Crypto News

Polygon Labs Announces Polygon 2.0

Polygon Labs, developer of the leading Ethereum Layer 2 scaling solution Polygon, has announced the rollout of Polygon 2.0, a significant upgrade designed to position the network as the “value layer of the Internet”.

“value layer”

Polygon 2.0 is largely based on the existing network of the L2 series. Unlike the current version—effectively a Layer 2 sidechain for Ethereum—Polygon 2.0 will be a network of Layer 2 chains powered by ZK Proof that work together as a unified network through a novel cross-chain coordination protocol.

In theory, this would allow the network to support a nearly unlimited number of chains, providing unlimited scalability and unified liquidity.

As per the announcement:

Polygon 2.0 is a network of ZK-powered L2 chains, integrated through a novel cross-chain coordination protocol. To a user, the entire network will feel like using a single chain. The network can support a practically unlimited number of chains and cross-chain interactions can be secure and instant without additional security or trust assumptions. Unlimited scalability and unified liquidity.

Zero-knowledge proofs (ZKPs) are cryptographic methods by which one party can prove to another party that a statement is true without revealing any information beyond the validity of the statement, thus ensuring the confidentiality and security of each party. does.

The rollout, the result of more than a year of collaboration between various stakeholders, will be detailed in the coming weeks. As per the announcement, the community will also have to approve the proposal before it can be implemented.

build on reputation

Polygon, originally known as Matic Network, gained prominence as a Layer 2 scaling solution that executes cheap, fast transactions that are ultimately secured on the Ethereum blockchain. To date, Layer 2 chains have been instrumental in enhancing blockchain technology by “offloading” individual transactions and eventually settling on the main chain.

Polygon 2.0 is designed to further enhance these capabilities. According to the company’s blog post, the upgrade will introduce a suite of modules that developers can use to build their own blockchain networks. These modules include consensus and synchronization mechanisms, fraud proofs, and more. The goal is to provide a more flexible and robust platform for decentralized applications (DApps).

The announcement comes within a week of the SEC’s historic charge of two major industry players with securities violations. in their lawsuits against both coinbase And binance, the SEC listed Polygon as one of those crypto tokens considered an unregistered security. The SEC did not accuse Polygon Labs of wrongdoing or list it as a defendant in any of the lawsuits.

Related Articles

Back to top button