Polygon Labs Announces Groundbreaking ‘zkEVM Validium’ Layer 2 Upgrade

  • Polygon Labs has proposed a significant upgrade to the Polygon network, introducing a decentralised Layer 2 (L2) solution fortified by zero-knowledge (ZK) proofs. This upgrade, known as Polygon 2.0, will enhance the security, performance, and overall functionality of the Polygon ecosystem.
  • The proposed upgrade will utilise zkEVM validium, a cost-effective and high-throughput sibling of a rollup, and will migrate Polygon's existing Proof of Stake (PoS) to a new PoS network incorporating zkEVM technology. This new network, known as validium, will operate alongside Polygon's existing zkEVM rollup network, offering users the flexibility to choose the technology that best suits their needs.
  • The upgraded Polygon ecosystem will offer several benefits, including enhanced scalability, reduced transaction fees, improved security, and enhanced decentralisation. The vision for Polygon 2.0 revolves around scalability and unified liquidity, both powered by ZK technology, with the goal of transforming every Polygon chain into a ZK L2 solution.
Polygon

Polygon Labs, the innovative team behind the widely-utilised Polygon Proof of Stake (PoS) chain, has recently announced a significant proposal for a substantial upgrade to the network. This upgrade, which is particularly relevant to South Africa’s burgeoning blockchain community, aims to introduce a pioneering decentralised Layer 2 (L2) solution, fortified by zero-knowledge (ZK) proofs. This will significantly enhance the security, performance, and overall functionality of the Polygon ecosystem.

Dubbed as Polygon 2.0, this upgrade holds immense promise for the future of blockchain technology, not just globally, but also within South Africa’s rapidly evolving digital landscape.

A Pioneering Upgrade
What sets this upgrade apart is its groundbreaking nature. It will mark the first time an existing chain of this scale and importance has implemented ZK proofs to transition into an L2 solution. This pivotal moment in the blockchain industry underscores Polygon Labs’ commitment to innovation and their determination to push the boundaries of what is possible in the blockchain space.

The Proposed Upgrade in Detail
The proposed upgrade envisions the utilisation of zkEVM validium, a cost-effective and high-throughput sibling of a rollup. Rollups, like Polygon zkEVM, leverage the Ethereum network to publish transaction data and verify proofs, inheriting the exceptional security and decentralisation of Ethereum. By incorporating zkEVM technology, Polygon will be able to harness the advantages of both scalability and security.

Furthermore, the upgrade will entail migrating Polygon’s existing PoS to a new PoS network that incorporates zkEVM technology. This upgraded PoS network, known as validium, will operate alongside Polygon’s existing zkEVM rollup network, offering users the flexibility to choose the technology that aligns with their specific requirements.

Benefits of Polygon 2.0

The upgraded Polygon ecosystem will offer a number of benefits, including:

  • Enhanced scalability: The upgraded PoS network will offer exceptional scalability, making it an optimal choice for applications that handle high transaction volumes.
  • Reduced transaction fees: The upgraded PoS network will also offer reduced transaction fees, making it more affordable for users to interact with the Polygon ecosystem.
  • Improved security: The upgraded PoS network will inherit the security of Ethereum, making it a highly secure platform for users to store and transact their digital assets.
  • Enhanced decentralisation: The upgraded PoS network will be more decentralised than the current Polygon PoS network, as it will be secured by a decentralised set of validators.

The Future of Polygon 2.0

Polygon’s vision for Polygon 2.0 revolves around scalability and unified liquidity, both powered by ZK technology. The goal is to transform every Polygon chain into a ZK L2 solution. However, it is important to note that the current state of Polygon PoS is secured by validators rather than ZK proofs.

At present, the proposed upgrade is in the Pre-Polygon Improvement Proposal (PIP) stage, with the proposal already accessible on the governance forum. Should it garner substantial support from the community, a formal PIP will be submitted, initiating the prescribed processes.

This development is particularly significant for South Africa’s blockchain community, as it signals the continuous evolution and innovation in the blockchain space. As South Africa continues to embrace digital transformation, such advancements could potentially influence the country’s blockchain strategies and initiatives.

Visited 1 times, 1 visit(s) today
Do you have a news tip for Rateweb reporters? Please email us at

Sponsored

Start trading with a free $30 bonus

Trade stocks, forex, commodities, metals and CFDs on stock indices with an internationally licensed and regulated broker. For all clients who open their first real account, XM offers a $30 trading bonus without any initial deposit needed. Learn more about how you can trade over 1000 instruments on the XM MT4 and MT5 platforms from your PC and Mac, or from a variety of mobile devices.

Related

Rateweb

South Africa’s primary source of financial tools and information

Contact Us

admin@rateweb.co.za

Disclaimer

Rateweb strives to keep its information accurate and up to date. This information may be different than what you see when you visit a financial institution, service provider or specific product’s site. All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions.

Rateweb is not a financial service provider and should in no way be seen as one. In compiling the articles for our website due caution was exercised in an attempt to gather information from reliable and accurate sources. The articles are of a general nature and do not purport to offer specialised and or personalised financial or investment advice. Neither the author, nor the publisher, will accept any responsibility for losses, omissions, errors, fortunes or misfortunes that may be suffered by any person that acts or refrains from acting as a result of these articles.