Polygon Labs Acquires Toposware, Boosts Investment in Zero-Knowledge Technology to Over $1 Billion
Summary:
Polygon Labs, a blockchain company, has acquired Toposware, adding to its investments in zero-knowledge (ZK) startups. Toposware's 11 engineers will join Polygon's existing teams to work on Type 1 Prover, enabling Ethereum-compatible blockchains to adopt ZK proofs without significant changes. The deal brings Polygon's total investment in ZK technology to over $1 billion, after acquiring Hermez and Mir in 2021. ZK technology enhances privacy in blockchain by allowing one party to prove a statement's truth to another without revealing extra information.
The blockchain research and engineering company, Toposware, has now been purchased by Polygon Labs, indicating the firm's third venture into startups concentrating on zero-knowledge (ZK) over the past triplet of years. Toposware has been involved in a collaborative effort with Polygon Labs in the creation of its Type 1 Prover. This innovation enables blockchains compatible with Ethereum to embrace zero-knowledge proofs without the necessity for dramatic modifications. As a result of this acquisition, 11 Toposware engineers will be joining the existing ZK development crews within Polygon.
With this latest deal, Polygon reports that its total investment in ZK technology has surged past the billion-dollar mark. Two additional firms in 2021, Hermez and Mir, both of which focus on privacy and Ethereum scalability, were acquired by Polygon in several transactions totaling $650 million.
By enabling one entity to demonstrate the truth of a statement to another one without divulging supplementary data, ZK technology enhances privacy in blockchain by verifying transactions without revealing transaction details.
Polygon's representative informed Cointelegraph that they are always on the lookout for potential acquisitions to bolster their ZK research and development endeavors. They added that, currently there are no other deals being deliberated. The spokesperson further added that ZK technology is driving their initiatives across a myriad of fronts. Predictions estimate that by the year 2030, Web3 services alone will necessitate around 90 billion ZK-proofs, equal to 83,000 transactions every second. Various crypto companies, including StarkWare and Matter Labs, are focusing on developing ZK technology.
Recently a trademark dispute over ZK technology has ignited. Matter Labs, the organization responsible for the layer-2 solution zkSync, attempted to secure intellectual property rights by trademarking the term “ZK.” However, following dissent from researchers and the crypto fraternity, Matter Labs rescinded their application. Polygon expressed their position stating that this move was an attempt to “steal” a common benefit. According to the company, “This is indeed a grave matter. Essentially, they are trying to expropriate the fruits of others' labor. We perceive ZK as a shared benefit. We won't hesitate to consider legal repercussions if required. Although they have shelved their bid for the “ZK” trademark, they are pursuing other ZK-related trademarks that we consider highly disconcerting.”
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Published At
6/4/2024 4:00:00 PM
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