Home>BLOCKCHAIN>Polygon 2.0 – 2024 to see unified ZK-powered L2 chains
BLOCKCHAIN

Polygon 2.0 – 2024 to see unified ZK-powered L2 chains


Polygon co-founder Jordi Baylina says 2024 will see the amalgamation of Polygon’s numerous Ethereum layer 2 scaling networks to finish its “Polygon 2.0” cross-chain coordination protocol.

Talking completely to Cointelegraph, Baylina stated subsequent yr will likely be a litmus check to see how the Polygon ecosystem’s numerous networks can scale and combine by the implementation of zero-knowledge proofs (ZK-proofs):

“2024 goes to be very a lot about Polygon 2.0, having all these networks related, sharing the liquidity, sharing the composability between the community with totally different flavors.”

Baylina added that a number of of the networks that make up Polygon’s ecosystem characteristic their very own respective tokens, sequencers and knowledge availability options. The evolution to Polygon 2.0 is about to incorporate a number of upgrades that may unify these totally different protocols with ZK-proof know-how into “steady, unbounded blockspace.”

The scaling know-how agency unveiled Polygon 2.0 in June 2023, outlining plans for a scaling ecosystem comprising 4 protocol layers. The staking, interop, execution and proving layers all play a job in creating an interconnected ecosystem of chains that allow quick worth switch and knowledge sharing.

Related: Polygon co-founder: $1B bet on ZK-rollups paying off

2023 has been an essential yr for Polygon, as Baylina displays, as a number of merchandise have been shipped which have added to the efficiency of its scaling protocol and supply the means for builders to construct decentralized functions (DApps) and interoperable providers.

“This has been an unbelievable yr for Polygon, the zkEVM was like the primary huge occasion. Additionally the creation, design and announcement of Polygon 2.0 with the proof-of-stake (PoS) integration and all these aggregation layers, is a vital milestone,” Baylina explains.

Polygon released its open-source zkEVM mainnet beta in March 2023, which delivers lowered transaction prices and elevated throughput of good contract deployments. The know-how permits hundreds of transactions to be batched off-chain, with cryptographic proof containing a minimal knowledge abstract posted to the Ethereum mainnet.

Polygon’s zkEVM mimics the transaction execution setting of Ethereum’s mainnet. The open-source zkEVM permits DApps to scale by transaction batching, unlocking increased efficiency.

The discharge of Polygon’s Chain Improvement Package (CDK) in Sept. 2023 dramatically opened the ecosystem to new growth. Baylina previously spoke to Cointelegraph on the introduction of the service, which permits builders to launch bespoke ZK-powered layer 2 protocols on Ethereum, tailor-made to the necessities of their mission.

A key facet is that Polygon CDK permits computerized entry to liquidity throughout all of Polygon’s chains and the broader Ethereum ecosystem, offering “on-demand scale, with out fragmenting liquidity.”

A breakdown of the transition of Polygon PoS to a zkEVM validium. Supply: Polygon.

Baylina described the present state of Polygon as a “constellation with a single star being the zkEVM.” The transition of Polygon PoS to a zkEVM validium will expedite the scaling of the community and permit ecosystem protocols to turn out to be interconnected.

“It’s advanced. It’s not a simple process. Polygon is a decentralized system. So first, there must be consensus for the swap. Then comes transferring all of the bridges, persevering with the community, and giving continuity to all these functions. That is difficult,” Baylina provides.

Polygon launched three Polygon Enchancment Proposals (PIPs) in Sept. 2023. This features a proposal for the transition and specifications that may see MATIC tokens turn out to be POL tokens, which is able to turn out to be the Polygon proof-of-stake (PoS) protocol’s native token.

PIP-17 will embrace the initiation of the improve from MATIC to POL. This contains its transition to POL because the native gasoline token and staking token for the Polygon ecosystem, in addition to the launch of the staking layer and migration of Polygon public chains.

Magazine: Slumdog billionaire: Incredible rags-to-riches tale of Polygon’s Sandeep Nailwal