- Polygon has had a lot of success with zero-knowledge-powered protocols.
- Now Polygon Labs is radically reshaping its network in Polygon 2.0.
- Polygon 2.0 looks to leverage zero-knowledge-powered layers.
- The new update will transform Ethereum into what it always intended to be.
Polygon has been striving to transform Ethereum into a more scalable network by introducing innovative features that seek to address the persistent challenges that the network faces, such as high gas fees, network congestion, and more.
With Polygon 2.0 in the works, many of Ethereum’s problems are about to disappear thanks to Polygon’s new value layer.
What Is Polygon 2.0?
On Tuesday, June 12, Polygon Labs unveiled the highly-anticipated revamp of its network, Polygon 2.0. The update seeks to establish a revolutionary “Value Layer” for the internet that will allow users to “create, exchange, and program value.”
Polygon Labs envisions Polygon 2.0 as a comprehensive overhaul that “radically reimagines almost every aspect of Polygon,” from protocol architecture to tokenomics to governance.
Since most networks struggle with scalability because of their staggered throughput limits, Polygon 2.0 addresses these issues with a distinct approach, unlike Bitcoin and Cardano, which emphasizes solving the problems ‘off-chain.’
Polygon 2.0 plans to incorporate additional chains without fragmenting liquidity and security to solve Ethereum’s scalability issues. The new update will allow Polygon to leverage a network of zero-knowledge powered Layer-2 chains interconnected by a novel cross-chain coordination mechanism. This protocol will empower users to navigate through an unlimited number of chains and facilitates cross-chain interactions akin to browsing websites on the traditional internet.
With this mechanism, Polygon looks to solve the blockchain trilemma, achieving unmatched scalability, liquidity, and security. Polygon 2.0 strives to reshape the current blockchain infrastructure to resemble better the familiar and infinite landscape of the conventional internet.
By expanding the capabilities of Ethereum, Polygon aims to establish it as the base value layer for Web3. Polygon plans to utilize a new consensus algorithm, architecture and stack, token, and governance in the next few weeks. The development team is expected to reveal more details on the technology in the coming weeks.
On the Flipside
- The SEC named Polygon’s native token MATIC as unregistered security in its case against Binance and Coinbase.
- MATIC has remained one of the best-performing digital assets in 2022. It soared by around 31% in 2022.
- Polygon zkEVM, zkSync Era, and StarkNet have continuously shown impressive growth in TVL in 2023.
Why This Matters
Polygon 2.0 is a significant milestone for the Ethereum scaling solution. The new upgrade will transform Ethereum into what it was always intended to be.
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