Coinspeaker
Polygon Co-Founder Shares Optimism on New Miden Alpha Testnet
Sandeep Nailwal, the co-founder of Polygon Layer-2 blockchain, has shared the vision of the recently launched Miden Alpha Testnet. According to Polygon, the Miden Alpha Testnet is a zk self-sovereign chain, particularly designed for developers.
The Goal of Polygon MidenVM
Nailwal describes the platform as an alternative Virtual Machine (VM) similar to SolanaVM or MoveVM which implements multiple pioneering paradigms. The co-founder says the goal of the MidenVM is to allow high throughput and low latency applications such as Order Book DEXs, and Perpetual swaps. These are aimed at ensuring a smooth and responsive user experience for these demanding applications.
In addition, Nailwal emphasized that MidenVM is created on core blockchain principles. These principles include privacy, light clients for mobile devices, and client-side proving, amongst others. He concludes that he hopes MidenVM will mature quickly.
Following the release of the Miden Alpha Testnet, Polygon said users can locally generate proofs for their state transitions. As opposed to earlier provisions, this will protect the developers from revealing their state to the entire network.
Some of the functions that can be tested by developers on the platform include public and private notes. Also, they can run basic smart contracts and experiment with public and private accounts. These smart contracts may be used to create a faucet, transmit and receive assets, and mint new tokens.
Polygon is an Ethereum-based layer-2 scaling solution with a strong emphasis on building. At the moment, the blockchain has many appealing solutions like PoS and CDK supporting its dominance in the Layer 2 ecosystem. Interestingly, the Polygon team is also contemplating the integration of generative Artificial Intelligence (AI) for Non-Fungible Token (NFT) creation as part of its key development agenda.
Moreover, Polygon Labs recently launched a zkEVM Type 1 prover. This new component allows any network that supports Ethereum EVM to create its own Layer-2 network using zero-knowledge proofs.
Implications for MATIC
The release of Miden Alpha Testnet holds relevance for MATIC, the native asset of Polygon. At the time of this writing, MATIC was trading at $0.7077, demonstrating a 3.4% decrease in the last 24 hours. The trading volume is also down by 6.7% to trade at $264 million.
While the decline indicates a bearish trend for the token, it is anticipated that MATIC will soar in the long term. This optimistic forecast is hinged on recent innovation on Polygon. In the past, community members have criticized the protocol for having several innovations with no economic benefit.
Per an earlier Coinspeaker report, Polygon has been criticized for relying on a small group of validators to manage its blockchain. This has raised concerns that Polygon may not be completely decentralized, compromising its long-term sustainability and attraction to investors.
Ultimately, the growth of Miden would be determined by acceptance by developers. MATIC’s pricing might potentially climb as the platform’s popularity grows.
Polygon Co-Founder Shares Optimism on New Miden Alpha Testnet