Polygon, a leading Ethereum layer-2 developer, has recently unveiled the alpha version testnet of its new zero-knowledge (ZK)-rollup solution called Miden. This new solution aims to enhance the capabilities of the Ethereum blockchain by incorporating client-side proving, a cryptographic technique that allows data to be verified without revealing its contents to the entire network. Miden also introduces private accounts that support private tokens and transactions, as well as parallel transaction execution for higher throughput and scalability.
Miden offers users the ability to locally generate proofs for their state transitions without the need to disclose the state to the network. This approach not only reduces network load but also improves privacy and scalability. With the introduction of new functionalities like private accounts and parallel transaction execution, Miden is positioned to compete with other layer-2 scaling networks and rollup technologies in the market, such as StarkNet and zkSync Era.
Despite the launch of the Miden testnet, the native token of the Polygon blockchain, also named Polygon, did not experience a significant market reaction. Polygon Labs CEO, Marc Boiron, recently criticized Layer 3 (L3) networks on the Ethereum blockchain, stating that they are unnecessary for scaling the network and only serve to drain value from the mainnet. Boiron emphasized that Layer 2 (L2) networks like Polygon Labs focus on scaling existing networks without the need for Layer 3 solutions.
The L3 ecosystem includes various solutions from L2 networks, such as Orbs, Xai, zkSync Hyperchains, and the newly launched Degen Chain on Arbitrum Orbit. Meanwhile, the Polygon Proof-of-Stake (PoS) sidechain has successfully executed the Napoli hard fork, adding support for Dencun features and becoming the first network to support RIP-7212. EIP-1153 aims to enhance block space utilization and overall network performance, contributing to the evolution of the Ethereum ecosystem.
Overall, the introduction of Miden by Polygon represents a significant advancement in the field of layer-2 scaling solutions for Ethereum. With its focus on improving privacy, scalability, and transaction throughput, Miden aims to address the growing demands of the blockchain industry. As the competition among layer-2 networks intensifies, it will be interesting to see how Miden performs in the market and how it compares to other existing solutions. With ongoing developments and updates in the Ethereum ecosystem, the future looks promising for the continued growth and evolution of blockchain technology.
