This week, as the cryptocurrency markets stabilize, two enormous Polygon (MATIC) whales are transferring enormous quantities of MATIC.
According to the cryptocurrency surveillance portal Whale Alert, an unidentified wallet on Monday transferred 55 million MATIC worth more than $45.3 million to another unidentified wallet.
Later on in the day, a third unidentified wallet sent 196,000,000 MATIC, or almost $158,000,000, to a fourth unidentified wallet.
MATIC is now trading at $0.799267. The market cap-ranked 14th cryptocurrency asset has decreased 4.7% over the last day.
Recently, Polygon announced a new update that is promising to improve the entire blockchain.
Earlier this week, Polygon announced the release of the public test net for new zero-knowledge technology in the blockchain.
The Ethereum Virtual Machine (EVM) is used by Polygon’s newest technology for its “ZK rollup,” so developers won’t need to learn new programming languages and can easily move their blockchain network from Ethereum.
The introduction of ZK Tech to Polygon is indeed very promising news for the company. Transactions are carried out in groups using “proofs” in zero-knowledge (ZK) rollups.
Polygon branded the update as “the next step for Ethereum” – and it marks another milestone for Polygon to cement itself as the top-tier layer-2 blockchain for Ethereum.
What is Zero Knowledge Proof?
A zero-knowledge proof, also known as a zero-knowledge protocol, is a technique used in cryptography to allow one person, known as the prover, to convince another, known as the verifier, that a particular statement is true while withholding all other information.
The fundamental idea behind zero-knowledge proofs is that it is easy to demonstrate that one has knowledge of something by simply exposing it; the trick is to demonstrate such knowledge without disclosing the information in question or any extra information.