Polygon Introduces Version 2.0

Ethereum Layer-2 scaling solution Polygon (MATIC) has unveiled its Version 2.0, the blueprint for which will be revealed over the next few weeks.

The layer-2 scaling solution is calling its latest iteration the “value layer of the internet.” 

The Blueprint For Polygon 2.0 

According to a blog post published by Polygon, it will be revealing the blueprint over the next few weeks. It would also address several topics, including the future of the Polygon Proof-of-Stake chain, the utility and evolution of Polygon’s token, and the transition to greater community governance and involvement when it comes to the protocol and treasury. The blog post stated, 

“Over the coming weeks, we will detail each component of Polygon 2.0, addressing topics like the future of the Polygon PoS chain, the utility and evolution of the Polygon token, and the transition to greater community governance of the protocol and treasury. We will lay out a roadmap for how Polygon will become the Value Layer of the Internet, offering unlimited scalability and unified liquidity via ZK technology.”

The Value Layer Of The Internet 

Polygon added that its vision behind creating the “value layer of the internet,” as it calls Polygon 2.0, is to enable digital ownership, decentralized finance (DeFi), and new means for coordination. Polygon 2.0 will consist of a network of zero-knowledge (ZK) layer 2 chains. These chains will be able to communicate seamlessly among themselves, giving users the feeling that they are using a single chain. The blog post highlighted the limitations of individual blockchains when it comes to throughput. 

“Individual blockchains aren’t infinitely scalable; they have strict throughput limits. We can add capacity by creating new chains, but not without fragmenting liquidity and reducing security and capital efficiency.”

According to the blog post, Polygon 2.0 could support an unlimited number of chains, enabling cross-chain interactions to occur seamlessly, securely, and instantly. 

“Polygon 2.0 is a network of ZK-powered L2 chains, unified via a novel cross-chain coordination protocol. For a user, the entire network will feel like using a single chain. The network can support a practically unlimited number of chains, and cross-chain interactions can happen safely and instantly, without additional security or trust assumptions. Unlimited scalability and unified liquidity.”

Version 2.0 Rollout 

Polygon 2.0 has been created after collaboration between Polygon Labs, researchers, developers, node operators, validators, applications, and the larger Ethereum and Polygon communities. Polygon plans to detail all the components of Version 2.0 over the next few weeks through a series of podcasts, community meets, blog posts, and AMAs. The protocol also highlighted a series of important dates for the community to follow over the next four weeks, on which it will make a series of announcements related to the blockchain’s architecture, token, and governance. 

The only chain from Polygon that incorporates ZK technology is the Polygon zkEVM Beta, which was released to the public in March. ZK technology is a type of scaling solution that utilizes zero-knowledge proofs to reduce transaction fees and help blockchains scale. While Polygon’s primary Proof-of-Stake chain is not ZK-compatible, the protocol is exploring the possibility of incorporating ZK technology into its primary chain. 

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.