How to Invest in Polyhedra on Notum

Even though most Internet users still prefer Web 2, Web 3 continues to grow and develop. A distinctive feature of the Internet of the future is cryptography and the protection of data and transactions from any unauthorized access or modification. Web 3.0 is based on decentralized networks and uses smart contracts, making more decentralized, user-friendly and secure, not to mention additional ecosystems and applications.

To achieve wider adoption, Web 3 constantly needs new solutions that focus on privacy, interoperability and scalability. This is where the Polyhedra network comes into play, creating innovative options for data exchange and message passing between Web 2 and Web 3. Polyhedra strives to offer the world a complete set of Web 3 solutions based on zero-knowledge proof.

In today's article from Notum, we will talk about what Polyhedra is and what its main components are, pay attention to the work of zkBridge, study the advantages of the platform and shed light on $ZK tokenomics and the future airdrop.

Polyhedra: the Essentials

Polyhedra is a fairly extensive network that focuses on building innovative next-generation infrastructure for Web3 interoperability, privacy and scalability. Polyhedra uses the new advanced zero-knowledge proof (or ZKP) technology and provides various highly efficient options for asset transfers.

Important! Polyhedra is also working on providing advanced solutions for data sharing and message passing between both Web2 and Web3 systems.

Polyhedra's main mission remains to create a complete set of solutions for Web 3, operating on ZKP, while maintaining a focus on privacy, interoperability and scalability.

The Polyhedra team has already developed several next-generation zkSNARK protocols, and has also offered the crypto world a large number of different unique ZKP-based proposals, one of which is zkBridge. These innovative solutions have cross-chain asset and data interoperability between different blockchains, making them simple and convenient to use.

Moreover, Polyhedra also offered a decentralized identity (or zkDID) option for verifying credentials without compromising user privacy and a paraPlonk-based scalability solution that enables accelerated large scale ZKP systems.

Interesting fact! The Polyhedra Network team consists of highly qualified researchers, engineers and developers from the best universities in the world, such as Stanford and Berkeley.

Platform also has its own blog with various materials on the network and its updates, as well as featured videos that allow users to get a better understanding of ZK and zkBridge in general.

Polyhedra Operating Principles

As mentioned, Polyhedra Network is built on unique ZKP technology, which serves as the basis for a large number of services offered by the platform.

zkBridge

Web3 has continued to grow and evolve rapidly in recent years, making interoperability even more important than before as it allows different systems, blockchains, and protocols to seamlessly communicate with each other. However, even for secure cross-chain bridging, interoperability is a challenge.

Important! The cross-chain bridge protocol itself is an indispensable part that ensures interaction between different blockchain networks.

Since existing cross-chain options are subject to various security threats, Polyhedra decided to introduce zk Bridge and solve this problem.zkBridge, an innovative solution for providing reliable and efficient cross-chain interoperability.

As known, typically, cross-chain solutions are based on an assumption of trust, which forces them to deal with security threats. However, zkBridge uses ZKP to verify consensus between different blockchains without external trust assumptions. The advantage of zkBridge is that it supports a large number of wide applications and enables Polyhedra to offer seamless asset and message transfer, as well as and data exchange between different blockchain networks.

«zkBridge uses zkSNARKs to enable a prover to efficiently convince the receiver chain that a certain state transition happened on the sender chain» - zkBridge.

The main components of zkBridge are a block header relay network and an updater contract. The relay network retrieves the block headers from the sender's chain, creating evidence of the validity of the block headers. It then sends headers and evidence to the updater contract, which automatically adds block headers of the sender chain. This occurs once the evidence is verified, after which it updates the main chain of the sender chain. Besides, platform also allows to set up zkLightClient on LayerZero.

Source: Docs zkBridge

To improve the performance of ZKP systems, Polyhedra Network uses the Distributed Proof Generation Network, which in turn uses other advanced technologies such as deVirgo and paraPlonk. They not only speed up the proof generation, but also reduce the cost of on-chain verification.

Interesting fact! deVirgo allows zkBridge to work 100 times faster than traditional cross-chain solutions.

zkDID

Another important part of Polyhedra's work is zkDID, which is a  verifiable credential system and scalable and interoperable decentralized identity solution that was provided to bridge the gap between Web 2 and Web 3.

The goal of this product is to provide access to Web3 applications to a wide range of users. Since this solution is built on the principles of SBT tokens, verifiable credentials and uses ZKP-based hidden address mechanisms, users will be able to control all their personal data.

zkDID offers users numerous benefits such as:

• High scalability. zkDID has been optimized to provide high scalability, which in turn also provides high TPS, low cost and fast proof generation. Besides, zkDID is designed in such a way that it can be easily deployed and used to serve a billion users.
• Interoperability. Since zkDID works with both Web2 and Web3, it is an innovative solution for decentralized identities. Moreover, it can also be used to provide verifiable credentials for all blockchain ecosystems.
• Decent privacy level. zkDID uses zero-knowledge proofs, which ensures on-chain privacy and complies with privacy regulations.

Other popular Polyhedra Network products also include Proof Cloud with the most effective algorithms, zkBridge NFT, zkBridge Message and Gaming. However, Polyhedra has no plans to stop and continues to develop innovative solutions and products for Web 3. More information can be found here.

$ZK Tokenomics

ZK (ZKJ) is the native Polyhedra token through which the network is governed. $ZK (ZKJ) Token has several use cases such as:

• zkBridge fees. Users and protocols can use the $ZK token to pay cross-chain transaction fees. For example, $ZK will allow LayerZero developers to pay zkBridge oracle transaction fees.
• ZKP service fees. Applications and developers will also be able to use Polyhedra crypto to pay zero-knowledge proof service fees.
• Governance. Token holders will be able to take part in voting on Polyhedra governance and changes in its ecosystem.
• ZK staking. $ZK users can stake the token, thereby participating in transaction verification and network governance and receive rewards for this.

Interesting fact! The token was launched on ERC-20 and BEP-20, and has a maximum supply of 1,000,000,000. At the moment, only 9.1% of the total supply are in circulation.

The $ZK token will be distributed over six years as follows: 32% will be allocated for the ecosystem and network incentives, 15% will be distributed between the community and the airdrop. Another 15% will go to foundation reserves, 28% will be available for purchase and the remaining 10% will be distributed among core contributors. More information can be found on official tokenomics page.

Source: Polyhedra Tokenomics

$ZK Airdrop

The previous airdrop of the token has ended and no information has yet been announced about the upcoming one. However, Polyhedra blog recently published an article on $ZK token tokenomics, where the full token release schedule was provided:

Source: Polyhedra Blog

Information about upcoming airdrops of the platform can be tracked on the official Polyhedra airdrop page and on the project’s social networks.

Important! Polyhedra Network reports that the Airdrop Program will not be available for the United States, as well as a number of other countries, such as Canada, Cuba, Iran, North Korea, Syria and some areas of Ukraine.

Notum’s Verdict

Polyhedra is a unique network that offers a huge number of intonation solutions that influence the wider adoption of Web 3. Using advanced zero-knowledge proof technology, the platform creates next-generation infrastructure with the proper level of interoperability, privacy and scalability. Polyhedra also focuses on providing a variety of highly efficient options for asset transfer, data sharing and message passing between Web2 and Web3.

The network provides users with access to zkBridge, solving problems associated with security threats using ZKP. Moreover, Polyhedra recently introduced the Bitcoin Messaging Protocol with zkBridge and began work on building a ZK-Powered Cross-Chain Bridge on Polygon.

In the near future, Polyhedra aims to build and provide a complete set of Web3 solutions based on ZKP, while maintaining a focus on interoperability and scalability as well as contribute to wider adoption of Web 3.

Disclaimer: Notum does not provide any investment, tax, legal, or accounting advice. This article is written for informational purposes only. Cryptocurrency is subject to market risk. Please do your own research and trade with caution.