Polygon Acquired ZK Tech Developer Mir For $400 Million: Report

Polygon acquired ZK tech developer Mir as it continues with its expansion by spending $400 million on the new acquisition so let’s read more today in our latest cryptocurrency news.

Ethereum layer 2 scaling solution Polygon acquired ZK Tech developer Mir for $400 million and the platform conducted the purchase with 250 million MATIC tokens as it also announced the backdrop of Polygon’s zk-day virtual event. After the transaction, MATIC’s price increased by more than 50%. according to the blog post, Mir’s team will be joining Polygon to leverage its technology but also assist in the development of the new project. Dubbed Polygon Zero, the new initiative is described as a much more scalable and Ethereum-compatible ZK rollup. The Polygon zero team is growing really fast and acquired some new individuals with strong knowledge in the background. The project is now under development and its implementation is underway.

1/8 It's official: #Polygon welcomes @MirProtocol, a groundbreaking ZK startup in a $400M deal!

Mir's amazing team developed the world’s fastest ZK scaling tech; we are joining hands to utilize it and build Polygon Zero – a highly-scalable, Ethereum-compatible ZK Rollup. 🦄💫 pic.twitter.com/99m7Y0tDTN

— Polygon | $MATIC – We're hiring! (@0xPolygon) December 9, 2021

Polygon’s Zero goal is to boost Ethereum adoption by bringing substantial scaling improvements without having to avoid security as it joins the list of initiatives like Polygon Hermez, Polygon Miden, Polygon SDK, Polygon Avail, and Polygon PoS. Mir has also been involved in recursive ZK proofs for two years and the Ethereum scaling startup also became the first in the space to implement these methods based on PLONK and Halo last year.

It plans to work on sub-second recursive proofs while Plonky2 has the ability to generate these recursive proofs in 170 milliseconds on the computer system and Polygon’s co-founder even believes that it is practical to use on Ethereum. The unique features are expected to pave the way for blockchain networks’ horizontal scaling. The zero-knowledge proofs are cryptography algorithms that enable data verification like blockchain transactions withut having to disclose the details or the contents.

Polygon mostly focused on scaling zero-knowledge cryptography for quite some time now and announced that it will commit $1 billion to the effort with some of the steps ahead enhancing its ZK capabilities include acquiring prominent projects and teams that are designing and developing ZK-based solutions, hiring talent in the field while collaborating with other teams and projects that adopt ZK solutions among others. According to its Co-founder Sandeep Naiwal, the latest addition of Mir will bring the platform faster access to the world’s fastest ZK scaling technology.