Polygon Acquires Mir Protocol for $400m and Renames It as Polygon Zero.

Polygon Acquires Mir Protocol for $400m and Renames It as Polygon Zero.
Image Source: Twitter (@0xPolygon)
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In order to fulfil its dream to be the powerhouse of ZK scaling technology, Polygon has recently acquired Mir Protocol in a deal of $400 million.

https://twitter.com/0xPolygon/status/1468984239135735812

Polygon is always focused on building Zero-knowledge cryptography as the blockchain scaling solution. Firstly, it merged with Hermez Network and launched Polygon Miden, an Ethereum compatible rollup. With the acquisition of Mir Protocol, Polygon is about to develop the world's fastest Zero-knowledge scaling technology to build Polygon Zero.

Polygon Zero is an integral part of broader polygon vision

Polygon Network already has many existing Polygon solutions, including Polygon PoS, Polygon Hermez, Polygon Miden, and Polygon Nightfall. With the quest to become the ZK powerhouse, Polygon Zero has become an integral part of Polygon’s wider vision.

Mir and Polygon team together came up with the roadmap, overall design and approach for Polygon Zero, and the project is still under processing, whose details will soon be shared by the Polygon team. Polygon Zero involves compiling Solidity code to a new bytecode format that is ZK friendly. 

The deal cost the Polygon Network $100 Million and 190 Million $MATIC token or $400 Million. There are many scaling solutions for Ethereum in the market, but they do not usually involve efficient recursive proofs. In collaboration with Mir Protocol, Polygon announced a recursive proof system called plonky2.

https://twitter.com/mirprotocol/status/1468985514267136008 

The system is said to be incredibly fast that takes 0.17 seconds to generate the proofs on the laptop. It is also pretty Ethereum friendly as it can support Ethereum transactions.

About Mir Protocol:

Mir Protocol is a platform for DApps powered by ZK proofs. The protocol aims to empower the developers to build private and scalable decentralized applications. The platform supports the existing DApps along with reducing the state size for validators by 1000 times.

Mir increases the throughput with every node joining the network and does not sacrifice decentralization and security.  To simplify the transaction execution and improve the scalability, the Mir platform uses zero-knowledge proofs.

After the deal with Polygon Network, Mir protocol will be rebranded as Polygon Zero, which will build the ZK rollups based on the Zero-knowledge technology. The project will be ready by next year.

Closing thoughts

There are already many ZK rollup based scaling solutions for Ethereum in the market, but most of them have minimal functionalities.

Polygon strategically explores and encourages meaningful scaling approaches and is specially focused on Zero knowledge-based solutions. Earlier in August, Polygon announced to invest $1 billion in Zero knowledge-based technologies. Polygon team is very confident that their solution will push the Ethereum adoption and allow the vast scaling improvements and maintain security.