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.