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Try to make you fully understand encryption Industry is our daily goal. Therefore, this is the daily dose of the top 3 crypto news items that can help you stay ahead of the competition. Take a look:
Polygon supports Mir by investing in 250M MATIC
Born for design Ethereum Connecting blockchain products, Polygon has decided to invest 250 million MATIC tokens as part of the transaction with the zero-knowledge crypto company Mir. Through this transaction, Polygon will invest a huge amount of US$627.5 million to enhance the expansion of the blockchain through ZK cryptography tools.This collaboration may help Polygon build a strong ecosystem Blockchain developer Looking forward to advanced scaling solutions.
As a cryptocurrency and Blockchain technology Becoming popular, tech-savvy people began to experiment with existing structures and build some advanced things for the future. Since the advent of cryptocurrency, expansion has always been a difficulty in the decentralized industry. The zero-knowledge algorithm developed by Mir is a powerful remedy solution to the scaling problem.
The zero-knowledge protocol allows an external verifier to verify encrypted information without revealing the confidential data stored in it. This technology is very useful for various decentralized fields such as carpooling applications and insurance. The nodes here need to verify the personal information of all parties to the blockchain without affecting data security. Mir provides tools for creating two subcategories of ZK algorithms, namely PLONK and Halo. Unlike previous versions of SNARK and STARK, the encryption solution allows for quick proof generation.
Speaking of the agreement, Polygon co-founder Sandeep Nailwal said that the team has high hopes for the ZK cryptographic technology. The company is willing to explore every potential opportunity to improve scalability.Using ZK technology will help to place Polygon As a leader in the entire industry.
PLONK ZK proves that reliable settings are required for verification, while Halo does not require any such settings and can achieve its goals through its complete decentralized structure. In zero-knowledge algorithms, speed is an important determinant, and Mir is eager to achieve all these typical features. The collaboration with Mir is part of Polygon’s $1 billion commitment to focus on ZK technology.
Ross Ulbricht made his NFT debut and made $6.2 million at auction
The NFT cluster does not seem to stop, because it continues to create a huge success record at all times. In the latest development, Ross Ulbricht, the founder of the dark web market space Silk Road, announced that he received 6.2 million US dollars from the sale of his first NFT token, which is equivalent to 1,446 ETH. This news was released after the head of the Silk Road initiated the “Genesis Collection” NFT auction.
According to reports, the auction was held at Art Basel Miami via the SuperRare portal. The winning bid was FreeRossDAO, a decentralized entity designed to help Ross avoid imprisonment.After the award, the DAO website stated that it is eager to carry out prison reforms and propose Roth’s work, while giving everyone a fair chance. NFT token.
The first NFT sold was named “Perspective” and was created using graphite pencils in prisons. It constitutes an important part of 10 unique works of art and writings that Ross created during his lifetime. The series includes animated videos curated by audiovisual expert Levitate and dubbed by Ross himself. In this video, Rose shared a series of experiences he accumulated during his stay in prison.
The funds raised from the sales proceeds of the Genesis Collection will be transferred to the Art4Giving fund created by FreeRossDAO. Donors suggested that the trust fund act as a legal institution to fund new legal obligations and guide awareness-raising programs. The team is planning to convert NFT shares into ROSS governance tokens. These tokens will then be distributed to them in proportion to their donations to the organization. Token holders will get a fair chance to vote and participate in the core work of the FreeRossDAO cluster.
In the US$27 million Series B financing, Microsoft supports Palm NFT Studio
Known as a high-potential crypto entrepreneurial project, Palm NFT Studio announced the successful completion of Series B financing activities, raising US$27 million from industrial investors. This round of financing witnessed the active participation of Microsoft Venture Fund M12, as it developed into the largest contributor to lead the event. Other companies supporting this financing include Griffin Gaming Partners, RRE, Third Kind Venture Capital, Sfermion, LAO, Warner Bros. and SK Inc.
Palm NFT was co-founded by ConsenSys founder and Ethereum co-founder Joseph Lubin to provide developers with strategic and technical tools to create an NFT ecosystem. The funds raised by the company will enable it to expand its core technology range. The platform is designed to help developers who are willing to introduce NFTs in multiple fields such as games, music, and art, while having proper compliance and a seamless working interface.
Dan Heyman, co-founder and CEO of Palm NFT Studio, advocates free distribution of NFTs for the next three years. The team is eager to support projects that can create a large number of practical NFTs, share social goals that connect people, encourage participation and reward participants. The cooperation with M12 will help the company realize its vision.
Since its launch, Palm NFT Studio has collaborated with DC Comics to release NFT tokens, depicting a tokenized comic book cover. The company collaborated with Damien Hirst to launch The Currency series. Palm NFT Studio co-developed the Palm Network, which is used as an ETH sidechain, allowing customers to create NFT projects. NFTs created on Palm Network or ETH mainnet can easily move in each other’s ecosystem.
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