The Ethereum scaling platform developer Polygon has recently announced Polygon 2.0, their forthcoming project. For several days, Polygon Labs and its ecosystem partners have been teasing this discovery on Twitter, frequently highlighting the number 2.
According to Polygon Labs, Polygon 2.0 is a substantial update made to the network to make it the “value layer of the internet.”
Polygon 2.0 will be built on the existing network of the L2 chain. In contrast to the present version, which is just a Layer 2 sidechain for Ethereum, Polygon 2.0 will be a network of Layer 2 chains powered by ZK proofs that cooperate as a single network because of a cutting-edge cross-chain coordination mechanism.
According to a blog post from Polygon, “Polygon 2.0 is a network of L2 chains powered by ZK that have been interconnected through an advanced cross-chain coordination mechanism. The whole network will appear to a user to be one chain. With no extra security or trust presumptions, cross-chain interactions may occur safely and promptly on the network and support nearly infinite numbers of chains. Both unlimited scaling and unified liquidity are available.”
Zero-Knowledge Proofs (ZKPs) use cryptography methods that allow one party to prove to another party that the statement is true, without disclosing any further information beyond the truth of the statement this results in protecting both parties’ privacy and security.
In the next weeks, the deployment will be completely reported. It is the result of extensive collaboration amongst several parties that lasted for more than a year. The statement states that before the proposition is put into action, the Polygon community must also approve it.
The Layer 2 scaling solution Polygon, formerly known as Matic Network, emerged in popularity as a means of executing less expensive, quicker transactions that are ultimately protected on the Ethereum blockchain. By “offloading” individual transactions and eventually settling on the main chain, Layer 2 networks have proven essential for growing blockchain technology to date.
The statement comes just one week after the SEC filed charges for securities breaches against two significant industry leaders. The SEC mentioned Polygon as one of the cryptocurrency tokens it believed to be an unregistered security in its lawsuits against both Coinbase and Binance. Polygon Labs was not named as a defendant in either lawsuit or accused of misconduct by the SEC.
Polygon tweeted, “We are proud of the history of the Polygon network – designed outside the US, deployed outside the US, and focused on the worldwide community that supports the network to this day. “MATIC was a critical component of the Polygon technology from Day 1, ensuring that the network would be secure—and is still secure today.”
Following the SEC’s classification of the token as a security, Robinhood has decided to delist it.