Polygon launches scaling solution Miden to relieve congestion on Ethereum

Polygon has introduced a new scaling solution, Miden Virtual Machine which aims to address the issues of network congestion on the Ethereum blockchain. The new feature will allow for the development of decentralized applications (Dapps) on the layer two blockchain.

Polygon powers on zero-knowledge technology

Polygon has unveiled an Advanced zero-knowledge scalable transparent argument of knowledge (zk-STARK) based scaling solution, dubbed Miden to overcome the technical challenges on the Ethereum network. According to Sandeep Naiwal, the co-founder of the layer two blockchain, zero-knowledge is the way ahead for Ethereum and the Miden Virtual Machine and is also one of the most important elements for Polygon’s roadmap for the scalability of ETH.

Zk-STARK allows for one party to prove to another entity that they hold private information without revealing the details of the information. So far, Polygon has committed over $1 billion to develop the zero-knowledge technology. 

The decentralized finance (DeFi) industry could leverage zk-STARK to redact sensitive information on services and products such as decentralized insurance or healthcare. In addition, developers would not need to be a cryptographer or to understand how it works in order to use it. 

Bobbin Threadbare, Facebook’s lead zk researcher who led the development of Winterfell, will head the Miden project. Threadbare stated that the addition of Miden Virtual Machine at Polygon marks a significant step for the blockchain in overcoming some of the major technical challenges of being able to rely on cryptographic proofs of computational integrity.

Polygon further added that the Miden Virtual Machine also introduces two new features, including the support for arbitrary transactions and that it automatically generates STARK proofs of transaction execution. 

In the coming months, the layer two protocol will develop Miden from its first version as a prototype for early adopters to a production-grade Virtual machine with multi-language support and built-in privacy.

MATIC price needs to hold above crucial level to resume rally

MATIC price has dropped 32% from its swing high on October 29, as the majority of cryptocurrencies faced a correction. Polygon appears to be searching for reliable support before revealing further intentions.

On the daily chart, MATIC price appeared to have sliced above the symmetrical triangle pattern, suggesting a 99% climb from the breakout point. However, Polygon’s hopes of achieving the optimistic target fell short as the token is dropping toward the upper boundary of the governing technical pattern.

In order for MATIC price to avoid additional losses moving forward, Polygon must hold above $1.47, where the Momentum Reversal Indicator (MRI) support line, 100-day Simple Moving Average (SMA), and the apex of the symmetrical triangle meet. Slicing below this level could reveal further bearish intentions, and the token could drop toward the 200-day SMA at $1.35.

MATIC/USDT daily chart

If the bulls manage to power a recovery for MATIC price, Polygon will face resistance first at the 50-day SMA at $1.58, then at the 50% retracement level at $1.65. An additional spike in buy orders could see the token aim for the 21-day SMA at $1.84, then at the 61.8% Fibonacci retracement level at $1.89.