Polygon, a layer two scaling answer for Ethereum suitable blockchains, acknowledged in a press launch offered to Cointelegraph that it has launched its zk-STARK powered Miden Digital Machine for the event of decentralized applications, also known as DApps.
1/7 We are proud to reveal the newest member of the Polygon family – Polygon Miden, an upcoming STARK-based, EVM-compatible Rollup!
The project is led by @bobbinth, former Fb’s lead ZK researcher who led the event of Winterfell.
A on why that is thrilling… pic.twitter.com/5RqAJgnZlP
— Polygon | $MATIC – We’re hiring! (@0xPolygon) November 16, 2021
zk-STARK stands for zero-knowledge Scalable Clear ARgument of Data. In layman’s phrases, zero-knowledge know-how permits one celebration to show to a different that they maintain personal data (similar to a password) with out revealing what that data is. STARK is one such methodology to algorithmically obfuscate, show or confirm such data. Polygon has dedicated over $1 billion for the event of zero-knowledge know-how.
One utility of zk-STARK is to be used in complicated decentralized finance, or DeFi, similar to decentralized automotive insurance coverage or healthcare merchandise, as a result of want for identification verification. zk-STARK and related schemes can redact delicate data on digitized belongings, similar to driver’s license or passport copies, in addition to cut back their dimension for quick verification by blockchain individuals.
It will make sure that nodes can certify the authenticity of such paperwork with out them coming into contact with customers’ precise private information — thereby diminishing privateness issues and establishing belief for the DeFi product. However it may also be used to simplify cryptographic proofs in consensus mechanisms and enhance computational efficiency.
Sandeep Nailwal, co-founder of Polygon, mentioned the next regarding the growth:
ZK is the best way forward for Ethereum and Miden VM is likely one of the most necessary parts in Polygon’s roadmap for Ethereum scalability. It’s going to simplify and speed up validation for DeFi apps and cryptocurrencies — enhancing the velocity and scale of the Polygon ecosystem.