Sunday, April 14, 2024

Polygon Announces Acquisition of ZK Technology Start-Up Mir

According to online news sources, Polygon, the Ethereum layer 2 solution that builds and connects blockchain networks, has reportedly announced a major acquisition. The announcement, that was made through a blog post, stated that Polygon had acquired a start-up company called Mir for millions of dollars. Through this move, Polygon aims to increase the scope of its scaling technologies.

Mir is a company that develops zero-knowledge technology (ZK). In Zero-knowledge rollup, hundreds of off-chain transactions are bundled by layer 2 solutions to build cryptographic proof. The mainchain can verify this proof almost instantly, which results in a finality time that is much faster. Since Polygon has now acquired Mir, it also holds in its hand Plonky2, which is Mir’s recursive proof system. Through this acquisition, Polygon aims to improve the quality of current zero-knowledge rollups that will be compatible with ETH. Besides this, it will also be able to create new ZK-rollups that will function well with the EVM of Ethereum Virtual Machine.

It has been found that the deal could be with around $493 million. As per a statement released by the company, Polygon has committed a maximum amount of 190 million MATIC tokens and $100 million for acquiring Mir. Polygon said in the announcement that the recursive proofs are something Mir has been working on for the past 2 years. They added that Plonky2 is capable of generating recursive proofs fairly quickly, almost under 170 milliseconds on a computer laptop. This makes Plonky2 the best choice for developing a ZK-rollup that will be compatible with EVM.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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