Bjelic, the co-founder of Polygon (MATIC), has proposed an upgrade to the network’s main chain. 
With the proposed upgrade, Polygon aims to convert its Proof-of-Stake main chain into a zkEVM validium.

Polygon (MATIC) is considering the incorporation of zero-knowledge (ZK) technology into its Proof-of-Stake main chain. With this improvement, the network will receive more advantages while remaining compatible with the Ethereum Virtual Machine (EVM).

Maintaining EVM Compatibility Remains A Priority For Polygon’s Upgrade Aspirations

Mihailo Bjelic, the co-founder of Polygon (MATIC), has proposed an upgrade to the network’s main chain. He is seeking the approval of the MATIC community to introduce ZK technology into the ecosystem.

1/ Today a proposal was published to upgrade Polygon PoS to a zkEVM validium, a first-of-its-kind, decentralized ZK Layer 2.

As a zkEVM validium, Polygon PoS would inherit Ethereum’s unmatched security, while preserving low fees & high scalability.

https://t.co/5fsMOqLqRy pic.twitter.com/9r9VILxdvu

— Polygon (Labs) (@0xPolygonLabs) June 20, 2023

 

Zero Knowledge is a broad term encompassing protocols and services that utilize a cryptographic technique known as zero-knowledge proofs. Simply put, this technology allows one party to demonstrate a fact to another party for verification, all while keeping the fact hidden from the second party.

With the proposed upgrade, Polygon aims to convert its Proof-of-Stake main chain into a zkEVM validium, ensuring seamless compatibility with the Ethereum Virtual Machine. Significantly, the proposed upgrade extends Polygon’s existing ZK rollup, which debuted in March. A key distinction between a ZK rollup and the validium rollup lies in utilizing the latter’s off-chain data availability model.

Drawing a parallel with crypto wallets, offline operations are more secure than online ones. Likewise, implementing zkEVM validium would enhance security measures while bolstering the blockchain’s infrastructure for long-term sustainability. However, for these advantages to materialize, the MATIC community must approve this proposal.

Additionally, as elucidated by Polygon co-founder Bjelic, the proposed upgrade would eliminate reorganizations, paving the way for expedited transaction confirmations for network users. Furthermore, this enhancement would significantly improve the overall performance and capabilities of the blockchain.

Polygon Harnesses The Internet’s Value Layer Through Its 2.0 Upgrade While eToro Makes A Transformative Decision Benefiting MATIC Holders.

Just two weeks after the Polygon ecosystem transformed into Polygon 2.0, notable changes emerged across its blockchain, the MATIC token, and governance structure. This rebranding introduced comprehensive enhancements to establish the internet’s “Value Layer.”

What is Polygon 2.0?

At its core:

– Unifying the protocols: seamless usage across zkEVM, PoS, & Supernets; it will feel like you are using a single chain

– Token evolution

– Establish long-term decentralized governance.

It will be a series of announcements this summer. https://t.co/DRWl3kBAkT pic.twitter.com/wUOWP4xHWC

— Ryan Wyatt (@Fwiz) June 12, 2023

Despite the established acceptance and robustness of the Polygon PoS ecosystem, its security is currently reliant on validators rather than ZK Proofs. Consequently, an upgrade is required to align with other ecosystems, enabling Polygon PoS to achieve interoperability with various chains in the wider crypto landscape.

Remarkably, the proposed upgrade seamlessly aligns with the Polygon 2.0 vision, ensuring a seamless experience for users and developers without requiring any modifications.

Additionally, introducing Polygon 2.0 empowers users to generate, trade, and implement value within the online realm. Considering the state of Polygon’s zkEVM technology and the existing architecture and level of decentralization in Polygon PoS, it is probable that the upgrade will be significant, feasible, and uncomplicated.

As of the time of writing, the MATIC token is currently trading at $ 0.648262, demonstrating a daily increase of 4.7%. Over the past seven days, the MATIC token has experienced a decline of 3.9%. Additionally, over the last month, a significant decrease of 29.2% has occurred. Similarly, over the past six months, MATIC has witnessed a downturn of 22.6%. However, when considering the performance over the last 12 months, there has been a remarkable increase of 61.9%.

 

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Filed under: Bitcoin - @ June 21, 2023 12:09 pm