Polygon Miden: A New Rollup Solution to Extend Ethereum’s Feature Set
Polygon Miden, a ZK-optimized rollup that extends Ethereum’s feature set, aims to become the internet’s value layer by complementing existing zero-knowledge solutions. Polygon Miden’s unique features, including accounts, notes, and transactions, set it apart from Ethereum, allowing for more privacy, scalability, and a better user experience.
Polygon Miden extends Ethereum’s feature set to allow for novel applications.
So how do transactions work?
It’s like putting a $5 bill in a lockbox. The right recipient collects the bill later.
For more on Polygon Miden’s transaction model 👇🏽https://t.co/ldS9YwAWrL pic.twitter.com/OY2HQAQ1n7
— Polygon (@0xPolygon) April 28, 2023
Accounts on Polygon Miden hold assets and define how these assets can be transferred. Every account has code, unlike on Ethereum, where externally owned accounts (EOAs) do not. Storing assets locally provides privacy and scalability, allowing token transactions to touch only one account. Additionally, account IDs on Polygon Miden are only 8 bytes long, making it easier to remember fewer characters.
Accounts communicate with one another by producing and consuming notes, allowing for concurrent state changes. Notes carry assets that accounts can send to each other and have a script that defines how they can be consumed, making it more than just transferring assets. This is a key difference between Ethereum’s account-based model and Polygon Miden’s hybrid UTXO- and Account-based state-model.
Transactions on Polygon Miden require producing and consuming notes, causing a state change in a single account. Sending an asset from one account to another requires two transactions, one to create the note and another to consume it. This transaction model allows for privacy, as transactions can be executed and proven locally, and provides a better user experience with safer wallets.
Polygon Miden’s design motivates and core features position it to become the internet’s value layer, complementing existing zero-knowledge solutions. Its unique approach to accounts, notes, and transactions set it apart from Ethereum, offering more privacy, scalability, and a better user experience.
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