Polygon, a layer two scaling resolution for Ethereum suitable blockchains, said 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 expertise permits one celebration to show to a different that they maintain non-public info (akin to a password) with out revealing what that info is. STARK is one such technique to algorithmically obfuscate, show or confirm such info. Polygon has dedicated over $1 billion for the event of zero-knowledge expertise.
One utility of zk-STARK is to be used in advanced decentralized finance, or DeFi, akin to decentralized automobile insurance coverage or healthcare merchandise, because of the want for id verification. zk-STARK and related schemes can redact delicate info on digitized belongings, akin to driver’s license or passport copies, in addition to cut back their dimension for quick verification by blockchain members.
It might make sure that nodes can certify the authenticity of such paperwork with out them coming into contact with customers’ precise private knowledge — thereby diminishing privateness considerations and establishing belief for the DeFi product. Nevertheless it can 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 among the most vital parts in Polygon’s roadmap for Ethereum scalability. It’ll simplify and speed up validation for DeFi apps and cryptocurrencies — enhancing the pace and scale of the Polygon ecosystem.