HomeBlockchain & CryptoWhat is ZK Token - Polyhedra Network?

What is ZK Token – Polyhedra Network?

Polyhedra Network is an exciting project focusing on constructing a robust infrastructure that fosters interoperability, scalability, and privacy in Web3. By harnessing the power of Zero-knowledge Proof (ZKP) technology, this initiative aims to provide effective solutions while minimizing reliance on trust. Its primary goal is facilitating seamless asset transfers, message transmissions, and data sharing between Web2 and Web3 systems.

By the end of 2023, Polyhedra Network had launched the Mainnet Alpha of zkBridge and zkLightClient with the valuable assistance of LayerZero and over 20 other chains. This project left a remarkable impression on the GameFi community by partnering with Combo Network, OKX Web3, Second Live,…

1. Main products

1.1. ZkBridge
Thanks to zkSNARK technology, the sender and verifier can interact without disclosing their identities, ensuring complete privacy for both parties involved. This bridge enables users not only to transfer tokens across different chains but also to exchange NFTs and messages seamlessly between various blockchain networks.
1.2. ZkNFT
zkNFT is an advanced protocol tailored for NFTs, offering seamless interactivity. It employs ZKP encryption to safeguard user privacy by encoding data and assets, even when using cross-chain. Moreover, zkBridge NFT utilizes zk-DID, another network’s product, to provide robust ownership verification.
1.3. ZkDID
ZkDID is a secure authentication system designed to verify on-chain transactions, playing a crucial role in protecting user privacy. It boasts high scalability and interactivity, utilizing advanced ZKP-based proofs that can be applied to both Web2 and Web3 environments.
1.4. ZkLightClient
zkLightClient seamlessly integrates with LayerZero, providing enhanced security, performance, and cost efficiency for cross-chain interactions across all chains supported by LayerZero.

Polyhedra Network holds several advantages:

  • Seamless integration with LayerZero allows developers to utilize zero-knowledge proofs without any barriers.
  • zkSNARK provides proof of the accuracy of state transitions across remote blockchains, eliminating assumptions about trust.
  • The design and implementation of the deVirgo proof system accelerate the proof generation process. Cross-chain messages can be finalized quickly after proof verification, enabling fast information processing.
  • Leveraging the compression capabilities of zero-knowledge proofs, multiple verification requests are consolidated into a single proof, reducing on-chain verification costs.

2. ZK Token

2.1. Overall

Token namePolyhedra Network Token
SymbolZK
BlockchainEthereum, BNB Chain
Token standardERC-20, BEP-20
Total supply1.000.000.000 ZK

2.2. Token use case

  • Transaction fee
  • Governance
  • Staking
  • Service fee
  • Premium service

2.3. Token allocation

  • Ecosystem and network incentives: 32%
  • Investor: 28%
  • Community, airdrop, and marketing: 15%
  • Foundation reserve: 15%
  • Core contributors: 10%

3. Team & Backer

3.1. Team

  • CEO: Anonymous
  • Co-Founder, CTO – Tiancheng Xie: Bachelor’s degree in Computer Science from Shanghai Jiao Tong University, Ph.D. from UC Berkeley.
  • CSO – Eric Vreeland: 13 years of experience in B2B marketing, Marketing at LayerZero Labs.

3.2. Fundraising & Backer

  • Funding rounds: Polyhedra Network has successfully raised funding up to the Series A round, totaling $45 million.
  • Lead investor: Polychain Capital.
  • Prominent investors: Polychain Capital, Binance Labs, Animoca Brand, Hashkey Capital, and OKX Venture, among others.
polyhedra network ZK

The information provided in this article is for reference only and should not be taken as investment advice. All investment decisions should be based on thorough research and personal evaluation.

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