What if you could create, share, and control your own value on the internet?
That’s the vision of Polygon Labs, a blockchain technology company that launched “Polygon 2.0” on June 12th. This is not just an upgrade, but a radical change in how the web works.
Learn more about Polygon here:
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Polygon 2.0 is a network of interconnected chains that use ZK technology, a powerful tool that lets you prove something is true without revealing anything else. With Polygon 2.0, you can enjoy faster, cheaper, and more secure transactions on the web’s “Value Layer”.
Polygon said in the 2.0 blogpost,” Our vision for Polygon is simple: to build the Value Layer of the Internet. Just like the Internet allows anyone to create and exchange information, the Value Layer is the fundamental protocol that allows anyone to create, exchange, and program value.”
The Value Layer is the fundamental protocol that allows anyone to create, exchange, and program value on the internet. Just like the Internet allows anyone to create and exchange information, the Value Layer lets you send and receive value as easily as you send and receive data and information.
You don’t need any middlemen or third parties to exchange value directly with anyone else on the internet!
Polygon 2.0 is a radical transformation of the protocol that will merge all Polygon protocols with zero-knowledge technology, creating a continuous, unbounded, and secure blockspace for decentralized applications.
It will introduce groundbreaking innovations in protocol design, tokenomics, and governance that will unify liquidity and unleash the full potential of Polygon.
ZK technology, or zero-knowledge technology, is a blanket term for protocols and services using an encryption method called zero-knowledge proofs. Zero-knowledge proofs allow one party to prove a fact to another party so they can verify it without the second party knowing the fact itself.
As per the one paper released by Polygon, Polygon 2.0 will create a network of interconnected L2 chains that are powered by zero-knowledge technology, enabling fast, cheap and secure transactions across the network. The cross-chain coordination mechanism will make the network function as a single chain for the user, providing a seamless and intuitive experience.
Polygon released a timetable of important dates for release of Polygon 2.0. As per that, the first step is the release of Polygon PoS, which happened as per schedule on June 19-20. Following this is the release of new Architecture and Stack which is set to happen in the week of 26 June.
Polygon PoS to zkEVM Validum Proposal
Imagine a world where you can enjoy the best of both worlds: Ethereum’s unrivalled security and Polygon’s high scalability and minimal costs.
That’s what Polygon Labs is aiming for with its latest proposal: a zkEVM validium enhancement to its Proof of Stake (PoS), a decentralised ZK-proof Layer 2 that is the first of its kind. This upgrade would pave the way for the impending Polygon 2.0.
This upgrade will be a tremendous technical achievement if the community accepts it: it will mark the first time that an existing chain (especially one of this size and importance) adds ZK proofs to become an L2.
The zkEVM Validium will have two big benefits over rollups: lower costs and higher scalability. How? By avoiding the expensive Ethereum gas and using zero-knowledge proofs to verify transactions. Polygon Labs has already made these proofs very cheap to generate.
The best part is that this upgrade will not change anything for the users or developers of Polygon PoS. They can keep using the network as usual, with the same client software and the same staked token ($MATIC).
The validators will also continue to do their important jobs of ensuring data availability and transaction sequencing. This upgrade will make Polygon PoS one of the most advanced and efficient networks in the crypto space.
In conclusion, Polygon 2.0 is a revolutionary upgrade that will make the web more open, fair, and accessible for everyone. By using ZK technology, Polygon 2.0 will create a network of interconnected chains that can handle fast, cheap, and secure transactions on the Value Layer of the internet.
Polygon 2.0 will also enhance its existing PoS chain with zkEVM validium, a first-of-its-kind decentralised ZK-proof Layer 2 that will offer the best of both worlds: Ethereum’s security and Polygon’s scalability.