Polygon Acquires ZK Protocol Mir For $400 Million

Polygon mir
Source: The Block

Following an update on their official Twitter account, Polygon acquired Mir in a $400 million deal. Mir is a project that focuses on zero-knowledge proofs, and it will help Polygon, the Ethereum scaling platform, in its operations.

It is a great deal for Polygon to join hands with Mir because they aim to use the ZK scaling technology developed by Mir to expand the scaling portfolio of Polygon by creating polygon Zero, which will scale Ethereum and take its users to Web3.

READ ALSO: Fortress Technologies Bitcoin Mining Rebrands to Cathedra Bitcoin INC.

Mir has developed the fastest ZK technology globally that allows for the verification or computation of data without exposing private information to third parties. These features enhance the speed and privacy during transactions, which has been a great challenge with Ethereum transactions.

Polygon is a top scaling project in Ethereum and hosts top decentralized Apps like OpenSea, Balancer, and Aave. As the blockchain continues to grow, there is increased competition for Ethereum transactions, which results in high fees and congestion.

Polygon has been using sidechains to accommodate more transactions and to deal with this challenge. While this strategy has been working well, Polygon aims to employ more and better solutions to make Ethereum faster, which is why they acquired Mir.

Why Polygon Is Excited About Acquiring Mir

In an attempt to scale Ethereum, Polygon has been investing heavily in ZK projects. First, they acquired Hermz, which created Polygon Hermz, secondly, they merged with a ZK-friendly EVM. After this, they acquired Miden, which formed Polygon Miden, and now they are working towards Polygon Zero after acquiring Mir. Polygon is mostly excited about Polygon zero because:

1. The Scaling Technology of Mir Is Fastest in the World and Ethereum Friendly

The ZK scaling technology developed by Mir is the fastest in the World. It generates recursive proofs in 170 milliseconds, which is faster than any other recursive proof generator in the World. What’s more, plonky2, the proving system, is compatible with Ethereum.

2. The Best Zk Team has created Polygon Zero in the World

The team behind Mir ZK is the best globally. The team comprises world-class developers who have worked with top companies like Google as well as renowned crypto research institutions like EPFL. Therefore, Working with such a team gives Polygon the confidence that Polygon Zero will solve all the issues with Ethereum and propel it forward.

3. The Development of Polygon Zero Has Already Started

The roadmap to Polygon zero is already out, and the Mir team has their hands on the project already. The team is working towards a ZK-friendly bytecode format and a virtual machine that will execute the bytecode. The goal is to develop a solution that will improve the scaling of Ethereum without compromising security.

READ ALSO: PIMCO Plans on Investing More in Crypto

The Future for Polygon Zero

Polygon aims to integrate polygon Zero into the already existing polygon ecosystem, made of Polygon Hermez, polygon Avail, Polygon PoS, polygon SDK, polygon Miden and Polygon Nightfall.

The goal is to also build a strong scaling infrastructure that will deal with the scaling, privacy, and speed issues with Ethereum to serve the users better.