Polyhedra Network: Bringing ZK Technology to Developing Web3

Bittime – The crypto is busy talking aboutZK (Zero-Knowledge Proof).

Polyhedra Network , a project aimed at bringing ZK technology to Web3 integration and development , has just raised $10 million in funding from big names like Binance Labs and Polychain Capital. 

Let's discuss Polyhedra Network in more depth and what makes it special.

What is ZK Technology?

Zero-Knowledge Proof (ZKP) is an advanced technology that allows proving the authenticity of information without the need to reveal all the details of the information.

In zero-knowledge transactions, validators can prove that they have confidential information that the recipient wants to know, without having to provide that information directly.

One of the most advanced applications of ZKP technology in the crypto world is ZK-Rollups . This technology is used to overcome blockchain congestion problems that often occur, especially on the Ethereum platform.

ZK-Rollups work by collecting a large number of Ethereum transactions into blocks of data, then processing them outside the blockchain (off-chain), and only returning the final results to the blockchain. This increases transaction speed and reduces transaction costs.

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Get to know Polyhedra Network

Polyhedra Network is developing a new infrastructure for Web3 with optimal interoperability and scalability, as well as ensuring privacy through advanced Zero-Knowledge (ZKP) technology.

Polyhedra Network's interoperability solutions are designed for asset transfer, messaging, and data sharing between Web2 and Web3 systems with high reliability.

Polyhedra plans to integrate with more blockchains and make its API and SDK tools more accessible to developers.

They also plan to enhance their ParaPlonk protocol to attract developers looking for an efficient and distributed ZK-rollup solution.

Also Read: What are Optimistic Rollups: How they work and how they differ from ZK-Rollups

Comprehensive ZK Solution on Web3

1. Interactive Capabilities

Polyhedra Network builds the infrastructure for Web3 interoperability between different systems and ensures a high level of security without requiring additional trust.

2. Extensibility

Polyhedra designs and develops scalable and efficient zero-knowledge protocols (ZKP) for large-scale ZKP systems deployed on distributed computer networks.

3. Security

Polyhedra provides detailed web security extensions for Web3, including a hidden address model, meeting privacy protection and policy compliance needs.

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Polyhedra Network Ecosystem

1. zkBridge

zkBridge is currently in beta with a unique system called deVirgo, built on the latest distributed proof-of-concept, to provide a reliable and efficient cross-chain solution for Layer 1 and Layer 2 interoperability on Web3.

2. zk-DID

zk-DID is a secure and extensible authentication system designed to meet authentication needs in Web2 and Web3. To ensure user privacy, zk-DID uses advanced zero-knowledge proof to verify credentials and can be applied to a variety of use cases.

3. zk-NFT

Polyhedra Network's innovative solution is the ZK-NFT protocol, which enables the creation of NFTs with storage capacity and dynamics, thereby providing greater interactivity. Using zero-knowledge proof and hidden address model, ZK-NFT ensures the privacy and security of related assets.

4. Launchpad

Polyhedra Network provides features that allow users to create and use NFTs on various blockchains such as Ethereum, BNB Chain, Polygon, and Avalanche.

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Polyhedra Network (ZK) Roadmap

Polyhedra Network successfully raised $10 million in a strategic funding round co-hosted by Binance Labs and blockchain-focused investment firm Polychain Capital. Apart from that, behind this project are other prominent names such as Animoca Brands, Space ID, Metis, and Galxe.

Currently, there has been no official announcement regarding the project roadmap. However, Polyhedra Network is building a complete suite of systems focused on blockchain interoperability, scalability and privacy. 

Existing protocols and services include zkBridge which supports cross-chain asset and data transfers, a decentralized identity solution for zero-knowledge authentication, and the paraPlonk scalability solution which helps zk-rollup acceleration, as well as merging transactions for better speed and lower fees low.

In the near-term roadmap, Polyhedra Network plans to integrate its bridge and decentralized identity infrastructure with additional blockchain networks, as well as launch application programming interfaces (APIs) and software development kits (SDKs) for developers. The company will also continue to develop their paraPlonk solution.

Conclusion 

Polyhedra Network is a promising project with advanced technology. Their ability to utilize ZK for Web3 development can be a bridge between Web2 and Web3 in the future.

However, it should be noted that ZK technology is still considered future technology. Benefits such as increased TPS (Transactions Per Second) and reduced gas costs only become clear at Layer 2.

In other areas, ZK's positive impact has not been widely seen compared to existing technologies in the crypto world.

If ZK related projects experience a rapid rise, triggering a ZK wave in the crypto space, Polyhedra Network may be a project to consider. However, with the capabilities they currently have, no definite conclusions can be drawn.

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DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.