Polygon Labs, a leading player in the blockchain and cryptocurrency industry, has announced a significant leadership transition and unveiled the exciting upgrades of Polygon 2.0. These advancements are poised to propel Polygon’s growth and solidify its position in the industry. In this article, we will explore the leadership transition, the Polygon 2.0 upgrades, and the importance of Zero-Knowledge Proofs (ZK Proofs) in simplifying and securing transactions. With these developments, Polygon Labs is well-positioned to make further advancements in decentralized finance and beyond.
Introduction to Polygon 2.0 Upgrades
The announcement of the leadership transition at Polygon Labs coincides with the development of Polygon 2.0 upgrades. Polygon 2.0 aims to establish the “Value Layer” of the internet, and these upgrades play a pivotal role in achieving this goal. A crucial milestone within Polygon 2.0 is the implementation of “decentralized governance,” which Polygon plans to achieve by July 17. These upgrades are expected to contribute to Polygon’s growth and reinforce its position in the blockchain and cryptocurrency industry.
The Significance of Zero-Knowledge Proofs (ZK Proofs)
To comprehend the importance of Polygon 2.0 and the upgrades, it is essential to understand Zero-Knowledge Proofs (ZK Proofs). Zero-Knowledge Proofs are cryptographic protocols that allow the verification of a statement’s accuracy without revealing any sensitive information. They provide a way to ensure the integrity and privacy of transactions on the blockchain.
Explaining Zero-Knowledge Proofs in Simple Terms
Zero-Knowledge Proofs can be understood by imagining a scenario where someone wants to prove they know a secret code without revealing the code itself. In this case, a Zero-Knowledge Proof would allow the person to convince others of their knowledge of the code’s correctness without actually disclosing the code. This concept is crucial in blockchain technology, where users want to verify the validity of transactions without exposing sensitive data.
Polygon 2.0: A ZK-Powered Future
Polygon 2.0 introduces a vision for unlimited scalability and unified liquidity, powered by ZK technology. The aim is to make every Polygon chain a ZK Layer 2 (L2). However, the current state of Polygon PoS (Proof-of-Stake) is secured by its validators rather than ZK proofs. Since Polygon PoS is widely used and highly regarded in the industry, it remains an integral part of Polygon 2.0.
Introducing zkEVM Validium
To align Polygon PoS with the Polygon 2.0 vision, the proposal suggests upgrading Polygon PoS to leverage cutting-edge ZK technology. This upgrade would transform Polygon PoS into a zkEVM validium, which stands as a decentralized L2 secured by Zero-Knowledge Proofs (ZK Proofs). Validiums, like zkEVM, provide enhanced security, scalability, and lower fees compared to traditional rollups.
Benefits of zkEVM Validium
A validium is a cost-effective and high-throughput alternative to a rollup. Rollups, such as Polygon zkEVM, rely on Ethereum for publishing transaction data and verifying proofs. Validiums, on the other hand, offer comparable security guarantees through ZK Proofs while keeping transaction data off-chain. This approach provides two significant advantages:
- Lower fees: Validiums do not consume expensive Ethereum gas for storing transaction data, resulting in significantly lower transaction fees.
- Higher scalability: Rollups’ throughput is limited by the amount of transaction data that can be published to Ethereum, while validiums offer greater scalability by keeping transaction data off-chain.
The cost of running Polygon PoS as a zkEVM validium primarily involves generating proofs. However, Polygon Labs has made remarkable progress in reducing these costs. Currently, on Polygon zkEVM, proving a 10 million gas batch costs just $0.0259, or $0.00005 per transfer.
Seamless Transition for Users and Developers
The proposed upgrade to zkEVM validium for Polygon PoS will not disrupt the user or developer experience. Polygon PoS will continue to provide a low-cost destination for users, and developers will not need to make any changes to their smart contracts. The only requirement for node operators and validators will be to upgrade to the latest version of the Polygon PoS client software. The staked token will remain $MATIC, ensuring the continuity of chain economics.
Role of Validators and $MATIC Utility
After the upgrade, existing Polygon PoS validators will play two vital roles: guaranteeing data availability and sequencing transactions. Validators will continue to attest to data availability, making Polygon PoS the first validium with decentralized and secure data availability guarantees. Additionally, validators will operate the chain by deciding which transactions to include in a block and their order. This preserves decentralization and ensures that transaction fees continue to flow to $MATIC-staked validators. Thus, Polygon PoS becomes the first L2 with a decentralized sequencer set.
Coexistence of zkEVM and PoS
Currently, Polygon PoS and Polygon zkEVM rollup are two public networks within the Polygon ecosystem. This will remain the case after the upgrade, with the added benefit of both networks utilizing cutting-edge zkEVM technology. Polygon zkEVM rollup provides the highest level of security and is suitable for high-value transactions, while the upgraded Polygon PoS (zkEVM validium) offers high scalability and low transaction fees. This makes it an ideal choice for applications with high transaction volume and low transaction fee requirements, such as Web3 gaming and social and micro DeFi.
Polygon Labs’ leadership transition and the introduction of Polygon 2.0 upgrades mark an exciting chapter for the company. These upgrades, including the implementation of zkEVM validium, are pivotal in establishing the “Value Layer” of the internet. With the continued support and consensus from the community, Polygon Labs aims to realize its vision for Polygon 2.0. As users and developers embrace these advancements, Polygon’s position as a leader in decentralized finance and the wider blockchain ecosystem is set to strengthen. Stay tuned to the Polygon Labs Blog and their social channels for the latest updates on the Polygon ecosystem, as together we work toward an equitable future through the mass adoption of Web3.