Polygon acquires Mir Protocol for $400 million to expand ethereum capacity
- ByTejika Bajaj | December 14, 2021
The ethereum-powered network Polygon network has recently acquired a zero-knowledge (ZK) protocol developer, Mir, for around USD 400 million. In its native currency MATIC, this translates to around 250 million tokens priced at USD 1.6 each. This acquisition is a part of the India-based Polygon network’s vision to scale up the ethereum ecosystem.
Talking about the recent acquisition, the co-founder of Polygon, Bjelic said, “The Mir team is now joining Polygon in order to utilize this groundbreaking technology and build our new project – Polygon Zero, a highly-scalable, Ethereum-compatible ZK Rollup. Polygon is focused on Zero-Knowledge (ZK) cryptography as the end game for blockchain scaling. We have committed $1B from the Polygon treasury to this effort, and we outlined our plans in our ZK Thesis.”
The ZK protocol enables transaction authenticators to validate encrypted data without accessing the data. Mir has developed an iterative ZK algorithm that allows it to generate verification proofs within 170 milliseconds. This is the fastest proof generating capacity available in the crypto world and could have diverse applications across industries.
Mir is Polygon’s second acquisition after its deal with Hermez network in August for USD 250 million. Hermez also helped in up-scaling architecture on the Polygon network.The blinding transaction speed comes from Polygon’s use of the ‘Proof-of-Stake’ model. Crypto investors can pledge a part of their crypto holdings to the development of the blockchain and become transaction validators in the process.
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