Polygon (MATIC) offers a layer-two scaling solution and is known for quick transaction time and low gas fees. It announced the launching of Plonky2, the zero-knowledge tech, on Monday. This technology is being claimed as the fastest one in the world. A zero-knowledge algorithm ensures the data is computed correctly on layer 2 and returns the proof to ETH without submitting all data. It offers simple verification of the round-up proof, speeding the network process.
The Increasing Speed over the Years
According to Polygon, zero-knowledge recursive proofs in 2014 were mostly theoretical. The time for their generation increased to 120 seconds in 2019. That number went down to one minute in 2020. Now in 2022, Plonky2 will allow the generation of these proofs in only 0.17 seconds. Developers of this network claim the solution is 100% faster compared to the current alternatives.
Committed to Developing Zero-Knowledge Techs
Polygon is committed to investing $1 billion to develop technologies in the zero-knowledge field. In August, it had merged with Hermez Network, another blockchain network working in the zero-knowledge field. The deal’s MATIC tokens were valued at $250 million. In December, the company had allocated 250 million of the same tokens in a deal with the cryptography startup company Mir. That startup specializes in Halo and PLONK subcategories related to the zero-knowledge algorithm. Halo does not require any trusted setup to verify the proofs.
Launched in 2017, Polygon is the blockchain framework for developing interconnected ecosystems. After the merger of Polygon and Hermez, a new suite of solutions was announced under the Polygon Hermez name.