Polygon and Hermez join forces
In a tweet on August 13, Polygon created excitement by declaring to ally with Hermez. A second layer solution, Hermez is a protocol known for its involvement in zero-knowledge proof contracts, also called ZKP for “Zero-Knowledge Proofs”.
1/14 It is a big day for @ 0xPolygon!
We are announcing a strategic focus on ZK-based scaling solutions and $ 1B in funding for this effort.
As our first big foray into the exciting world of ZK, we are excited to announce the merger / acquisition of @hermez_network! 🔥
Thread .. 🧵 pic.twitter.com/ayEjUEpSK6
– Polygon (@ 0xPolygon) August 13, 2021
A press release published the same day reveals Polygon’s ambitions. The Ethereum scale-up project wants to spend $ 1 billion, a significant portion of its cash flow, on ZKP research.
To this end, the Polygon teams have set themselves the following objectives:
Acquire world-class ZKP projects and teams; Establish partnerships with relevant teams and projects; Design and develop solutions based on ZKP; Fund research and innovation in this area; Adopt ZKP solutions.
It will be understood that Polygon is closely interested in the data protection functionalities present in the ZKP protocols. The project could in the future reach the level of ZCash, a precursor to the implementation of this type of protocol.
“We’ve been exploring ZKP-based solutions for some time and we’ve done some pretty significant groundwork already. When our foray into this area becomes official, we will gradually announce all that we have achieved so far. “
Thus, the Hermez project, specializing in ZK-Rollups, will be integrated into the Polygon ecosystem under the name Polygon Hermez, where it will be part of the Polygon range of products, in particular Polygon SDK and Polygon Avail.
The 26 members of the Hermez project will also join the Polygon team.
👉 To go further – Zero-knowledge proofs (ZKP): principle and applications
An unprecedented merger
In the corporate field, merger and acquisition processes are commonplace. However, this is not quite the case for firms linked to cryptocurrencies. In addition to the merger of human, material and financial resources, such an operation requires the association of two previously separate blockchains.
As such, we can note the recent attempt by Keep and NuCypher to link the two networks as a pioneering example.
However, in another announcement published on August 13, Polygon claims to have achieved a promising result.
“We have thought a lot about how a real merger between two networks might look, but there have been very few concrete attempts. We believe this is somewhat of a historic moment, as it will (to our knowledge) be the first full merger of two blockchain networks. “
To do this, all the components of the Hermez project: technologies, solutions, teams and HEZ token will be integrated into the Polygon ecosystem. HEZ holders will be able to exchange their tokens for Polygon’s native token (MATIC), for a ratio of 3.5 MATIC: 1 HEZ.
MATIC will remain the sole token in the Polygon ecosystem and it will take on the role of HEZ in Polygon Hermez, providing security, rewards and other utilities to come.
👉 More info about Polygon (MATIC) – Coinbase Wallet now supports dApps on the Polygon network
Zero-knowledge proofs are on the rise
Protecting privacy in an open society requires cryptography. To encrypt is to indicate the desire for privacy or secrecy. It is expressing one’s right to reveal or not to the entity of our choice information that we control.
First mentioned in 1985 by Shafi Goldwasser, Silvio Micali and Charles Rackoff in their article “The Knowledge Complexity of Interactive Proof-Systems”, the theory behind ZKP protocols is not new.
However, it was not until the advent of the cypherpunk movement, during the 90s, and the work of many computer scientists and mathematicians before concrete applications ensued.
Today, zero-knowledge proof contracts are gaining attention as the protection of private data becomes a critical issue in our digitizing societies.
Finally, the involvement of actors such as the Polygon, Hermez and ZCash projects in this area seems to be only the beginning of a nascent cryptographic epic. That of our digital sovereignty.
👉 To go further – Polygon (MATIC) launches a studio dedicated to video games and NFTs
Receive a recap of crypto news every Sunday 👌 And that’s it.
About the author: Bela Le Tiec
His favorite text: A Cypherpunk’s Manifesto.
His flagship show: Thinkerview.
His favorite artist: Daft Punk.
His goal: to contribute to the education of his contemporaries in blockchain and distributed networks.
All articles from Bela Le Tiec.