Polygon, an Ethereum compatible layer two scaling solution, announced in a press release to Cointelegraph, that its zkSTARK powered Miden Virtual Machine has been launched for the development decentralized applications.
1/7 We are proud and excited to announce the Polygon Miden, a new STARK-based and EVM-compatible rollup. @bobbinth is the project’s leader. He was previously Facebook’s lead ZK researcher and led the development of Winterfell. A on why this is exciting… pic.twitter.com/5RqAJgnZlP
$MATIC – We’re hiring! November 16, 2021 (@0xPolygon).
zk-STARK is for zero-knowledge scaleable transparent argument of knowledge. Zero-knowledge technology, in layman’s terms means that one party can prove to the other that they have private information (such a password), without having to reveal what that information is. STARK is an algorithm to algorithmically obscure, verify or prove such information. Polygon has invested over $1 billion in zero-knowledge technology development.
One use of zk–STARK is to verify identity in complex decentralized financial transactions, or DeFi. zk-STARK, and similar schemes, can remove sensitive information from digitized assets such as driver’s licence or passport copies. They also reduce their size to allow for quick verification by blockchain participants.
It would allow nodes to verify the authenticity of documents without contacting users’ personal data. This would reduce privacy concerns and establish trust in the DeFi product. It can be used to simplify cryptographic verifications in consensus mechanisms, and increase computational performance.
Co-founder of Polygon Sandeep Nailwal said the following about the development:
ZK is the future of Ethereum, and MidenVM is an important part of Polygon’s roadmap to Ethereum scaling. It will facilitate and accelerate the validation of DeFi apps and cryptocurrency — increasing the speed and scale for the Polygon ecosystem.