- Canto, a blockchain initially launched to bolster decentralized finance, is transitioning to a ZK Layer 2 on Ethereum using Polygon’s Chain Development Kit (CDK).
- This move aligns with the “neofinance” vision: merging traditional financial assets with blockchain efficiencies at scale.
Unraveling the Migration: What it Means for Canto and its Community
Canto, born out of a need to advance the decentralized finance landscape, initially operated as a Layer 1 blockchain. Offering core financial utilities like a decentralized exchange and lending market, it was crafted to foster widespread adoption at the application tier. Now, in a pursuit to craft a dedicated blockchain for real-world assets, Canto is diving deeper into Ethereum’s ecosystem, leveraging the zero-knowledge capabilities of Polygon’s Chain Development Kit.
While Canto provides an EVM execution layer and a unique unit of account, the core progression and enhancements stem from the Canto Commons. This open, permissionless infrastructure champions the coordination of this decentralized public protocol.
The Nuances of Migrating to Ethereum’s ZK L2 with Polygon CDK
But what precisely does this transition signify for Canto’s vast community? In essence, it’s an expansion of Canto’s foundational beliefs.
Polygon’s Chain Development Kit (CDK) is both permissionless and open-source, allowing for the construction of ZK chains that mirror a community’s core principles. These chains maintain autonomy but don’t compromise on adaptability. They become a part of a cohesive ecosystem of ZK L2s interlinked with one another, ensuring swift, uninterrupted access to Ethereum.
For Canto, this implies that should consensus be reached within the Canto Commons, the core developers will have the toolkit to build a ZK L2 that mirrors Canto’s defining traits: unfettered sovereignty and liquidity as a communal asset. Harnessing a shared ZK bridge, Canto aspires to dive into the liquidity offered by the cohesive Polygon framework, easing the pathway to Ethereum. Furthermore, this move guarantees top-tier user security through a state-of-the-art ZK prover, ensuring security driven by cryptography, a feature passed down from Ethereum itself.
>> Buy Polygon quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with MATIC now. Visit Website <<
This pivotal shift is symbolic of a broader transition towards “neofinance”—envisioning a financial landscape revolutionized at scale by integrating offchain assets into protocol channels. The benefits intrinsic to blockchains like efficiency, accessibility, and composability can be harnessed for offchain assets, thanks to the modular architecture of Polygon’s CDK.
However, achieving neofinance on a grand scale mandates profound liquidity without sidelining security. The trustlessness, coupled with the inherent decentralization of an Ethereum ZK L2 in a unified liquidity ecosystem, can realize this vision, all facilitated by Polygon’s CDK.
In technical parlance, Canto will utilize the Plonky2 ZK proving technique, maintaining a proof-of-stake validator framework for decentralized sequencing. While validators and stakers witness no alterations, users can anticipate heightened decentralization and trustless assurances when transitioning assets. This seamless process will be realized through a shared ZK bridge for canonical assets.
For deeper insights on Canto, readers are encouraged to navigate to Canto’s official resources and stay updated with the Polygon Labs ecosystem for emerging developments.
Best Crypto Exchange for Everyone:
- Invest in Polygon and 70+ cryptocurrencies and 3,000 other assets.
- 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
- Copy top-performing traders in real time, automatically.
- Regulated by financial authorities including FAC and FINRA.
2.8 Million Users
