Crypto project “Polygon” acquires “Mir” protocol for the following purposes
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Answer Crypto project “Polygon” acquires “Mir” protocol for the following purposes
Before we delve into the acquisition process and its objectives, we present a simplified overview of the Polygon crypto project and the Mir protocol:
What is “Polygon”?
Polygon (formerly known as the Matic Network) is a popular Ethereum Layer 2 scaling solution that uses side networks for off-network accounts while ensuring asset security using a decentralized network of PoS validators and a Plasma framework.
The project aims to be the first platform for developers to deploy and operate decentralized applications in a secure and decentralized manner.
What is the Mir protocol?
The Mir protocol is a scalable cryptocurrency protocol for Ethereum.
The protocol uses ZK-proof technology and allows checking accounts in a fixed time.
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By using the “ZK-proof” technology (which enables the creation of ZK groups), the block space on Ethereum can be reduced.
This allows it to expand and reduce gas charges.
Polygon-Mir Deal:
According to a new announcement, Polygon recently acquired Mir protocol for $400 million (this purchase follows the acquisition of Hermes Network last August, which cost Polygon more than $250 million).
The latest acquisition deal was officially reached on November 26.
According to Mihalio Bilic, co-founder of Polygon, the acquisition includes:
- 190 million MATIC coins
- $100 million in USDC
Accordingly, the Mir team will be able to withdraw the funds (approximately $400 million) over 3 years (maturity period set at 3 years).
Mihalio Bilic commented on the Mir protocol by saying:
Mir was chosen primarily because it has ZK’s fastest technology.
It’s a great piece of engineering.
Plonky2 can create repeating directories in 170 milliseconds, which is incredible on a laptop.
Most importantly, Plonky2 is practical for use on Ethereum, with 45KB proofs in optimum size.
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The recent announced acquisition positively affected the price of the digital currency MIR while the MATIC coin was affected by the recent drop in the price of Bitcoin.
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