Polygon software development kit-based network Prom launched its mainnet following an extensive test campaign involving over 25 million transactions from two million unique wallets.
According to a Nov. 21 announcement, Prom leverages zero-knowledge proof (ZK-P) cryptography to enhance security and scalability while also decreasing transaction costs. The solution in question — not yet widespread due to the technical difficulty of its implementation — allows for high transaction speed and seamless blockchain interaction. Iva Wisher, COO of Prom said:
“We’re thrilled to open a new chapter for Prom and streamline the expansion of our ecosystem by welcoming developers and users to interact with the chain. […] We’re committed to constant efficiency improvement, transmitting scalability and convenience of everyday on-chain actions, and we are looking forward to welcoming a wave of products built on our network.”
The new network is the result of a project that started all the way back in 2019 as a collaboration between Polygon, DWF Labs, Ankr, Goldsky, Automata, and Blockscout. The network’s native token PROM is already listed on world’s leading exchange Binance as well as HTX, KuCoin, Gate.io, Upbit, and AscendEx.
The network leverages the Prom decentralized autonomous organization (DAO) to manage its grants program and take decisions on the future evolution of the protocol by taking part in the governance processes. All token holders have their say and the votes are transparently cast online.
Other than allowing for participation in the DAO processes, PROM also serves as the gas fee token by being the only way to pay the network’s transaction fees. The network adopted a proof of stake authority (PoSA) consensus algorithm, a hybrid between proof-of-stake (PoS) and proof-of-authority — with the latter being a modified version of PoS.
PoSA relies on transaction validators who are not only known, but also have tokens — in this case PROM — at stake. If they misbehave their stake is slashed, establishing a financial penalty for misconduct. Compared to Bitcoin’s proof-of-work algorithm, PoSA is significantly less energy intensive.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
