Polygon, a layer 2 scaling solution for Ethereum compatible blockchains, stated in a press release provided to Cointelegraph that it has launched its zk-STARK powered Miden Virtual Machine for the development of decentralized applications, as well known as DApps.

zk-STARK stands for null-noesis Scalable Transparent Statement of Knowledge. In layman's terms, nada-noesis applied science allows one party to bear witness to another that they concord private information (such every bit a password) without revealing what that information is. STARK is one such method to algorithmically obfuscate, evidence or verify such information. Polygon has committed over $1 billion for the development of zero-knowledge technology.

One awarding of zk-STARK is for use in complex decentralized finance, or DeFi, such as decentralized car insurance or healthcare products, due to the need for identity verification. zk-STARK and similar schemes can redact sensitive data on digitized assets, such as commuter'south license or passport copies, every bit well as reduce their size for fast verification past blockchain participants.

It would ensure that nodes can certify the authenticity of such documents without them coming into contact with users' actual personal data — thereby diminishing privacy concerns and establishing trust for the DeFi product. But it can also be used to simplify cryptographic proofs in consensus mechanisms and improve computational functioning.

Sandeep Nailwal, co-founder of Polygon, said the following in regards to the development:

ZK is the way alee for Ethereum and Miden VM is one of the about important elements in Polygon's roadmap for Ethereum scalability. It will simplify and accelerate validation for DeFi apps and cryptocurrencies — enhancing the speed and scale of the Polygon ecosystem.