Polygon Labs, a blockchain technology company, has announced "Polygon 2.0," a comprehensive set of upgrades to create the "Value Layer" of the internet. The company envisions a transformative ecosystem where users can generate, exchange, and program value effortlessly.
The announcement, shared on Twitter, reveals that Polygon 2.0 will revolutionise various aspects, including protocol architecture, tokenomics, and governance. It is a roadmap for Polygon's transformation into the Value Layer, leveraging zero-knowledge (ZK) technology to achieve unlimited scalability and unified liquidity.
The underlying concept of Polygon 2.0 revolves around establishing a network of interconnected chains powered by ZK technology. This cryptographic technique enables one party, known as the prover, to prove the validity of a statement to another party, the verifier, without disclosing additional information.
Polygon Labs highlights that this network will support an extensive number of chains, facilitating secure and instant cross-chain interactions without the need for additional security or trust assumptions. The result is limitless scalability and unified liquidity for the ecosystem.
At its core, Polygon 2.0 aims to unify protocols and provide a seamless user experience across zk-Ethereum Virtual Machine tech, proof-of-stake, and supernets. Polygon Labs President Ryan Wyatt emphasised this aspect on Twitter, noting that the technology will make it feel like users are operating on a single chain. Furthermore, Wyatt highlighted "Token evolution" and "long-term decentralised governance" as key highlights of Polygon 2.0.
In a significant development, Wyatt recently testified before the United States House of Representatives Committee's Subcommittee on Innovation, Data, and Commerce, discussing the democratisation of the internet and the potential of Web3 and blockchain technology. The committee delved into the future of these technologies and the regulatory challenges they present.
During the hearing, Wyatt spoke of blockchain's role in addressing the "value extraction" issue prevalent in the current internet landscape. He explained that Web3, enabled by decentralised and transparent systems, offers a solution by empowering users and granting them control over their data. Wyatt further highlighted the importance of fostering a well-regulated blockchain ecosystem in the United States, underscoring the potential benefits for users and the economy. Notably, the hearing occurred after the Securities and Exchange Commission's lawsuits against major cryptocurrency exchanges, making the discussions on regulation and industry development more relevant.
The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash