Polyhedra Network Kicks Off Staking after Resolving ZK Trademark Issue

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As an analyst with a background in blockchain technology and decentralized finance, I’m excited about the recent developments at Polyhedra Network. The launch of their staking services is a significant milestone for the network and provides an opportunity for users to earn passive income from their token holdings.

As a researcher studying the latest developments in the field of decentralized finance (DeFi), I’m excited to share that Polyhedra Network, a groundbreaking protocol utilizing zero-knowledge proofs for advanced scalability and security, has officially initiated its staking services. After successfully resolving a trademark dispute regarding the term “ZK,” we can now look forward to reaping the benefits of this innovative technology.

With this latest advancement, the network and its user base reach an important achievement. It grants token holders the chance to generate passive income.

Details of the Staking Service

As a crypto investor in Polyhedra, I’m excited about the recent introduction of staking services. Now, instead of just holding onto my ZKJ tokens (previously known as ZK tokens), I can actively contribute to the network by locking them up. This helps in validating transactions and securing the blockchain. In return for my participation, I’ll receive rewards in the form of extra tokens, making it a win-win situation for both the network and me.

At the staking event, users will receive several types of cryptocurrencies as rewards, such as ETHFI, ID, and CYBER. The platform has set aside approximately $1.13 million in value of these digital assets for user incentives. As stated in the announcement, the new staking feature is only available for a limited time, running from June 10 for four weeks. To become eligible for a $100 reward, users must commit a minimum of 1,000 ZKJ tokens before June 12 at 23:59:59 UTC. However, to receive the reward, the tokens must remain staked for at least one week.

Additional Offerings

Within just one day of launching its staking services, Polyhedra announced the release of another product.

On X, the platform revealed that it had made public a repository containing comprehensive information, ranging from complex to fundamental, about Zero-Knowledge Proofs (ZKP).

This new offering will cater to users’ needs with cutting-edge updates released on a weekly basis.

Background on the Trademark Dispute

One week post the resolution of trademark conflicts between Matter Labs, the creator of ZkSync Ethereum Layer 2 network, and our company, we are set to introduce two new products.

As a researcher investigating this situation, I would describe it as follows: I discovered that our company intended to secure exclusive use of the term “ZK” in nine diverse international markets, a move that posed a conflict with Polyhedra, whose stock symbol is also “ZK.”

The outcome of the decision instigated a weeklong dispute between Polyhedra and Matter Labs, with Polyhedra alleging that they were being mistreated by Matter Labs due to the latter’s intent to patent a term, which contradicts the fundamental values of the Web3 economy.

Matter Labs’ actions in the conflict drew criticism from various sectors of the industry, with some labeling the company as “oppressive.” Others argued that the term “Zero- Knowledge” (ZK) is a common industry term and shouldn’t be monopolized by any single entity.

As a crypto investor, I’ve followed the developments between Matter Labs and Polyhedra with great interest. After much contemplation and consultation with our team, we’ve made the decision to abandon our patent applications. This means that Polyhedra will continue to be known as ZK in the cryptosphere, unencumbered by potential legal disputes.

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2024-06-10 17:36