By way of their Twitter deal with, protocol and cross-chain bridge Polygon announced a brand new space of curiosity, ZK-based scaling options. In an effort to contribute and enhance this strategy to mixture transactions right into a blockchain, the undertaking additionally introduced a merger with Hermez Community and a $1 billion funding.
Based mostly on zero-knowledge proof, the layer 2 scaling resolution referred to as ZK-Rollups permits funds to be deposit into a wise contract on prime of the Ethereum community. Thus, transactions may be securely processed off-chain and scalability can enhance.
As Polygon claimed in its official announcement, there’s a excessive demand for Ethereum to enhance its scalability. The undertaking claims that their PoS based mostly chain is “one of the best quick resolution” and reduction for the rise in transactions charges and community congestion. They added:
By establishing itself as one of many trade’s hottest and highest valued tasks, Polygon proved that there’s a lot of worth to be created and captured by engaged on these laborious challenges in symbiosis with Ethereum, as a substitute of competing with it.
The $1 billion funding will come instantly from Polygon’s treasury and can use to employed and purchased “world-class” ZK-based tasks and groups. As well as, the funds might be used for analysis, constructing, and adopting ZK-based options.
Scaling options have three main challenges, the crew behind Polygon argued safety, decentralization, and privateness. These gained’t be resolved instantly, however the Ethereum ecosystem is at a “stage of intense innovation and experimentation” with the potential to put begin creating options that can finally meet these challenges.
Subsequently, Polygon revealed that they may deal with two “main long-term” objectives. The primary one is “Transport” or placing the options and innovation in “the fingers of builders and customers”. The second is to make Polygon the “innovation hub” for Ethereum. On scalability, they added:
Ethereum base layer charges reached ranges that made Ethereum virtually unusable for many customers and use circumstances, and we already began seeing consumer outflow to competing tasks that determined to make problematic compromises by way of decentralization, safety and so forth. We realized that one thing must be achieved in the present day, and thus we constructed and provided our Polygon PoS chain (…).
Polygon To Merge With Ethereum Based mostly Hermez Community
As of in the present day August 13th, Polygon and Hermez Community, a decentralized zk-rollup based mostly scaling funds operating on Ethereum, will start a merger course of. Thus, the answer might be rebranded as Polygon Hermez and might be a part of this protocol ecosystem and options, equivalent to Polygon PoS, Polygon SDK, and others.
The merger course of might be supported by funds obtained from the protocol’s treasury, 250 million MATIC tokens or round $250 million have been dedicated to fulfilling this goal.
We at Polygon are very conscious of the significance of EVM-compatibility, and the truth that Hermez already has a roadmap and is actively engaged on introducing it was one other large sign for us that becoming a member of forces is smart.
On the time of writing, ETH trades at $three,230 with a 6% revenue within the day by day chart.