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Wednesday, June 5, 2024
HomeCryptoPolygon has spent $1 billion on ZK technology over the past 3...

Polygon has spent $1 billion on ZK technology over the past 3 years

Polygon Labs has acquired blockchain research and engineering firm Toposware, marking its third investment in zero-knowledge (ZK) startups in the past three years.

Toposware has partnered with Polygon Labs to develop Prover Type 1, which allows Ethereum-compatible blockchains to adopt kZK proofs without major changes. Following the acquisition, 11 engineers from Toposware will join existing ZK development teams on Polygon.

Polygon said the deal brings its cumulative investment in ZK technology to more than $1 billion. In 2021, Polygon acquired two other companies focusing on the scalability and privacy of Ethereum, Mir and Hermez, with a total value of 650 million USD through multiple transactions.

ZK technology allows one party to prove to the other that a statement is true without revealing additional information. In blockchain, this improves privacy by allowing transaction authentication without revealing transaction details.

“We are always exploring potential acquisitions to enhance our ZK research and development efforts,” a Polygon spokesperson shared, adding that there are currently no other deals under consideration. “ZK technology is accelerating our efforts on many fronts.”

Only Web3 services are okay forecast approximately 90 billion ZK proofs will be needed by 2030, equivalent to 83,000 transactions per second. Several crypto companies are researching ZK technology, including StarkWare and Matter Labs.

A trademark dispute recently erupted over ZK technology when Matter Labs, the company behind the zkSync layer 2 solution, tried to register intellectual property rights for the term “ZK”.

The company abandoned its registration effort shortly after due to backlash from researchers and the cryptocurrency community.

Polygon condemned the move, criticizing Matter Labs as “stealing” the common good:

“This is a serious problem. They’re basically trying to steal everyone’s hard work. We believe that ZK is for the common good […] We will consider legal action if necessary. We are delighted that they have decided to abandon their “ZK” branding.”

Annie

According to Cointelegraph

Mark Tyson
Mark Tyson
Freelance News Writer. Always interested in the way in which technology can change people's lives, and that is why I also advise individuals and companies when it comes to adopting all the advances in Apple devices and services.
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