- June 15, 2023
- Posted by: [email protected]
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Polygon Labs recently unveiled “Polygon 2.0,” an extensive upgrade that aims to establish the “Value Layer” of the internet, allowing users to create, exchange, and program value. Through a series of upgrades, Polygon 2.0 will reimagine various aspects of the Polygon ecosystem, ranging from protocol architecture to tokenomics to governance. The company envisions Polygon 2.0 as the roadmap for transforming Polygon into the Value Layer, offering scalable solutions and unified liquidity through the utilization of zero-knowledge (ZK) technology.
Polygon 2.0 intends to form a network of interconnected chains powered by ZK technology, which enables the verification of statements without disclosing any additional information. With this approach, the network can support an extensive number of chains while facilitating safe and instant cross-chain interactions without the need for additional security or trust assumptions. Polygon Labs aims to achieve unlimited scalability and unified liquidity through these advancements.
The core of Polygon 2.0 involves the integration of protocols, ensuring seamless utilization of zk-Ethereum Virtual Machine technology, proof-of-stake, and supernets. This integration will create a user experience that feels like interacting with a single chain, as stated by Ryan Wyatt, the president of Polygon Labs. Wyatt also highlighted “token evolution” and “long-term decentralized governance” as notable features of the technology. Further details on the technology will be disclosed by Polygon in the coming weeks.
In addition to the Polygon 2.0 announcement, Polygon Labs president Ryan Wyatt recently testified before a United States House of Representatives committee. During the hearing, Wyatt discussed the democratization potential of Web3 and blockchain technology, addressing issues of value extraction and the importance of decentralized and transparent systems. He emphasized the need to build a well-regulated blockchain ecosystem in the United States, highlighting the benefits for users and the economy. The hearing coincided with the Securities and Exchange Commission’s lawsuits against major cryptocurrency exchanges, bringing regulatory concerns and industry development to the forefront of discussions.
