Polygon Launches Miden Alpha Testnet, What It Means For MATIC Price

Ethereum-based layer-2 scaling solution Polygon has released the Miden Alpha Testnet as it doubles down on its evolutionary journey. Polygon described the Miden Alpha Testnet as a zk self-sovereign platform with special considerations for pioneering developers.

Crucial Highlights of Polygon Miden

Polygon is a protocol with an intense focus on building. With the newly launched Testnet, the protocol said users can locally generate proofs for their state transitions. Doing this, unlike previous provisions, will shield the developers from disclosing their state to the entire network.

Polygon said Miden enhances privacy push for the developer. This, according to the protocol, will enable the development of self-sovereign and high-throughput applications.”

for builders, that means designing self-sovereign and high-throughput applications. with Miden’s zk-powered rollup, you can build what’s currently not feasible on EVM-chains.

— Polygon | Aggregated (@0xPolygon) May 6, 2024

As part of the broader vision Polygon Miden nurses can build what is not currently “feasible on EVM-chains.” Through the zk-powered roll-up architecture powering Miden, Polygon is inviting developers to come test out some key functions.

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Some of these functionalities developers can experiment with include private notes and public notes. Additionally, they can experiment with private accounts and public accounts and execute simple smart contracts. These smart contracts include minting new tokens, sending and receiving assets, and building a faucet.

Polygon has many attractive solutions at the moment, one that has helped it maintain dominance as an L2. The Polygon CDK tech stack has helped many entities looking to build their own independent chain. One of the beneficiaries of these advanced Polygon technologies is the top 4 accounting giant Ernst & Young (EY).

Per earlier reports, EY has adopted Polygon PoS for its Contract Management System. Other mainstream firms like Flipkart, Prada, and Adidas have also experimented with the Polygon protocol.

What is in it for MATIC

It is worth noting that at the time of writing, MATIC, Polygon’s native token is down by 1.92% in 24 hours to $0.7188. The general expectation is that MATIC will ride the way of these concurrent innovations to soar in the long term.

Community members are already calling the protocol for its numerous protocols with little economic value. Besides Miden, the Ethereum L2 also has zkEVM, CDK, and POS that can empower developers depending on their goals.

Whether or not there is a need for Miden remains for the developers to answer, however, token reboot in the long term remains a bet community members are willing to place.

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