Although not a current SEC favourite but a DIFX favourite for sure…. the innovative blockchain developers Polygon has come out with a plan to the New Value Layer of the Internet.
With this ambitious endeavor, Polygon is poised to change the very foundation of the Internet. Something we at DIFX are very thrilled about as the potential effects this concept could change up the digital world as we know it.
All About Polygon 2.0 network: The value layer of the internet
Polygon 2.0, the latest upgrade of Polygon, aims to transform Ethereum into a more scalable, secure, and interoperable network. Unveiled on June 12, 2023, Polygon 2.0 establishes a revolutionary “Value Layer” for the internet, enabling users to create, exchange, and program value.
In simple terms, Polygon’s mission is to democratize access to the global economy in the same way that the Internet democratized access to knowledge. Anyone may produce, exchange and program value seamlessly and securely with the help of the Value Layer, free from the control of gatekeepers and middlemen.
So how does it work?
It is essentially an extensive set of proposed upgrades that promises to transform Polygon from top to bottom. In its pursuit of becoming the ideal Value Layer, Polygon 2.0 spares no effort when it comes to protocol architecture, tokenomics, or governance. It promises too solve issues regarding scalability, privacy, and security by leveraging zero-knowledge (ZK) technology to create a network of interconnected ZK-powered layer-2 chains. With this cross-chain coordination protocol, users can navigate through countless chains, fostering seamless cross-chain interactions akin to browsing websites on the traditional internet.
How will Polygon 2.0 operate?
The ZK-powered L2 chains will make the ecosystem feel like a single chain, while supporting an unlimited number of chains. With Polygon 2.0, scalability knows no bounds and liquidity becomes unified and instantly accessible. Users can explore an unlimited number of chains within the network without compromising liquidity or security.
What to expect from the polygon blockchain?
Enhanced Ethereum Scaling
Polygon serves as a layer 2 scaling solution for Ethereum, offering faster and cheaper transactions. It leverages technologies like PoS, ZK-rollups, and decentralized rollups to provide an improved user experience with near-zero gas fees and fast transaction speeds.
Polygon provides a range of features to enhance the blockchain experience. These include Polygon PoS, which supports EVM compatibility and fast transactions; Polygon zkEVM, ensuring fast and secure transactions with minimal gas costs; Polygon Miden, enabling the development of advanced dApps; Polygon ID, facilitating decentralized identity management; Polygon Studios, supporting gaming and NFT experiences; and Polygon SDK, offering a modular framework for developers.
Polygon addresses security concerns through mechanisms such as fraud proofs, data availability proofs, checkpointing, slashing, and staking.
Although Polygon is less decentralized than the Ethereum mainnet, it aims to enhance decentralization by introducing additional validators, decentralizing governance, and enabling cross-chain interoperability with other networks.