roadmap for Polygon Zero. The implementation is already underway, the press release said.
- In August, Polygon committed US$1 billion towards adopting, developing and acquiring ZK projects and solutions. Its acquisition of Mir is a part of the same goal. Prior to Mir, Polygon acquired Hermez Network and launched Polygon Miden, an Ethereum virtual machine compatible scaling solution using a ZK proof system, to further its ZK vision.
- Polygon’s token MATIC has been defying the current crypto market downturn. In the middle of the week, MATIC was up 30% for the previous seven days while most of the crypto market slumped in double digits. At the time of writing, however, MATIC’s price was US$2.17, down 6.28% in the last 24 hours, according to CoinMarketCap data.