Polygon (formerly Matic Network) bought the Mir protocol, from the startup of the same name, for $400 million. Mir works on Ethereum scaling using zero-knowledge proof technology, a method by which one party can prove to the other that a given statement is true, without transmitting any information beyond the fact.
Furthermore, it works with ZK Proof, a cryptographic tool that can be used to create ZK rollups. ZK rollups allow transactions to be processed but do not require all transaction data to be posted to Ethereum, causing it to reduce the block space used in Ethereum.
According to Polygon, Mir protocol has the fastest ZK-proof technology, which makes it faster to generate proofs and verify more transactions in a single action. According to Polygon co-founder Mihailo Bjelic, the Mir team has invested a lot of time designing and optimizing its ZK-proof technology called Plonky2.
“It's a great piece of engineering. Plonky2 can generate recursive proofs in an incredible 170 milliseconds on a laptop. More importantly, plonky2 is handy to use on Ethereum, with 45kb proofs in optimized size mode,” says Bjelic.
Polygon and Mir closed the deal on November 26, involving 190 million tokens MATIC and $100 million in USDC stablecoins, which then yielded around $400 million in the price of MATIC, Bjelic revealed.
The deal has a three-year vesting period, meaning the Mir team can still make profits over that period, until 2024, based on the results, Polygon co-founder Sandeep Nailwal said. also that Polygon intends to provide a set of scaling solutions for Ethereum in the long term, incorporating Layer-2 technology.
