Polygon Invests $1billion in ZK-Proof
Polygon invests $1 billion to improve Ethereum's speed and ease. Their new technology aims to connect different blockchains for quicker, smoother transactions.
Polygon is making big moves by investing $1 billion in Zero-knowledge proof (ZK-proof) powered scaling solutions for the Ethereum ecosystem.. Sandeep Nailwal, a key person at Polygon, shared this news at a big conference in Singapore.
He explained how the current internet (Web2) and the future one (Web3) are related. Web2 lets us share information quickly everywhere. Web3 will let people send and transfer value, like money, just as easily. But to do that, different blockchain networks need to work together smoothly.
Polygon is working on a special technology called recursive ZK-proof. This will make different blockchain networks connect to a single system. They will then work together like one big network. This means faster and smoother transactions for users.
Nailwal believes that soon, users can send money or do other operations across different blockchains in just a few seconds. It will feel like everything is happening on one big platform.
Polygon has other exciting things, like the zkEVM which was introduced in March 2023. It lets developers make new projects faster and cheaper than on Ethereum's main platform. They also introduced a toolkit for developers to make new blockchain networks linked to Ethereum.
In short, Polygon is making steps to bring different blockchains closer, so everyone can benefit from shared resources.
