The flow of technology is moving towards #Layer2 , the upgrade of Ethereum DENCUN and the Bitcoin ecosystem are also enthusiastically supporting Layer2 projects. One aspect you may not have noticed is that the second-layer network generally uses ZK technology. The Polyhedra Network project has the goal of bringing ZK technology to integrate and develop the Web3 space. So Polyhedra has a leading potential.
1. What is #PolyhedraNetwork ?
Polyhedra Network is a project that utilizes Zero-Knowledge Proof (ZKP) technology in most of its core features, providing users with fast and highly secure functionalities. From asset transfers to messaging and data exchange between Web2 and Web3, all processes are characterized by speed and high-level security.
This general ZK interoperability protocol simplifies the process for traditional financial institutions to develop applications that connect both Web2 and Web3, facilitating effortless movement of real-world assets (RWAs) between networks.
The Polyhedra Network ecosystem currently consists of four main products, listed in decreasing order of optimization: zkBridge, zkLightClient, ZK-NFT, and ZK-DID. Let's delve into these four products to explore the potential of Polyhedra in the coming months.
2. Polyhedra Network ecosystem!
2.1 zkBridge
zkBridge uses zkSNARKs to enable a prover to efficiently convince the receiver chain that a certain state transition happened on the sender chain. zkBridge consists of a block header relay network and an updater contract.
The block header relay network retrieves the block headers from the sender chain, generates proofs of the validity of the block headers, and sends the headers along with the proofs to the updater contract (set up on the receiver chain).
The updater contract maintains a light-client state. It automatically adds block headers of the sender chain once the associated proofs are verified, and updates the current main chain of the sender chain.
→ On May 31, 2023, the Polyhedra team announced that zkBridge would integrate with LayerZero to improve transaction speed, enhance security capabilities, and utilize a developer-friendly language.
Currently, the zkBridge ecosystem has over 80 projects, including prominent names such as Manta Network ($MANTA), #BNBChain , Polygon ($MATIC ) , Amonica Brand, Fantom, Galxe ($GAL), KiloEx, Mantle, Arbitrum ($ARB ), Metis ($METIS ) and many more. It is predicted that there will be numerous other projects integrating with Polyhedra's zkBridge, and strategic partnership connections will help drive the price of $ZK higher in the upcoming Bullrun season.
2. zkLightClient
zkLightClient is a technology developed based on ZKP and fully integrated into LayerZero. With zkLightClient, applications built on the LayerZero protocol will experience enhanced security, optimized performance, and reduced costs.
Previously, verifying on-chain transactions in #LayerZero consumed significant time and cost for application developers. Now, zkLightClient leverages the proofs generated from ZKP technology to expedite the verification process on LayerZero.
Specifically, when a user initiates a transaction in any LayerZero application, the transaction is sent to the Endpoint API and recorded in the authentication data storage library on chain A. Then, the transaction data is communicated from the data storage library on chain A to chain B, providing information about the transaction content and destination. Finally, a Packet Hash is transferred from chain A to chain B, which is used to cross-reference the transaction's content and destination. (On-chain transaction verification has been cost-prohibitive to the tune of $50m-$100m/day per pair-wise chain connected to Ethereum due to the presence of extensive transaction logs, which are necessary for the proof but not for the application itself.)
2.3. zk-NFT
ZK-NFT is a protocol that encompasses NFTs and tokens with maximum interactivity. The data and assets within ZK-NFT are encoded using ZKP technology to ensure user privacy rights. Additionally, zk-DID is utilized to prove ownership rights of individuals over their ZK-NFTs.
Furthermore, according to the Polyhedra team, zk-NFT is also used for securing NFT information when utilizing cross-chain functionality.
2.4. ZK-DID and others
zk-DID is a verifiable credential system with high scalability and user-friendly features. As zk-DID also applies ZKP technology, the product offers the following advantages:
High security: zk-DID enables compliance with KYC regulations without exposing sensitive personal information of users. This helps protect privacy rights and prevent unnecessary information disclosure.
High interactivity: According to the Polyhedra Network, the zk-DID infrastructure is compatible with W3C standards and various other authentication data types. As a result, the product can easily accommodate interoperability from Web2 to Web3 platforms.
They look forward to supporting more ZK projects with their infrastructure, targeting not only interoperability applications but also zkVM, zkEVM, and utilizing ZK to enhance AI (zkML)
3. Polyhedra token - $ZK | Tokenomics and Backers
Polyhedra Network will be governed by its community members via ZK. ZK is Polyhedra Network’s native token which can be used for: Zero-knowledge proof service fees, zkBridge transaction fees, Staking, Economic Security, Governance.
Founder: Tiancheng Xie (Co-Founder, CTO), Eric Vreeland (CSO, ex-work: B2B marketing at LayerZero Labs).
Total supply 1,000,000,000 $ZK, current supply 91,000,000 (9.1%). Below is their allocations:
Backers: Polyhedra has raised over $45 million in funds from Tier 1 investors such as BinanceLabs, Polychain Capital, AmonicaBrands, and others.
Currently, $ZK is trading in the range of $2.5 to $3, facing pressure from airdrop claiming. However, it still has significant potential to reach the $5 in the near future. There is a possibility that $ZK will be listed on Binance Futures first, followed by Binance Spot Trading.
Please note that this information is not financial advice, and it is recommended to do your own research (DYOR) first.