Polygon, a layer 2 scaling answer for Ethereum suitable blockchains, acknowledged in a press launch supplied to Cointelegraph that it has launched its zk-STARK powered Miden Virtual Machine for the event of decentralized functions, often known as DApps.
1/7 We are proud to disclose the most recent member of the Polygon household – Polygon Miden, an upcoming STARK-based, EVM-compatible Rollup!
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 Transparent ARgument of Knowledge. In layman’s phrases, zero-knowledge know-how 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 as soon as such methodology to algorithmically obfuscate, show or confirm such info. Polygon has dedicated over $1 billion for the event of zero-knowledge know-how.
One software of zk-STARK is to be used in advanced decentralized finance, or DeFi, akin to decentralized automotive insurance coverage or healthcare merchandise, because of the want for id verification. zk-STARK and related schemes can redact delicate info on digitized property akin to driver’s license or passport copies, in addition to scale back their dimension for quick verification by blockchain members.
It would 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 issues and establishing belief for the DeFi product. But it may also be used to easily cryptographic proofs in consensus mechanisms and enhance computational efficiency.
Sandeep Nailwal, co-founder of Polygon, mentioned the next regarding the improvement:
ZK is the best way forward for Ethereum and Miden VM is without doubt one of the most essential parts in Polygons roadmap for Ethereum scalability. It will simplify and speed up validation for DeFi apps and cryptocurrencies enhancing the velocity and scale of the Polygon ecosystem.