DeFi

Polyhedra Network (ZKJ): zk-Proof Innovations to Advance Web3

Intermediate
DeFi
Altcoins
Explainers
Jun 11, 2024

To create the next generation of blockchain networks, it's necessary to design a framework that supports cross-chain asset transfer no matter how many users are present. The Polyhedra Network hopes to provide this service to other networks. By combining zero-knowledge proofs and highly efficient interoperability solutions, Polyhedra Network claims to create a scalable cross-chain system. To see how this unusual design works, explore this guide to the Polyhedra Network and its crypto tokens.

Key Takeaways:

  • Polyhedra Network is a blockchain protocol that provides scalable interoperability. Other networks and decentralized applications can use the Polyhedra technology to handle large numbers of cross-chain asset transfers in an efficient and affordable manner.

  • Looking to trade Polyhedra Network tokens? Bybit now offers the ZKJ/USDT Spot trading pair.

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What Is Polyhedra Network?

Polyhedra Network is a blockchain protocol that provides scalable interoperability. Other networks and decentralized applications (DApps) can use the Polyhedra technology to handle large numbers of cross-chain asset transfers in an efficient and affordable manner.

History of Polyhedra Network

Polyhedra Network is a Singapore-based company that was launched in 2022. It was founded by Tiancheng Xie and James Zhang. Xie has a background in cryptography and algorithms, while Zhang previously worked at Meta and Alibaba Cloud. The team also contains engineers and developers from Stanford University, University of California, Berkeley and Tsinghua University.

Polyhedra Network’s founders met while studying zero-knowledge proofs (ZKPs) in their doctoral programs and decided to create a company based on ZK interoperability. Their mission — to create a company capable of providing zero-knowledge technology — has proved very popular, with the company raising millions of dollars in funding from Binance Labs, Animoca Brands and other investors.

Polyhedra Network Changes Ticker From ZK to ZKJ

On May 30, 2024, Polyhedra Network announced that it has opted to change its ticker from "ZK" to "ZKJ" following a dispute with zkSync. The new ticker, standing for "ZK Join," represents a call for unity within the zero-knowledge community. This decision coincides with a broader appeal from Polyhedra and its allies, including notable figures from Polygon and StarkWare, urging that the "ZK" designation should be considered a communal resource rather than a corporate trademark. The controversy escalated when zkSync attempted to claim the "ZK" ticker for its upcoming token launch, leading to significant community backlash and discussions about the ethos of web3 values.

What Does Polyhedra Network Aim to Achieve?

A major problem for various blockchain systems right now is their inability to handle large numbers of customers. Often, chains that provide a secure and decentralized network can’t easily manage a large volume of transactions without compromising user privacy. The founders of Polyhedra Network use cryptographic proof generation to process transactions quickly and affordably without having to sacrifice data-sharing security.

While searching for scaling solutions, Polyhedra Network's developers also realized there was a need for data interoperability. Right now, users often struggle with finding compatible products. Polyhedra Network plans to address this issue with its interoperability protocols. By creating a framework through which vastly different blockchains can pass information back and forth, it hopes to create a system whose applications are compatible with several different systems.

How Does It Work?

The core of Polyhedra Network is the zero-knowledge proof. Zero-knowledge proofs are a type of cryptographic method for verifying credentials and confirming transactions. They allow a sender to transmit proof that a state transition occurred, without requiring them to provide any other information or rely on external assumptions. Polyhedra Network uses a type of advanced zero-knowledge proof called zkSNARKs that requires no interaction between the prover and verifier, so it’s especially secure and private.

Using the concept of the advanced zero-knowledge proof, Polyhedra Network turns it into the zkBridge, a scalability solution that uses a custom set of ZK interoperability protocols to transmit information between blockchains while also accelerating transactions. Data transfer and message passing on the zkBridge begin with a block header relay network that transmits the evidence of a state transition on a sender chain. The zkBridge then generates a zero-knowledge proof to generate block headers and bundle information into a more efficient design. The more compact transaction proof is then passed to the receiver chain, resulting in an interoperable and scalable system.

Features of Polyhedra Network

Polyhedra's block header relay network and next-generation zkSNARK protocols provide various helpful services. Following are the main features people can access on Polyhedra Network.

zkBridge Token

The zkBridge token feature simplifies asset transfer between blockchain systems, allowing users to swap assets between ten different blockchains. In addition to maintaining a decentralized identity across multiple chains, the token bridge also provides asset security and helps to reduce slippage.

zkBridge NFT

The Polyhedra NFT bridge provides a secure way of transferring valuable NFTs. Multiple NFTs can be placed in one NFT container and transferred simultaneously. This eliminates the need for external assumptions and lowers NFT verification costs.

zkBridge Message

This feature makes message passing a lot easier. The interface is as easy to use as a standard email service provider, but your data is fully protected by web3 technology. With zkBridge Message, people can maintain a decentralized identity while still quickly communicating with each other.

Gaming

Polyhedra has many applications for gamers. Its system is ideal for developers looking for ways to run projects affordably and easily. People who build on Polyhedra Network have access to the best features of various blockchains, and can be confident that the system won't lag if there are a lot of players.

zkLightClient

The zkLightClient technology helps Polyhedra create a suite of developer tools. People interested in designing applications can use its extensive tooling to build cross-chain products that run on the Polyhedra LayerZero system.

Polyhedra Network Road Map

Polyhedra Network started by designing large-scale ZKP systems that could efficiently prove many different transactions. It has successfully launched the deVirgo proof system that helps to make its zkBridge protocol more efficient. Polyhedra Network currently supports a variety of sender and receiver chain options, including Polygon, Ethereum and Binance Smart Chain.

Now that it’s refined proof generation, Polyhedra Network plans to focus more on cross-chain interoperability, planning to add more chains to the system and expand it beyond cross-chain messaging and NFT transfers. In the long run, Polyhedra Network aims to find more efficient ways of verifying credentials without compromising user privacy. There is no defined road map, but the team has discussed plans to improve user interfaces and offer more features to blockchain users.

ZKJ Tokenomics

The ZKJ token (previously known as the ZK token) is named after Polyhedra Network's commitment to zero-knowledge technology, and helps to smoothly manage asset transfers between blockchain networks. With a total supply of 1 billion tokens and a current circulating supply of 91 million, Polyhedra Network plans to distribute its ZKJ tokens in the following manner:

  • Ecosystem and network incentives: 32%

  • Investors: 28%

  • Foundation reserves: 15%

  • Community, airdrop and marketing: 15%

  • Core contributors: 10%

ZKJ Price Prediction

Since its airdrop in mid-March 2024, the ZKJ token’s price has fluctuated considerably. Its price reached an all-time high of $4.01 before steadily falling. Its current price is $1.11 (as of Jun 11, 2024). After examining past pricing data, DigitalCoinPrice concludes that the price of ZKJ may reach $2.43 by the end of 2024, $5.06 by 2027 and $8.26 by 2030.

Some analysts have also pointed out how impressive Polyhedra's large scale ZKP systems are, suggesting that the need for highly efficient interoperability solutions will drive ZKJ’s price higher.

Where to Buy ZK

Looking to trade Polyhedra Network tokens? Bybit now offers the ZKJ/USDT Spot trading pair. To get started, you’ll first need to create a Bybit account, fund it with cryptocurrency and navigate to the ZKJ/USDT Spot trading page

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Is ZKJ a Good Investment?

The Polyhedra Network is backed by some promising technological concepts. The fact that it supports cross-chain asset transfer while also using next-generation zkSNARK protocols to improve scalability could make it highly useful for various blockchain systems. Therefore, it's a useful investment for those interested in innovative ZKP-based offerings.

However, there are quite a few other projects working on data interoperability and efficient data-sharing right now. Polyhedra Network is only likely to stand out from the competition if it can lower its fees and attract more users. Furthermore, the ZKJ crypto launch has included some uncertainty and volatility. This might provide some great opportunities for traders, but it can also lead to higher risks. Common wisdom dictates that you invest in it only if you’re willing to do your research beforehand, and have enough money to bankroll riskier investments.

Closing Thoughts

Polyhedra Network's ability to provide next-generation cross-chain interoperability is exciting. The zkBridge protocol could make it much easier for blockchain systems to pass information back and forth in a timely manner. However, Polyhedra Network still needs to fine-tune its fee system and add more networks to its protocol. Only time will tell whether its innovative ZKP-based offerings will lead to impressive crypto returns.

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