According to Mihailo Bjelic, introducing zero-knowledge-proof technology could improve network security while keeping fees cheap.
According to a June 20 forum post, Polygon co-founder Mihailo Bjelic has proposed updating the Polygon proof-of-stake (PoS) network to a “zkEVM validium” version. If the upgrade is implemented, the new version will boost security by relying on zero-knowledge proofs.
Polygon PoS is an Ethereum scaling solution with over $900 million in total value locked within its contracts and a daily transaction rate of over 2 million. It was initially introduced in 2019. Polygon zkEVM, a second network that uses zero-knowledge proof rollups to grow Ethereum, was introduced in March by the Polygon team.
Bjelic advocated in his June 20 post that the previous PoS network be upgraded to a zkEVM — or zero-knowledge Ethereum Virtual Machine — version, requiring both networks to use zero-knowledge proofs. However, unlike the network that debuted in March, the new version of Polygon PoS will not be a “rollup,” according to Bjelic. In other words, no compressed transaction data will be stored on Ethereum. Instead, there will be a “validium” that only stores validation proofs on layer 1, with the actual transaction data stored on a different chain.
A compromise like this will lower transaction fees for Polygon PoS compared to Polygon zkEVM and increase security since it will allow the network to inherit Ethereum’s security, the co-founder concluded. As a result of the upgrade, Polygon zkEVM may be used for high-value transactions where security is paramount, while Polygon PoS may become the network of choice for gamers and social media enthusiasts.
Compared to Ethereum, Polygon PoS (zkEVM validium) would offer very high scalability and low fees, but would store transaction data locally rather than on the blockchain. Games and social media applications that require low transaction fees and have high transaction volumes would be a great match for this.”
Polygon PoS will have lower transaction costs than Polygon zkEVM as a result of this compromise. According to the co-founder, it will also improve Polygon PoS security by allowing the network to inherit Ethereum’s security. According to Bjelic, “Upgraded Polygon PoS (zkEVM validium) would offer very high scalability and very low fees, with the tradeoff of storing transaction data locally instead of on Ethereum.” Polygon zkEVM may be used for high-value transactions where security is critical, whereas Polygon PoS may become the network for gaming and social media enthusiasts. It would be great for Web3 gaming and social apps with high transaction volumes and low transaction fees.”