- Polygon Labs and StarkWare unveil Circle STARKs, a revolutionary cryptographic proof that speeds up transactions on Ethereum by improving “zero-knowledge rollups”.
- This collaboration promises faster, cheaper transactions and increased scalability for the Ethereum network, with experts like Ben-Sasson predicting even further advancements in the future.
In a bid to make transactions on the Ethereum network faster and cheaper, the teams from Polygon Labs and StarkWare have teamed up to develop a revolutionary new technology called Circle STARKs. This innovative cryptographic proof promises to significantly accelerate the proving process for zero-knowledge rollups.
According to the white paper authored by both teams, Circle STARKs will accelerate the proving process for rollups, further enhancing the scalability and efficiency of blockchains.
Zero-Knowledge Rollups and Why They Matter?
Zero-knowledge rollups are essentially “sidechains” that process transactions off the main Ethereum network, reducing congestion and transaction fees. However, they still require a “validity proof” to be submitted back to the mainnet, which can be computationally expensive. Circle STARKs addresses this challenge by introducing a new type of proof that is significantly faster and more efficient than existing methods.
This will translate into lower transaction fees for users and the ability to handle a higher volume of transactions on layer-2 networks.
Key members from the two projects have shared their enthusiasm for the partnership, with Ben-Sasson, co-founder of StarkWare stating in an interview, “I think this will lead to the most efficient proving systems for a while.”
He further emphasized his optimism for the collaboration
Undoubtedly there will be more breakthroughs and even further improvements. I don’t think this is the end of anything, but it’s a very important next step and milestone.
Brendan Farmer, co-founder of Polygon, further highlights the possibilities expected to emerge from this launch, stating;
It’s really, really simple. This just leads to much faster proofs. We expect like seven-to-10x improvement.
The specific date for the release of Circle STARKS is yet to be set, but once it’s complete it’s set to revolutionize the entire blockchain ecosystem.
Polygon (MATIC) Market Overview
While the global cryptocurrency market dipped slightly today, Polygon (MATIC) maintained its bullish trend. At the time of writing, MATIC is trading at $0.971759. Despite a minor 0.21% decrease in the past 24 hours, MATIC boasts a healthy 24-hour trading volume of $880.86 million and ranks 15th by market cap. With a circulating supply of 9.28 billion MATIC coins and a maximum supply of 10 billion, MATIC offers stability and potential for growth.
Starknets Starknet’s STRK token is priced at $12.24, maintaining stability despite a slight 0.51% decrease in the last 24 hours. This stability is further reinforced by a healthy 24-hour trading volume of $1.04 million. With a circulating supply of 4.52 million STRK coins and a maximum supply of 6.54 million, STRK offers a balance of accessibility and potential growth. While its current market cap ranking sits at 602, its 24-hour high of $12.59 demonstrates its bullish potential.
