Polygon Labs Elevates Co-Founder to CBO to Intensify Focus on Zero-Knowledge Solutions
Summary:
Polygon Labs is intensifying focus on zero-knowledge solutions, with co-founder Sandeep Nailwal stepping into the expanded role of chief business officer. In this capacity, Nailwal will boost the development of tools related to cryptographic techniques and facilitate the building of new layer-2 chains on Ethereum. He will also streamline tech integrations with the AggLayer decentralized protocol. The move is part of a broader structural modification that aims to ease congestion and increase transaction speed on the Polygon blockchain network.
Polygon Labs, an organization that engineered the Polygon network linked to Ethereum blockchain, is focusing more intensely on zero-knowledge (ZK) solutions through a new, important structural modification. The enterprise announced on May 29 that its co-founder and executive chairman, Sandeep Nailwal, would be moving to a larger role as chief business officer (CBO).
In his new capacity, Nailwal will concentrate on scaling the suite of tools developed by Polygon, which are linked to ZK-proofs. These are cryptographic methods enabling one entity to demonstrate knowledge of a concrete value to a different party, without revealing the actual figure. Nailwal will directly collaborate with the Polygon CDK, a software toolkit based on ZK that allows creators to build new layer-2 (L2) chains over Ethereum and facilitate the transition between different chains.
Furthermore, he will lay the groundwork for future tech collaborations and developer integrations with AggLayer, a dual-component decentralized protocol that was launched in February 2024. This new role for Nailwal, who has already been overseeing strategy and execution as executive chairman at Polygon for the past two years, comes after several months of preparations. The reshuffling process is now almost fully implemented and established under the leadership of CEO Marc Boiron.
Boiron stated how crucial Nailwal's role in driving key projects has been. He praised the fact that Nailwal has been dynamically involved with developers and corporate entities throughout his time in the industry, ever since the creation of the Polygon network. Nailwal emphasized how Polygon Labs was creating impressive transformational technology, providing endless opportunities for developers and enterprises to scale safely and swiftly, while also maintaining access to liquidity.
Polygon, which launched in 2017, is a blockchain platform aiming to make a scalable multi-chain blockchain system that would be Ethereum-compatible. Operating over the Ethereum blockchain, Polygon propounds scaling solutions to ease bottlenecks, increase transaction speed and eliminate complexities surrounding adoption.
Leveraging ZKs and L2s, blockchain developers can greatly augment scalability by managing transactions off the main Ethereum blockchain. For instance, Ethereum's L2 protocols experienced a 99% decrease in transaction costs post the Dencun upgrade in March. Meanwhile, the primary Ethereum network was dealing with excessive congestion.
Published At
5/28/2024 4:13:59 PM
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