In Brief:
- Polygon has acquired Mir protocol for $400 million in order to expand its scaling option.
- The deal reached on November 26 and involves 190 million MATIC tokens and another 100 million USD.
- As part of the deal, Mir is rebranding to Polygon Zero.
The Layer 2 scaling platform, Polygon (previously Matic Network) announced the acquisition of Mir protocol for $400 million in order to expand its scaling option.
Polygon announced the purchase of Mir protocol, a platform that uses a “zero-knowledge proof” mechanism for building decentralized applications away from the Ethereum network at its ZK Day event.
Mihailo Bjelic, Co-founder of Polygon informed that Polygon and Mir reached the deal on November 26. However, the deal involves 190 million MATIC tokens and 100 million USD, totaling around $400 million as of MATIC’s price on November 26.
With the acquisition, it has now been attested that the project would spend a significant portion of the $1 billion to this effort outlining the plan for its ZK Thesis. In August, Polygon merged with zero knowledge-rollup project Hermez in a $250 million deal.
Polygon says Mir Protocol is the fastest ZK-proof technology, Which means it can generate proofs faster and verify more transactions in a single proof. The deal carries a vesting period of three years, meaning the Mir team will be able to withdraw the funds over a period of three years based on deliverables.
Polygon is also introducing plonky2, a recursive proof system that can support Ethereum transactions. It is also practical to verify on Ethereum and is of a magnitude faster than anything else (takes an incredible 170 milliseconds on a laptop)
As part of the deal, Mir is rebranding to Polygon Zero, and the project will build a ZK-rollup based on its ZK-proof technology.
Zero-knowledge proofs are a cryptography technology that verifies the information, such as a transaction on the blockchain, without revealing the specific details or contents of that information, thus keeping the privacy intact.