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Home»TRADING NEWS»Why Vitalik Buterin Praises Polygon (MATIC)
TRADING NEWS

Why Vitalik Buterin Praises Polygon (MATIC)

By Crypto FlexsFebruary 11, 20244 Mins Read
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Why Vitalik Buterin Praises Polygon (MATIC)
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New milestones often signify significant leaps toward a more interconnected and efficient cryptocurrency market. One of Polygon’s breakthroughs caught the attention of the cryptocurrency community, including Ethereum co-founder Vitalik Buterin.

This development includes the release of “Type 1 Prover,” a new component designed to improve the scalability and interoperability of Ethereum-compatible networks through zero-knowledge proofs.

Polygon unveils new technological advancements

Polygon’s recent Type 1 prover unveiling represents a pivotal moment in the blockchain industry. In fact, any network compatible with Ethereum’s EVM standard can be converted to a layer 2 network. This integration facilitates seamless connectivity to Polygon’s extensive ecosystem and ushers in a new era of blockchain efficiency and accessibility.

The technical brilliance of these developments did not go unnoticed by Vitalik Buterin. He has long advocated the potential of zero-knowledge proofs to enhance the capabilities of layer 2 networks, bringing them on par with native blockchains.

“Personally, my hope is that improvements to ZK-EVM and improvements to Ethereum itself will make things Type 1 over time and more friendly to ZK-SNARKs. In that future, there will be multiple ZK-EVM implementations that can be used for both ZK rollups and self-verification of the Ethereum chain,” Buterin wrote.

The significance of this innovation lies in its potential to unify the fragmented blockchain industry. By allowing EVM chains and optimistic rollups to connect without modifying Type 1 provers and subsequently Polygon’s aggregation layer, the network can leverage Ethereum’s vast liquidity and value.

This achievement is an important component of Polygon’s roadmap. It highlights the integration of “zero-knowledge” or ZK cryptography as a cornerstone technology for future developments.

Type 1 provers promise an unparalleled level of compatibility with Ethereum. It boasts the ability to generate ZK proofs for Ethereum mainnet blocks at minimal cost per transaction. It thus demonstrates the efficiency and cost-effectiveness of this advanced encryption method.

“With the Type 1 upgrade, proofs generated by Polygon zkEVM provers in Type 1 mode are already being generated for mainnet Ethereum blocks at an average cost of $0.002 to $0.003 per transaction (over 36x faster than other Type 1 proofs). Improvements to Plonky3 and zkEVM are expected to reduce costs by a factor of 30 to 50 over the next year,” Polygon Labs wrote.

Analysts are optimistic about MATIC price potential.

Amid these technological advancements, MATIC’s price action has drawn optimistic views from various analysts. Sentiments range from optimism about buying opportunities during the cryptocurrency bull market to anticipation of a strong rally. The market’s reaction highlights the potential impact of Polygon’s innovation on token value.

For example, Mister Crypto noted that MATIC is “badly lagging in this cryptocurrency bull market,” suggesting this could be a golden moment to acquire the token at a lower price. At the same time, Crypto Rand highlighted a “consolidation” phase for the token after breaking through significant resistance levels, hinting at a potential upside.

Cold Blooded Shiller also highlighted MATIC’s performance on higher time frames, describing it as “one of the best charts in the cryptocurrency industry right now.”

“When MATIC does something like ‘haha the resistance is too weak aoooo short please’ then BAM it’s on the rise,” Cold Blooded Shiller said.

Read More: Polygon (MATIC) Price Prediction for 2024/2025/2030

Polygon (MATIC) price/performance ratio. Source: TradingView

Polygon’s Type 1 prover is a sign of the future of blockchain interoperability and efficiency. As speculation about MATIC’s future price action increases, so do expectations about what’s next for Polygon’s journey. Expert verification from figures like Vitalik Buterin backs this up.

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In compliance with Trust Project guidelines, BeInCrypto is committed to unbiased and transparent reporting. These news articles aim to provide accurate and timely information. However, before making any decisions based on this content, readers are encouraged to check the facts and consult with experts. Our Terms of Use, Privacy Policy and Disclaimer have been updated.

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