Polygon Labs, the creators of the premier Ethereum Layer 2 scaling solution Polygon, released Polygon 2.0, a substantial upgrade aimed at establishing the network as the “value layer of the internet.”
Polygon 2.0 significantly expands on the existing network of the L2 chain. Polygon 2.0 will be a network of Layer 2 chains powered by ZK proofs that work in concert as a united network using a revolutionary cross-chain coordination protocol, as opposed to the present version, which is effectively a Layer 2 sidechain for Ethereum.
In principle, this will enable the network to sustain an almost infinite number of chains, providing infinite scalability and unified liquidity. Polygon 2.0 is a network of L2 chains powered by ZK that is linked together by a revolutionary cross-chain coordination protocol. For a user, the entire network will appear to be a single chain. The network can accommodate an almost infinite number of chains, and cross-chain interactions are safe and instantaneous, requiring no additional security or trust assumptions.
Zero-Knowledge Proofs (ZKPs) are cryptographic methods that allow one party to prove to another that a statement is true without revealing any information other than the validity of the statement itself, ensuring each party’s privacy and security.
The deployment will be outlined in the following weeks, the culmination of almost a year of coordination among numerous stakeholders. According to the statement, the Polygon community must also approve the plan before it can be implemented.
Building on Reputation
Polygon, formerly known as Matic Network, sprang to fame as a Layer 2 scaling solution that performs cheaper, faster transactions that are eventually secured on the Ethereum blockchain. Layer 2 chains have proved crucial in growing blockchain technology to date by “offloading” individual transactions and eventually settling on the main chain.
Polygon 2.0 is intended to improve on these features. The upgrade, according to the company’s blog post, will include a suite of modules that developers may use to create their own blockchain networks. These modules offer techniques for consensus and synchronization, as well as fraud proofs and other features. The goal is to create a more adaptable and stable framework for decentralized applications (dApps).
The announcement comes just a week after the SEC charged two top industry leaders with securities fraud. The SEC named Polygon as one of the crypto tokens it believed to be an unregistered security in its actions against Coinbase and Binance. Polygon Labs was not charged with any misconduct by the SEC and was not named as a defendant in either litigation.