Polygon (CCC:MATIC-USD) is one of the networks leading the charge toward a more scalable blockchain. The network rose to prominence in the last year as networks like Ethereum (CCC:ETH-USD) saw transaction fees boom massively, at some points even spiking above $50. Polygon presents a layer-2 scaling solution, which is growing massively in popularity thanks to its low fees. Now, it looks like another new major technological revelation could be on the horizon. What’s the Polygon (MATIC) crypto announcement coming Dec. 9?
Next Thursday is promising to be a defining moment for the Polygon network. That’s because it will be hosting the “zk Summit.” The event is a forum for discussion of zk scaling, a proofing algorithm that promises to be the future of blockchain computing.
The zk proofing mechanism stands for “zero knowledge.” With this consensus mechanism, transactions are sent to a third party for verification. However, the third party doesn’t have access to the exact information it is verifying. It combines the benefits of third-party validation with an added layer of security, seeing as the third party doesn’t have full access to the data.
Polygon (MATIC) Crypto Eyes Gains as Mystery Announcement Looms
It’s a natural fit for Polygon to be hosting an event like the zk Summit — it’s one of the most popular scaling networks in the world. But the reason why investors are chattering so much over the announcement is a teaser from the Polygon Twitter account. The foreshadowing is doing well to boost the price of the Polygon (MATIC) crypto this afternoon.
In announcing its hosting duties, the Polygon Twitter account promised demos of the zk scaling technology; it is calling zk “the most promising solution for scaling Ethereum.” It also slid in a very interesting comment: the event will be setting the stage for a major Polygon network announcement.
Of course, Polygon involves itself very heavily in the development of zk scaling solutions; that’s quite evident by the fact that the network is hosting the event. Some investors think the announcement will see Polygon adopting zk technology for its own network. Until then, we’ll have to wait and speculate. But nothing is holding back some nice gains for MATIC in the meantime. The coin is up 9% on the day so far. Transaction volume is seeing quite the spike as well, increasing over 50% on yesterday’s volume.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.