- Polygon 2.0, the future iteration of Ethereum’s sidechain, aims to offer a network of ZK-powered layer-2 chains unified via an innovative cross-chain coordination protocol.
- Polygon 2.0’s strategy is to address scalability issues and potential liquidity fragmentation, drawing inspiration from blockchains like Cosmos and Polkadot, and building an independent network of interconnected layer-2 ZK-based networks.
Blockchain developer Polygon has announced its groundbreaking plans for Polygon 2.0, a network founded on zero-knowledge (ZK) powered layer-2 solutions. Despite the potential liquidity surge this development may bring, the news has yet to bolster the flagging price of Polygon’s native token, MATIC, which has recently reached 2023 lows.
Polygon 2.0, according to the official statement, is
“a network of ZK-powered layer-2 chains unified via a novel cross-chain coordination protocol.”
The goal of this ambitious project is to bring about secure and immediate cross-chain interoperability among off-chain networks, most of which operate on Ethereum, the premier smart contract platform globally.
This vision aims to enable seamless and secure cross-chain interactions, eliminating the need for extra trust assumptions through the zero-knowledge design principle. Once fully developed, Polygon 2.0 is set to form the foundation of the “value layer of the internet.”
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Polygon acknowledges that while creating more chains may address the scalability problem, boosting capacity, it could also lead to fragmented liquidity, potentially impacting capital efficiency. Thus, Polygon’s approach takes inspiration from blockchains such as Cosmos and Polkadot, aiming to build a network of independent, interconnected layer-2 ZK-based networks.
Polygon 2.0’s expansive strategy involves further development of its software stack, SuperNets, through which it collaborates with projects like Immutable and Aavegotchi. SuperNets, a blockchain network constructed on top of Polygon, is designed for scalability and customizability, catering to projects seeking to expand without compromising decentralization or security.
In addition to scalability, Polygon also emphasizes privacy. The platform’s zero-knowledge roll-up solution, Polygon zkEVM, allows developers to build solutions in a permissionless environment. The zero-knowledge approach facilitates off-chain computations on a secondary layer, with ZK-Rollups enabling quicker, cost-effective transactions while maintaining Ethereum’s security.
Polygon’s native currency, MATIC, has seen significant drops in value recently, decreasing by 60% in four months. This drop followed allegations by the United States Securities and Exchange Commission (SEC) that MATIC, along with other tokens such as Cardano’s ADA and Algorand’s ALGO, were examples of unregistered securities. These charges, part of lawsuits against Coinbase and Binance, have created a challenging environment for Polygon’s currency.
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