Polygon's Co-Founder Foresees Complete Integration of Network Systems Under 'Polygon 2.0' by 2024
Summary:
Polygon's co-founder, Jordi Baylina, predicts that by 2024, the Ethereum layer 2 scaling networks will come together under the cross-chain coordination protocol, "Polygon 2.0". He discusses the integration of multiple networks for improved scalability and network solutions, using zero-knowledge proof technology. Baylina also reflects on Polygon's major advancements in 2023, including the launch of zkEVM mainnet beta and Chain Development Kit (CDK). The transition to zkEVM validium is planned to enhance the network's scalability and interconnectedness.
Jordi Baylina, co-founder of Polygon expects that by 2024, the numerous Ethereum layer 2 scaling networks that make up Polygon will be combined under the protocol called "Polygon 2.0", ensuring cross-chain coordination. In an interview exclusive to Cointelegraph, he predicted that 2024 will see a technological challenge as the various networks of the Polygon ecosystem scale and integrate with the use of zero-knowledge proof (ZK-proofs). Baylina further states that several of the networks constituting Polygon's ecosystem have their respective tokens, sequencers, and data availability solutions. The transition to Polygon 2.0 will embrace several improvements that will unify these different protocols with ZK-proof technology into an uninterrupted, limitless blockspace.
Polygon 2.0 was announced by the scaling technology firm in June 2023, setting forth the idea of a scaling ecosystem featuring four protocol layers. These layers would contribute to forming an interlinked ecosystem of chains capable of speedy value transfer and information exchange.
2023 was significant for Polygon and Baylina provides a reflection on the same. Many new products were introduced contributing to the betterment of its scaling protocol, in turn, equipping developers with the essentials to create decentralized applications (DApps) and interoperable services. He specifically mentions zkEVM as a major event followed by the announcement of Polygon 2.0 with proof-of-stake (PoS) integration, signifying it as a pivotal milestone.
In March 2023, Polygon had launched its open-source zkEVM mainnet beta delivering lower transaction costs and enhanced throughput of smart contract deployments. This technology lets thousands of transactions to be accumulated off-chain with a cryptographic proof incorporating minimal data summary shared on the Ethereum mainnet. Polygon's zkEVM simulates Ethereum's mainnet transaction execution environment enabling DApps to scale through transaction bundling thereby achieving superior performance.
In September 2023, Polygon unleashed its Chain Development Kit (CDK) greatly steering new development in the ecosystem. Baylina, in past, had elaborated on the service that allows developers to introduce custom-made ZK-powered layer 2 protocols on Ethereum fitting their project necessities. The considerable aspect of Polygon's CDK endorses automatic access to liquidity across all its chains including the larger Ethereum ecosystem, promising "instant scale, without segregating liquidity."
Baylina likens the current condition of Polygon with a "celestial constellation with a single star being the zkEVM." Transitioning Polygon's PoS to a ZK-EVM validium will speed up the network's scaling and enable the ecosystem protocols to interconnect.
Three Polygon Improvement Proposals (PIP) were introduced by Polygon in September 2023. This incorporates a proposal concerning the changeover and details for replacing MATIC tokens with POL tokens destined to become the native token in the Polygon proof-of-stake (PoS) ecosystem.
Published At
12/7/2023 1:53:56 PM
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