Polygon Labs announced the release of Polygon 2.0 on Twitter on Jun 12, 2023. The announcement was followed by a series of blog posts, community meets, AMAs, and other events to reveal more details about the technology, and it is expected to launch in phases over the next few weeks and months.
Let’s look at what it is.
Polygon 2.0 is a set of proposed upgrades that targets to change every aspect of Polygon, from protocol architecture to tokenomics to its governance. Its main goal is to build the Value Layer of the internet, which is yet another fundamental protocol that allows anyone to create, exchange, and program value. The Value Layer is based on Ethereum but expands its capabilities using zero-knowledge (ZK) technology. If you are interested in knowing how zero-knowledge (ZK) works. You can refer to the following article that I published on Medium. It explains all the nooks and crooks with examples. ZK Rollups | Medium
To help you understand it, I’ll explain it briefly here. ZK technology is a cryptographic technique that allows one party, called the prover, to prove the validity of a statement to another party, known as the verifier, without revealing any additional information beyond the statement’s validity. For example, Alice can prove to Bob that she knows a secret password without telling him what it is. This enables unlimited scalability and unified liquidity across multiple chains because it reduces the amount of data and computation needed to verify transactions and state transitions.
Polygon 2.0 plans to establish a network of ZK-powered layer-2 chains, which run on top of Ethereum and inherit its security and decentralization but offer faster and cheaper transactions. These chains will be interconnected by Polygon’s novel cross-chain coordination mechanism, allowing users to navigate through an unlimited number of chains and facilitate cross-chain interactions akin to browsing websites on the traditional internet. For example, Alice can send tokens from one chain to another or use a decentralized application on one chain that interacts with another chain.
Polygon 2.0 also introduces a new consensus algorithm, architecture and stack, token, and governance model to transform Ethereum into what it always intended. The consensus algorithm is the process by which nodes in the network agree on the system's state. The architecture and stack are the design and implementation of the protocol components. The token is the native currency of the network that is used for various purposes such as fees, rewards, governance, and staking. The governance model is how stakeholders can influence the direction and development of the network.
Polygon 2.0 is expected to launch in phases over the next few weeks and months, with more details to be revealed by the development team. It aims to be a game-changer for building decentralized applications for a global audience, offering the democratization of finance, digital ownership, and innovative coordination mechanisms.
Stay tuned for more.
