Network based on Polygon software development kit prom Its mainnet was launched after an extensive testing campaign involving more than 25 million transactions from 2 million unique wallets.
According to the Nov. 21 announcement, Prom leverages zero-knowledge proof (ZK-P) encryption technology to enhance security and scalability while reducing transaction costs. This solution, which is not yet widely available due to the technical difficulty of implementation, enables high transaction speeds and seamless blockchain interactions. Iva Wisher, COO of Prom said:
“We are excited to start a new chapter for Prom and simplify the expansion of our ecosystem by welcoming developers and users to interact with the chain. (…) We are committed to continuously improving efficiency, delivering scalability and efficiency for daily on-chain operations Convenience and we look forward to rolling out a range of products across our network.”
The new network is the result of a project launched in 2019 by Polygon, DWF Labs, Ankr, Goldsky, Automata and Blockscout. The network’s native token, PROM, is already listed on Binance, the world’s leading exchange, as well as HTX, KuCoin, Gate.io, Upbit and AscendEx.
The network utilizes the Prom Decentralized Autonomous Organization (DAO) to manage its grant program and make decisions on the future development of the protocol through: Participate in the governance process. All token holders have a say, and voting is transparently conducted online.
In addition to allowing participation in the DAO process, PROM also provides As the only way to pay network transaction fees, as gas fee tokens. The network uses the Proof-of-Stake (PoSA) consensus algorithm, which is a hybrid of Proof-of-Stake (PoS) and Proof-of-Authority – the latter being a modified version of PoS.
PoSA relies on transaction validators who are not only known, but also own the token (in this case PROM). If they behave inappropriately, their shares are slashed and there are financial penalties for misconduct. PoSA is significantly less energy intensive than Bitcoin’s Proof-of-Work algorithm.
Disclaimer: This article is for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.
