Zero-knowledge (ZK) proof is something that has been discussed by all the top blockchain developers as a necessity for blockchain scalability. ZK proof is a method in which a transaction can be verified without having to show the details. This has been worked on and viewed as something that will greatly increase the speed and size of transactions on the network. Polygon has now acquired a firm in charge of developing ZK proof and will look to implement this into its platform.
Polygon has been very successful as a Layer 2 solution for Ethereum. Unlike many others, it took an alternate route and created a platform that any project could easily connect to. The success has seen many decentralized applications adapt.
Despite being a Layer 2 protocol, its platform still managed to struggle when transactions on the network increased dramatically earlier on in the year. This showed that while technology was good, there was still a lot of work to be done. This is one of the main reasons that Polygon opted to spend $500m on an acquisition for ZK proof.
With ZK Proof the future for Polygon will be even brighter as it acquaints itself with the Ethereum Virtual Machine. The firm purchased by the company has showcased its technology and proved it could generate recursive proofs in 170 milliseconds on minimal hardware.
While the date for Ethereum 2.0 continues to get pushed, the demand for it has risen – several new companies have started to build on the blockchain. Protocols like Polygon are going to be increasingly important to the ecosystem if Ethereum wants to stay the dominant blockchain in the industry.
The acquisition was made with $100m in cash and the rest made in Matic tokens. Polygon supporters could potentially be worried about a third party holding this many Matic tokens. Many will be optimistic that the company will continue to grow in utility and that Matic will expand in price as a result.
This is a major move for Polygon and we are excited to see how this unfolds. The technology behind these protocols continues to advance and the future looks bright for blockchain.
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