Polygon Reveals Its 250 Million Investment Plan With Mir - Know More!!
2021-12-10 | Daniel Smith
Scalability solution for
Ethereum Polygon has revealed that it would invest up to 250 million
MATIC tokens ($627.5 million) in an agreement with Mir, a zero-knowledge encryption business.
Independent validators can use zero-knowledge methods to validate encrypted transactions or documents without disclosing the sensitive information buried behind them. It is important for complicated decentralized financial applications, including decentralized ride-sharing apps or decentralized health insurance, where nodes must validate
blockchain participants' personal data without risking privacy leaks.
Mir specializes in the development of two types of zero-knowledge proofs: PLONK and Halo. Each of those is enhancements to the current SNARK and STARK cryptography algorithms, allowing proofs to be built in seconds.
Whilst PLONK still requires a trustworthy setup for validation, Halo algorithms can perform the process decentralized. In zero-knowledge proofs, speed is a critical design factor. Complex data to be sent through blockchains, such as redacted picture IDs, might be rather large, limiting the application of transactions.
Polygon takeovers Mir as a part of its larger $1 billion endeavors to create zero-knowledge technologies.
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