As a seasoned crypto investor with a keen interest in Ethereum scaling solutions, I’m excited about Polygon’s latest alpha release of Miden, a zero-knowledge (ZK)-rollup designed to extend Ethereum’s capabilities. With the escalating competition in the Ethereum scaling race, this development is a significant step forward for Polygon.
Polygon, a leading Ethereum layer-2 developer, has introduced the alpha version of its newest scalability solution, named Miden, on a testnet. The rollout comes amidst escalating competition to enhance Ethereum’s scaling capabilities.
In a blog post dated May 6th on Polygon’s website, it was announced that the live alpha testing phase for Miden, Polygon’s zero-knowledge Ethereum scaling solution, had begun for developers. Miden is a ZK-rollup, which aims to expand Ethereum’s functionalities.
As a cryptanalysis expert, I’d describe it this way: In my analysis, Polygon’s newest innovation employs Zero-Knowledge proofs, a formidable cryptographic technique. With this method, I can validate the authenticity of data without disclosing its content to the entire network.
Miden offers a client-side verification feature that allows users to create proofs for their individual state changes without revealing their current state to the network, according to Polygon. This approach reduces the workload on the network and enhances both privacy and scalability.
As a crypto investor, I can tell you that Miden’s technology offers an extra layer of privacy. With private accounts, not only your account’s hash but also private tokens and transactions are kept hidden from public view on the blockchain. This means enhanced security and control over your digital assets.
Miden utilizes the capability of processing transactions in parallel, allowing for a significantly greater transaction volume than Ethereum‘s mainnet and alleviating the issue of excessive bloat in blockchain nodes.
As a data analyst, I would explain it this way: I’m excited to share that besides the core functionalities, we’re also working on additional customizable features for our platform. One of these features is the ability to create personalized smart contracts using the Miden virtual machine (VM) and programming languages like Rust. Users will have the freedom to write their own node scripts, enhancing the versatility and adaptability of our solution.
Based on the Miden roadmap, a builder’s testnet is planned for September. The timeline for the mainnet launch, however, remains undisclosed.
Miden now faces rivalry from StarkWare’s StarkNet and other competitors, including Matter Labs’ zkSync Era, in the same market for layer-2 scaling solutions and rollup technology.
Polygon develops zkEVM, a scalability solution akin to Ethereum Virtual Machine. This enables the majority of current smart contracts, tools, and wallets to function effortlessly.
At the point of reporting, Polygon’s native token on the blockchain, MATIC, failed to respond to the testnet launch and decreased by 3.7%, reaching a trading price of $0.704.
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2024-05-07 09:36