For just under $ 500 million, Predicate Labs will become part of the Polygon ecosystem. Is the ETH scaling solution gaining acceptance?
There is Polygon he put his hand in his pocket. The company has put a total of US $ 400 million in the internal token MATIC on the table and with Predicate laboratories the inventor of Me Incorporated. Mir is a subcontractor who specializes in so-called zero knowledge tests. Zero-knowledge proofs are special cryptographic signatures that can provide evidence of certain data without revealing too much about it. For example, you can show that you have a certain amount of cryptocurrency in your wallet without revealing the exact amount.
With me, Polygon is taking a big step in the race for supremacy when it comes to scaling Ethereum. After all, Polygon is one of the many Layer Two solutions that want to reduce the rush on the basic blockchain. In Polygon, Mir is called Polygon Zero.
“Polygon wants to offer a wide range of secure, fast, affordable and energy efficient Ethereum scaling solutions for Web3 developers. With the acquisition of Mir, Polygon has access to the world’s fastest and most efficient ZK scaling technology, ”says Polygon co-founder Sandeep Nailwal. Bloomberg.
Layer Two on Ethereum: Increase Importance
Layer two solutions had become increasingly important recently. After all, the Ethereum blockchain is notoriously clogged, which has a negative impact on transaction performance as well as transaction fees. The reason is the increasing importance of the ETH network for DeFi and NFT applications: the Etherum base layer can no longer cope with this demand.
Sidechains like Polygon, Arbitum, or Loopring lighten the base layer by broadcasting off-chain transactions and simply storing a summary of what is happening on the blockchain. With the purchase of Predicate Labs, Polygon is now taking a big step towards winning this competition.