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.
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.
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 workable for use on Ethereum, with 45KB proofs in optimum size.
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.
The CoinX trading platform celebrates its fourth anniversary and announces a competition with valuable prizes
“Novi” wallet and in partnership with “WhatsApp” announce the trial of cryptocurrency payments