Polygon Labs Unveils Polygon 2.0

On June 12, 2023, Polygon Labs took to Twitter to announce the release of Polygon 2.0, a groundbreaking upgrade set to redefine the very fabric of the Polygon network.

This announcement began a series of informative blog posts, community meets, and Ask Me Anything (AMA) sessions aimed at shedding light on this transformative technology. The launch will unfold in stages over the coming weeks and months.

So, what exactly is Polygon 2.0?

The ultimate goal, you ask?

It is to construct the Value Layer of the internet - a fundamental protocol that helps anyone to create, exchange, and program value.

Built on the foundation of Ethereum, the Value Layer expands its capabilities through zero-knowledge (ZK) technology. For a detailed understanding of ZK technology, refer to my article, which delves into its intricacies.

Zk rollups: How to join the zero-knowledge movement and scale Ethereum to the next level

Zero-knowledge (Zk) rollups are a layer 2 scaling solution that increases throughput on Ethereum by moving computation and state storage off-chain. It can process thousands of transactions in a batch and then post minimal summary data to Mainnet.

• In a nutshell, ZK technology is a cryptographic method that allows one party (the prover) to demonstrate the truth of a statement to another party (the verifier) without revealing any additional information beyond the statement's validity. This technology paves the way for unlimited scalability and unified liquidity across multiple chains by reducing the data and computational requirements for transaction verification and state transitions.
• Polygon 2.0 aims to establish a network of ZK-powered layer-2 chains. These chains operate atop Ethereum, inheriting its security and decentralization while offering faster, more cost-effective transactions. Interconnected by Polygon's innovative cross-chain coordination mechanism, these chains enable users to navigate unlimited chains and facilitate cross-chain interactions, much like browsing websites on the traditional internet.
• Moreover, Polygon 2.0 introduces a new consensus algorithm, architecture, stack, token, and governance model designed to transform Ethereum into what it was always intended to be. Their details are yet to be announced. I'll update you as soon as they are available to the public.

As we eagerly await the phased launch of Polygon 2.0 over the next few weeks and months, it's clear that this upgrade is poised to be a game-changer for building decentralized applications for a global audience, democratizing finance, digital ownership, and pioneering coordination mechanisms.

Thank You

Thank you for taking the time to read my article.