- Polygon Labs announces Polygon 2.0, a series of enhancements aimed at creating the internet’s “Value Layer”, allowing users to generate, exchange, and program value.
- Polygon 2.0 intends to harness zero-knowledge (ZK) technology to support an almost unlimited number of chains and instant, secure cross-chain interactions.
In the constantly evolving landscape of blockchain technology, Polygon Labs has taken a significant step forward by introducing Polygon 2.0 on June 12. The new upgrade encapsulates a suite of improvements designed to establish what the company refers to as the internet’s “Value Layer”, empowering users to create, exchange, and program value in unprecedented ways.
1/ Our vision for Polygon is simple: to build the Value Layer of the Internet.
The Internet allows anyone to create and exchange information. The Value Layer allows anyone to create, exchange, and program value.
Enter Polygon 2.0: a blueprint to build the ultimate Value Layer. pic.twitter.com/9eYSr3H1L5
— Polygon (Labs) (@0xPolygonLabs) June 12, 2023
Polygon 2.0 seeks to radically revamp virtually all aspects of Polygon, spanning protocol architecture, tokenomics, and governance. It outlines the roadmap to becoming the Value Layer, offering boundless scalability and unified liquidity through the use of Zero-Knowledge (ZK) technology.
The core feature of ZK technology lies in its ability to enable a party, known as the prover, to verify a statement’s validity to another party, called the verifier, without revealing any additional information beyond the truth of the statement. Polygon Labs elaborates,
“The network can support a practically unlimited number of chains and cross-chain interactions can happen safely and instantly, without additional security or trust assumptions. Unlimited scalability and unified liquidity.”
Fundamentally, Polygon 2.0 seeks to integrate protocols, allowing for seamless usage across ZK-Ethereum Virtual Machine (EVM) technology, proof-of-stake, and supernets. This cohesion will provide an experience akin to using a single chain, explains Polygon Labs president, Ryan Wyatt, on Twitter. He further highlighted “token evolution” and “long-term decentralized governance” as key facets of this technology.
What is Polygon 2.0?
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At its core:
– Unifying the protocols: seamless usage across zkEVM, PoS, & Supernets; it will feel like you are using a single chain
– Token evolution
– Establish long-term decentralized governance.
It will be a series of announcements this summer. https://t.co/DRWl3kBAkT pic.twitter.com/wUOWP4xHWC
— Ryan Wyatt (@Fwiz) June 12, 2023
More details regarding Polygon 2.0’s technology are expected to be unveiled in the coming weeks. Meanwhile, the importance of such an upgrade was underscored by Wyatt during his June 7 testimony before a United States House of Representatives committee. He emphasized the role of blockchain in addressing the “value extraction” problem plaguing the current internet landscape.
He underscored the potential of Web3, powered by decentralized, transparent systems, to democratize the internet and return data control to users. Wyatt’s emphasis on the need for a well-regulated U.S. blockchain ecosystem reflects ongoing conversations around industry regulation, particularly in light of recent SEC lawsuits against major crypto exchanges.
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