Polygon, a Layer 2 scaling solution for Ethereum-compatible blocks, announced in a press release to Cointelegraph that it has launched the zk-STARK-based Miden VM to develop decentralized applications, also known as DApps.

zk-STARK stands for Transparent Scalable Knowledge and Zero Knowledge Argument. In layman’s terms, zero-knowledge technology allows one party to prove to the other party that it has private information (such as a password) without revealing what it is. STARK is one such way of algorithmically obscuring, proving or verifying this information. Polygon has committed over $ 1 billion to develop zero-knowledge technologies.

One of the zk-STARK apps is intended for use in complex decentralized finance or DeFi, such as decentralized car or medical insurance, due to the need for identity verification. zk-STARK and similar systems can filter sensitive information about digital assets, such as driver’s licenses or passport copies, and reduce the size for quick verification of blockchain participants.

This ensures that these documents can be authenticated in a contract without affecting users’ actual personal information, which will reduce privacy concerns and build trust in the DeFi product. But it can also be used to simplify cryptographic evidence in consensus mechanisms and improve computational performance.

Sandeep Nilewol, co-founder of Polygon, said the following about the development:

ZK is the way forward for Ethereum, and Miden VM is one of the most important elements in the Polygon roadmap for Ethereum’s scalability. This will simplify and speed up the verification process for DeFi apps and cryptocurrencies, and increase the speed and scale of the Polygon ecosystem.

Source: CoinTelegraph