Polygon launches Miden Alpha Testnet, what does this mean for the price?

Ethereum (ETH)-based layer-2 scaling solution Polygon (MATIC) has released the Miden Alpha Testnet as it continues its evolutionary journey. Polygon described the Miden Alpha Testnet as a zk self-sovereign platform with special considerations for pioneer developers.

Polygon is a protocol with an intense focus on building. With the newly launched Testnet said the protocol that users can locally generate proofs of their state transitions. This, unlike previous provisions, will protect developers from revealing their status to the entire network.

Polygon said Miden improves the privacy push for the developer. This will enable the development of self-sovereign and high-throughput applications, according to the protocol. For builders, this means designing self-sovereign and high-throughput applications. Miden’s zk-powered rollup allows you to build what is currently not feasible on EVM chains.

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 that powers Miden, Polygon invites developers to test out some key features.

Some of these features that developers can experiment with are private notes and public notes. In addition, they can experiment with private accounts and public accounts and execute simple smart contracts. These smart contracts include creating new tokens, sending and receiving assets, and building a crane.

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

According to previous reports, EY has adopted Polygon PoS for its Contract Management System. Other mainstream companies such as Flipkart, Prada and Adidas have also experimented with the Polygon protocol.

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

Community members are already calling out the protocol due to the many protocols with little economic value. In addition to Miden, the Ethereum L2 also has zkEVM, CDK and POS that developers can strengthen depending on their goals. Whether or not there is a need for Miden remains for the developers to answer, but a long-term reboot of the token remains a bet that community members are willing to place.