Polygon is a very well-known L2 Ethereum solution. It is also one of the most well-known and best crypto projects to come to market in recent times. With the launch of Polygon 2.0, the Polygon ecosystem plans to change its entire architecture. Version 2.0 wants to use zero-knowledge layers for its operation.
At the same time, the new update has implications for the Ethereum network. Polygon 2.0 will act on its scalability, introduce innovative features that will affect, among other things, gas charges or network congestion.
What is Polygon 2.0 and why will it have such a revolutionary impact on Ethereum? What does the traditional internet have to do with it? We invite you to read on!
Polygon 2.0 – definition
On 12 June 2023, Polygon Labs unveiled the crypto industry’s long-awaited update to its network – Polygon 2.0. Its main goal – apart from scaling Ethereum, of course – is to introduce a revolutionary value layer for the internet. The new option is to allow users to create, exchange and program. Polygon Labs highlights that their update radically changes the view of the entire Polygon network – from architecture, tokenomics and governance.
Okay, so what does the Polygon 2.0 update change? The upgrade integrates additional chains into its ecosystem, without fragmenting liquidity and security. In doing so, it solves Ethereum’s scalability problem. Furthermore, it will allow the main Polygon network, to use a network of zero-knowledge Layer-2 chains for its operation.
Polygon 2.0 has a huge impact on the entire inter-chain ecosystem. With the update, web users will be able to navigate an unlimited number of chains, facilitating inter-chain interactions. The whole mechanism will be very similar to the operation of the traditional Internet, where we can browse multiple websites practically at the same time.
The new mechanism firmly resolves the blockchain trilemma. Polygon 2.0 achieves incredible scalability, liquidity and security. With its innovations, it wants to change the current blockchain architecture to more closely resemble the ecosystem of the traditional internet.
This approach extends the capabilities of Ethereum. Polygon and its new update will want to make the ETH ecosystem the primary value layer for Web3. How? By using a new consensus algorithm, architecture, stack, token and governance model to do so.
How does Polygon 2.0 work?
The operation of the upgrade will be based on a four-tier architecture. It is designed to improve security, scalability and transaction speed. The layers consist of the following elements:
- Staking Layer. This is an existing layer. It includes a validator manager on the Ethereum blockchain and a chain manager for each validator created on the Polygon blockchain. The task of this layer is to control the registry of validators and process their requests.
- Interoperability layer. It is built on top of the staking layer. It connects each of the Polygon chains via bridges. In its construction, it will have an aggregator that will combine zero-knowledge proofs into a single proof, sent to the Ethereum blockchain.
- Execution layer. This component will enable Polygon chains to process blocks into Ethereum blocks. It has many components in it – P2P, consensus, mempool or witness generators.
- Evidence layer. As the name suggests, it is responsible for generating evidence for all internal and inter-chain transactions. It consists of: a verifier, a state machine and a constructor.
Polygon Labs believes in the success of its project. The layers, consolidated by an inter-chain coordination protocol, will achieve high fluidity and almost unlimited scalability. The result? The users of the ecosystem will operate in the network with full engagement! Such solutions will also establish a new protocol in the Web3 environment. No wonder, then, that the future of the Polygon network looks promising. After the Polygon 2.0 update, the network will be an even bigger morsel in the world of digital assets!
Polygon 2.0 and the cryptocurrency environment
Polygon 2.0 is in the implementation phase. Updates will take place in 2023. What does this change for the entire digital asset ecosystem?
First and foremost, the planned update introduces two, important features:
- The upgrade will rely on Zk-Proofs and this is where the verified Layer 1 transactions and the actual Layer 2 transaction data will be stored. This approach will reduce transaction costs while improving the privacy of network users.
- The network draws on the architecture of the traditional Internet. It will therefore support countless chains and allow unlimited interactions between them. All without sacrificing security or scalability. As a result, users will literally interact with the entire network, without fear of leaving one chain and not returning to it. Polygon’s network will be better and more interesting with these features.
What’s more? Polygon 2.0 is a huge step, for the proposed Ethereum scaling solutions. The new mechanism will finally transform the ETH ecosystem into what it was always meant to be.
Interesting fact: Polygon’s zkEVM, zkSYN Era and StarkNet showed a huge increase in TVL in 2023.
Interesting fact 2: MATIC was one of the best performing digital assets in 2022.
Summary
Polygon 2.0’s new value layer borrows its concept a little from Ethereum, despite the fact that it is hugely influential on that network. However – sticking to the details, the current state of Ethereum and in fact – other blockchains- does not resemble the architecture of the Internet. As a result, we are not experiencing the scalability we so badly want or the unification of information.
Polygon 2.0, by introducing a network of L2 chains powered by zK, will change the perception of blockchains. The idea itself is novel enough to change the inter-chain coordination we have known so far. Once upgraded, the entire network will be as seamless as using a single chain.
The result? Polygon 2.0 will mean that the network we have known so far will be able to support an unlimited number of chains. And between chains will be able to interact quickly and safely. This is the vision and idea behind Polygon 2.0!
Complete today’s lesson!
- Ethereum 2.0 – what is it? [INTERMEDIATE LEVEL]
- Examples of the use of Web3 on the blockchain. [INTERMEDIATE LEVEL]
- What is the proof of zkSNARK and zkSTARK? [MASTER LEVEL]
- Zero knowledge proof – a protocol that respects privacy. [MASTER LEVEL]
- Scalability of blockchain technology – what is it? [MASTER LEVEL]
