Polygon, a layer two scaling solution for Ethereum suitable blockchains, acknowledged in a press launch supplied 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 non-public info (akin to a password) with out revealing what that info is. STARK is one 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 utility of zk-STARK is for use in advanced decentralized finance, or DeFi, akin to decentralized automobile insurance coverage or healthcare merchandise, as a result of want for identification verification. zk-STARK and comparable schemes can redact delicate info on digitized property, akin to driver’s license or passport copies, in addition to cut back their dimension for quick verification by blockchain contributors.
It might be sure that nodes can certify the authenticity of such paperwork with out them coming into contact with customers’ precise private information — thereby diminishing privateness considerations and establishing belief for the DeFi product. Nevertheless it may also be used to simplify cryptographic proofs in consensus mechanisms and enhance computational efficiency.
Sandeep Nailwal, co-founder of Polygon, stated the next regarding the improvement:
ZK is the best way forward for Ethereum and Miden VM is likely one of the most vital components in Polygon’s roadmap for Ethereum scalability. It is going to simplify and speed up validation for DeFi apps and cryptocurrencies — enhancing the velocity and scale of the Polygon ecosystem.