Polyhedra Network

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Discover Polyhedra Network's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Polyhedra Network?

Polyhedra Network (ZK) is a cryptocurrency project that leverages zero-knowledge proof (ZKP) technology to enhance interoperability, scalability, and privacy in Web3. It facilitates seamless asset transfers, message passing, and data sharing between various blockchain networks through its flagship product, zkBridge. The project aims to bridge the gap between different blockchain networks, protocols, and systems, enabling efficient and secure communication across Web3.

How is Polyhedra Network used?

The Polyhedra Network (ZK) token is used in several ways within the ecosystem:

  1. Service Fees: Developers and applications use the ZK token to pay for zero-knowledge proof services, ensuring the privacy and security of transactions.

  2. Cross-Chain Transactions: The token is used to pay for zkBridge cross-chain transaction fees, facilitating seamless interactions between different blockchains and applications.

  3. Staking: Users stake ZK tokens to participate in network governance, transaction verification, and other activities, earning rewards and incentives.

  1. Economic Security: The token is used alongside EigenLayer restaking to provide crypto-economic security, ensuring the trust-minimized bridge between Ethereum and Bitcoin.

  2. Governance: ZK token holders have the ability to vote on governance decisions, shaping the future direction of the Polyhedra Network infrastructure and ecosystem.

These utilities position the token as a crucial component for community engagement, market stimulation, and passive income generation within the Polyhedra Network ecosystem.

How do I store Polyhedra Network?

To store Polyhedra Network (ZK) tokens, you can use various options:

  1. Exchange Wallets: You can store your ZK tokens directly on the exchange where you purchased them. For example, MEXC, Bitget, and Crypto.com Exchange all allow you to store your ZK tokens on their platforms.

  2. Personal Cryptocurrency Wallets: You can transfer your ZK tokens to a personal cryptocurrency wallet. This provides more control and security over your assets. Popular options include Metamask Wallet, which supports millions of assets and blockchains.

  3. Hardware Wallets: For added security, consider transferring your ZK tokens to a hardware wallet like Ledger or Trezor. These wallets are designed to securely store your cryptocurrencies offline, protecting them from potential exchange hacks or other security breaches.

  1. Polyhedra Network Wallets: You can also use wallets specifically designed for Polyhedra Network. These wallets are optimized for staking and managing your ZK tokens. Some popular options are mentioned in the staking guide.

Remember to always follow best practices for securing your wallet and keeping your private keys safe.

How to buy Polyhedra Network?

To buy Polyhedra Network (ZK) tokens, follow these steps:

  1. Choose a Crypto Exchange: Select a reputable exchange that supports Polyhedra Network, such as KuCoin, CoinEx, OKX, Bybit, gate.io, MEXC, Coinbase, or Binance. Research the exchange, read reviews, and compare fees and security features to make an informed decision.

  2. Create an Account: Register a free account on the chosen exchange by providing necessary information, including your name and email address. You may need to complete Know-Your-Customer (KYC) verification to increase withdrawal limits and unlock additional features.

  3. Fund Your Account: Add funds to your exchange account using various payment methods such as credit/debit cards, bank deposits, peer-to-peer trading, or third-party payment channels. The available options may vary depending on the exchange.

  1. Make a Purchase: Navigate to the Buy & Sell section, select Polyhedra Network (ZK) as the cryptocurrency you want to buy, and choose your preferred order type:

    • Market Order: Buy at the current market price.
    • Limit Order: Set a specific price for the purchase.
    • Stop Order: Buy at a specified price to limit potential losses.
    • TWAP Order: Break down large orders into smaller segments for better price control.
  2. Transfer to Wallet (Optional): Once purchased, you can either hold the tokens in your exchange account or transfer them to a personal cryptocurrency wallet for additional security and flexibility.

By following these steps, you can successfully buy Polyhedra Network (ZK) tokens on a cryptocurrency exchange.

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History of Polyhedra Network

Polyhedra Network, represented by the ZK token, is a cryptocurrency project that focuses on constructing a robust infrastructure for interoperability, scalability, and privacy in Web3. The project leverages Zero-knowledge Proof (ZKP) technology to facilitate seamless asset transfers, message transmissions, and data sharing between Web2 and Web3 systems.

Key Milestones
  • 2022: Eight researchers released a paper on trustless cross-chain bridges, which laid the groundwork for the Polyhedra Network.
  • March 3, 2023: The Polyhedra project was launched as a full-stack suite of ZKP-based solutions in the Web3 space. The researchers involved were from UC Berkeley, Tsinghua University, and Stanford University.
  • February 21, 2023: The project raised $10 million in a funding round led by Binance Labs and Polychain Capital.
  • April 2023: Polychain Capital led another funding round worth $15 million. The project also partnered with Galxe to launch its loyalty point program, incentivizing user engagement and contributions on the zkBridge platform through ZK tokens.
  • End of 2023: The project completed integrations on the Arbitrum, BSC, opBNB, and Bitcoin blockchains.
  • March 14, 2024: The project raised another $20 million in a strategic funding round led by Polychain Capital, valuing the company at $1 billion.
Key Products and Features
  • ZkBridge: Enables users to transfer tokens, exchange NFTs, and send messages seamlessly between various blockchain networks, ensuring complete privacy for both parties involved.
  • ZkNFT: An advanced protocol tailored for NFTs, offering seamless interactivity and employing ZKP encryption to safeguard user privacy.
  • ZkDID: A secure authentication system designed to verify on-chain transactions, providing robust ownership verification and high scalability.
  • ZkLightClient: Seamlessly integrates with LayerZero, enhancing security, performance, and cost efficiency for cross-chain interactions across all chains supported by LayerZero.
Token Information
  • Token Name: Polyhedra Network Token
  • Symbol: ZK
  • Blockchain: Ethereum and BNB Chain
  • Token Standard: ERC-20 and BEP-20
  • Total Supply: 1,000,000,000 ZK
  • Token Use Cases: Transaction fees, governance, staking, service fees, and premium services.
Team and Funding
  • CEO: Anonymous
  • Co-Founder, CTO: Tiancheng Xie
  • CSO: Eric Vreeland
  • Funding Rounds: Successfully raised funding up to the Series A round, totaling $45 million, with prominent investors including Polychain Capital, Binance Labs, Animoca Brand, Hashkey Capital, and OKX Venture.
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How Polyhedra Network works

The Polyhedra Network (ZK) is a cryptocurrency project that leverages advanced zero-knowledge proof (ZKP) technology to facilitate interoperability, scalability, and privacy across various blockchain networks. Here's an overview of how it works:

Transaction Creation and zkBridge

Users create transactions on the ZK network, which involves sending and receiving assets. The key innovation is the zkBridge, a trustless and efficient cross-chain interoperability protocol. This bridge enables seamless asset transfers, message passing, and data sharing between different blockchain networks without relying on external trust assumptions.

Zero-Knowledge Proofs (ZKP)

ZKP is a technology that allows one party to prove to another that they possess certain information without revealing what that information is. This technology serves as the backbone for Polyhedra's suite of services, ensuring that transactions are secure and private.

Distributed Proof Generation Network

To enhance the performance of its ZKP systems, Polyhedra Network employs a Distributed Proof Generation Network. This network incorporates cutting-edge technologies like deVirgo and paraPlonk to accelerate proof generation and reduce on-chain verification costs. deVirgo optimizes parallelism and minimizes communication overhead, making zkBridge up to 100 times faster than traditional methods. paraPlonk enhances scalability by enabling large-scale distributed proof generation.

zkDID and Decentralized Identity

Polyhedra Network also introduces zkDID, a scalable and interoperable decentralized identity solution. Built on the principles of soul-bound tokens (SBTs) and verifiable credentials, zkDID aims to onboard billions of internet users onto Web3 infrastructures and applications. Users have control over their personal information thanks to stealth address mechanisms powered by ZKP.

Governance and Token

The ZK token is used for service fees, cross-chain transactions, staking, economic security, and governance. It allows users to pay for privacy services, participate in network decisions, and secure transactions between blockchains. The token also serves as a governance token, enabling holders to participate in governance and determine the project's future direction.

Integration and Adoption

Polyhedra Network is designed with APIs and SDKs, allowing developers and institutions to integrate its infrastructures into their applications. The network has developed innovative protocols and offerings like zkBridge and zkDID, and has built applications like Ghostor that promote user privacy. It has also partnered with various blockchain networks and institutions to expand its reach and adoption.

In summary, the Polyhedra Network (ZK) is a cryptocurrency project that harnesses the power of zero-knowledge proof technology to drive interoperability, scalability, and privacy across Web3. Its innovative protocols and solutions aim to bridge the gap between different blockchain networks, protocols, and systems, enabling seamless communication and collaboration across the decentralized ecosystem.

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Polyhedra Network's strengths

The token Polyhedra Network (ZK) has several strengths that make it an attractive investment opportunity. Here are some of the key advantages:

  1. Scalability and Interoperability: Polyhedra Network facilitates communication between various L1 and L2 networks, leveraging a LayerZero interoperability protocol. This enables seamless interactions between different blockchain networks, fostering scalability and privacy.

  2. Strong Backing: The project has received significant investment from top-tier funds such as Polychain, Hashkey, Binance Labs, and others, collectively investing over $45 million. This indicates a strong belief in the project's potential.

  3. Decentralized Governance: The $ZK token is expected to power decentralized governance within the platform, allowing community members to participate in decision-making processes.

  1. Multi-Chain Support: Polyhedra Network supports over twenty different chain networks, including BNB Chain, Ethereum, Arbitrum, and Polygon, making it a versatile and widely applicable solution.

  2. Innovative Technology: The platform utilizes zero-knowledge proof protocols, which provide enhanced security and efficiency. This technology has already facilitated tens of millions of cross-chain transactions, generating over 40 million ZK proofs.

These strengths position Polyhedra Network as a promising project in the blockchain interoperability space, offering a robust and scalable solution for Web3 applications.

Polyhedra Network's risks

Polyhedra Network (ZK) faces several financial risks that investors should consider before investing in the token. These risks include:

  • ZK Scalability Challenges: Despite its promising technology, ZKPs still face scalability challenges that could hinder Polyhedra’s growth and adoption.
  • Competition in ZK Space: Other projects are also developing ZKP solutions, creating competition for Polyhedra. This competition could impact the token’s value and market share.
  • Price Volatility: The crypto space is known for its price volatility, which can significantly affect the value of the ZK token. This volatility adds a layer of uncertainty to daily operations.
  • Legal Stipulations: The project is subject to legal stipulations that govern the crypto space, which can create uncertainty and impact the token’s value.
  • Technical Barriers: Implementing distributed proof systems and compiling light client protocols with zk-SNARKs can be complex and may deter users and developers from adopting the technology.
  • Security Risks: Although the network has established security protocols, it is not immune to attacks, especially those specifically designed for cross-chain bridges.

These financial risks highlight the importance of thorough research and caution before investing in the Polyhedra Network (ZK) token.

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Did Polyhedra Network raise funds?

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Polyhedra Network’s team

  • Tiancheng Xie (Co-founder and CTO): The technical mastermind behind Polyhedra, Tiancheng brings expertise in cryptography and blockchain development.
  • James Zhang (Co-founder): James co-founded Polyhedra and likely plays a key role in shaping the project’s vision and strategy.
  • Eric Vreeland (Strategic Director): Eric leads Polyhedra’s strategic initiatives, ensuring the project aligns with industry trends and fosters strong partnerships.
  • Abner Jia (Co-Founder and CEO): Abner is a co-founder and CEO of Polyhedra Network, overseeing the overall direction of the project.

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