Polygon Co-Founder Sandeep Nailwal Praises Benefits of ZK-Proof Technology for Blockchain Scaling
Summary:
Polygon co-founder Sandeep Nailwal believes that the company's investment in zero-knowledge proof (ZK-proof) technology is paying off. Speaking at the Token2049 conference, Nailwal discussed the development of Polygon 2.0 and the potential of recursive ZK-proof technology to create a seamless and interoperable blockchain system. He emphasized the need for scalability and unified liquidity in the Web3 space. Nailwal expects cross chain transactions to be executed in 4 to 5 seconds, significantly faster than Ethereum's block time. Polygon's zkEVM beta and Chain Development Kit have also been launched to enhance the Ethereum ecosystem.
Blockchain firm Polygon is reaping the rewards of its $1 billion investment in zero-knowledge proof (ZK-proof) powered scaling solutions, according to co-founder Sandeep Nailwal. Speaking at the Token2049 conference in Singapore, Nailwal discussed the development of "Polygon 2.0" and the potential of recursive ZK-proof technology to create a seamless and interoperable blockchain ecosystem. He highlighted the similarities between Web2 and Web3, with the former representing the internet of information and the latter being the internet of value. Nailwal emphasized the need for scalability and unified liquidity for value transfer in the Web3 space. To achieve this, an aggregator or interoperability layer is required to amalgamate ZK-proofs from different chains, allowing liquidity to move without coming to the Ethereum layer. Recursive ZK-proving technology is expected to be deployed in the coming months to enable this aggregator layer. Nailwal believes cross chain transactions could be executed in 4 to 5 seconds, significantly faster than Ethereum's block time, creating a more efficient blockchain ecosystem. He also mentioned the potential benefits of high liquidity chains and the interest shown by larger layer 1 blockchain platforms in joining the interoperable layer. Polygon's zkEVM beta was launched on the mainnet in March 2023, offering faster throughput and lower costs compared to Ethereum's layer 1. The company has also launched its Chain Development Kit, allowing developers to build and deploy layer 2 chains connected to the wider Ethereum ecosystem.
Published At
9/13/2023 10:38:16 AM
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