By Shelly Melancon (Switzerland)
Polygon Network has reportedly launched a zk-STARK-powered Miden Virtual Machine to enable the deployment of DApps on the Ethereum blockchain. The layer2 scaling solution stated that the launch of the EVM-compatible Rollup will also enhance validation on the network to prevent hacks or data theft.
The Polygon family announced on its Twitter page on Tuesday that it was proud to reveal Miden. The development of the zk-STARK was led by a former lead researcher for Facebook whose Twitter handle is @bobbinth. The researcher is also responsible for the building of Winterfell.
New EVM-Compatible Model Launch Was Deemed Necessary
The Ethereum Network popularized Decentralized apps or DApps, smart contract-powered versions of traditional apps that emblems interaction with personal finance. Polygon and other layer two protocols are scaling solutions that harness the power of blockchains like Ethereum to facilitate interactions and process transactions. However, many developers lament that deployment is slow and the process of transaction is slow and not the best in terms of user-friendliness.
Security has also been identified as a threat to DApps on the Ethereum Network, with users losing sensitive data to malicious attackers. The launch of zk-STARK by Polygon was imminent and necessary to address the challenges. One of Polygon’s executives, Sandeep Nailwal, stated that ZK technology is the way forward for Ethereum. MVM is an essential element in Polygon’s vision to facilitate scalability on the Ethereum blockchain. MVM will reduce complexities and speed up validation for DeFi apps and digital assets, thereby increasing the overall speed of the Polygon infrastructure.
zk-STARK is an acronym for zero-knowledge Scalable Transparent ARgument of Knowledge. It enables one party to show to the other that it holds sensitive information that it won’t disclose to another party. This way, users’ information is protected. STARK employs an algorithm that enables the verification of such information. Polygon revealed that it has allocated over a billion dollars to the development of the technology.
The obfuscation and verification of information is also extended to DeFi, and it’s one of the complex use cases of the zk-STARK model. Identity verification can be carried out on car insurance, healthcare products, etc. zk-STARK can censor private information, such as passport and driver’s license on digitized assets and redact for faster verification.
The model ensures that nodes can finalize the originality of such documents without affecting the user’s personal data, thereby eliminating security concerns and building trust for decentralized finance products. Zk-STARK can also be used to enhance computational power and solve complexities in consensus protocols.
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