Polygon Unveils Plonky3, a New Zero-Knowledge Proving System

Polygon has made a significant advancement in blockchain security with the launch of Plonky3, a new zero-knowledge proving system. This upgrade aims to enhance the flexibility and efficiency of verifying transactions on the Polygon network.

TL;DR

• Polygon’s new zero-knowledge proving system, Plonky3, offers enhanced flexibility and performance.
• MATIC price is currently consolidating within a symmetrical triangle, hinting at potential volatility.
• Analysts predict a potential bullish breakout for MATIC, with targets ranging from $4.5 to $9.75.

Plonky3 builds upon the success of its predecessor, Plonky2, which was already considered a major leap forward in zero-knowledge proof technology. The new system offers greater flexibility for developers, allowing them to optimize performance based on specific needs.

While Plonky2 focused on speed, Plonky3 provides a broader toolkit for creating custom virtual machines using zero-knowledge cryptography. This increased versatility is expected to open up new possibilities for blockchain applications and scalability.

Polygon co-founder Daniel Lubarov emphasized the improvements in Plonky3, stating that it addresses performance limitations and offers greater adaptability compared to its predecessor. However, he also acknowledged the challenges of comparing different zero-knowledge proving systems due to their varying strengths and hardware requirements.

Polygon (MATIC) Price Analysis

Despite the technological advancements, Polygon’s price (MATIC) has shown mixed signals. While the token has recently experienced a slight uptick, it remains within a symmetrical triangle formation, suggesting potential volatility.

Analysts are cautiously optimistic, with some predicting a bullish breakout that could send MATIC’s price as high as $9.75. However, technical indicators like the Bollinger Bands and MACD currently suggest a bearish trend.