Polyhedra Network has unveiled a zero-knowledge proof generation protocol
The development followed a partnership with Google Cloud
02.05.2024 - 14:45
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What’s new? Singapore-based Web 3.0 infrastructure provider Polyhedra Network, whose valuation hit the $1 billion mark in March, has unveiled the Expander open-source system for generating zero-knowledge proofs (ZKP). According to the developers, the system generates ZKP almost twice as fast as competitors, while offering higher security and efficiency.
What else is known? The announcement follows Polyhedra’s recent partnership with Google Cloud, in which the parties are deploying Polyhedra’s ZKP solutions across all of Google’s cloud services. The launch of Expander will take place next week.
ZKP is a cryptographic technology that allows one party to a transaction to verify information from another party without disclosing that information. It is gaining traction amid growing demand for privacy and security in digital transactions. It is already being used extensively in lending and trading decentralized financial (DeFi) protocols, as well as for identity verification without disclosing personal data.
Polyhedra Network specializes in developing solutions based on this technology. Its products include the zkBridge cross-chain protocol zkBridge, the zkDID decentralized identity protocol, and the ParaPlonk ZK roll-up scaling solution.
Polyhedra raised $20 million from blockchain game developer Animoca Brands, a subsidiary of Hong Kong’s first licensed crypto exchange operator HashKey, and others in its latest funding round, which resulted in Polyhedra becoming a “unicorn”.
The native token of the Polyhedra Network (ZK) was launched in March and is based on the ERC20 standard. The asset has a capitalization of $73,3 million and is trading at $1,21, down 68% from the record set on March 28 at $3,8. The daily gain was 0,88%, while the weekly drop reached 25%.
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