Polygon Unveils Miden Alpha Testnet; New Step in Ethereum Scaling Evolution
Summary:
Polygon, Ethereum's layer-2 developer, has introduced an alpha version testnet of its newest zero-knowledge (ZK)-rollup solution, Miden, to increase Ethereum's scaling potential. The Miden network offers advanced features like encrypted accounts, parallel transaction execution, and customizable smart contracts. Despite the launch, Polygon's native token (MATIC) did not show significant market changes.
Developer of Ethereum's layer-2, Polygon, has initiated an alpha testnet for its latest Miden technology, a zero-knowledge (ZK)-rollup solution, amid intensifying competition for Ethereum scaling. On May 6th, Polygon announced the commencement of the Polygon Miden Alpha Testnet zero-knowledge usability assessment for developers. Miden, a ZK-rollup, is designed to augment the potentials of the Ethereum blockchain.
Like other ZK-rollups, Polygon's recent innovation employs a cryptographic method that enables data verification or "proofs" without disclosing the content to the rest of the network. Miden includes client-side proving which lets users "produce evidence of their state transitions locally without revealing the state to the network," according to Polygon's explanation. This is expected to lessen the network's load and elevate privacy and scalability levels. An overview of the Miden network was provided by Polygon.
Miden further supports advanced features such as private accounts that allow for confidential tokens and transactions, storing only the account hash on-chain. It also utilizes parallel transaction execution, letting transactions be processed simultaneously, resulting in appreciably enhanced throughput relative to the Ethereum mainnet and diminished blockchain node state inflation. Customizable smart contracts and tailored node scripts are among its planned key features, offering users the freedom to create their note scripts using the Miden virtual machine (VM) and programming languages like Rust.
The Miden roadmap reveals a builder's testnet planned for September, although no details regarding a mainnet launch timeline have been disclosed. Other viable alternatives in this competitive market include StarkWare's layer-2 scaling network and rollup tech stack StarkNet, and Matter Labs' zkSync Era. Polygon is also developing zkEVM, a scaling solution parallel to Ethereum Virtual Machine, facilitating the smooth operation of most pre-existing smart contracts, tools, and wallets.
The native token of the blockchain, Polygon (MATIC), did not reflect a reaction to the testnet launch, witnessing a 3.7% dip on that day, with a trading value of $0.704 at report time. The founder of Polygon Miden stated in a magazine that ZK-rollups represent the 'terminal phase' for scaling blockchains.
Published At
5/7/2024 9:25:00 AM
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