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On June 12, Polygon Labs announced “Polygon 2.0,” a set of updates aimed at building a “value layer” on the web that the company says will enable users to “create, share, and program value.”
1/ Our vision for Polygon is simple: to build the Value Layer of the Internet.
The Internet allows anyone to create and exchange information. The Value Layer allows anyone to create, exchange, and program value.
Enter Polygon 2.0: a blueprint to build the ultimate Value Layer. pic.twitter.com/9eYSr3H1L5
— Polygon (Labs) (@0xPolygonLabs) June 12, 2023
According to the announcement posted on Twitter, “Polygon 2.0 is a set of updates that radically rethink almost every aspect of Polygon, from protocol architecture to tokenomics and governance. This is a roadmap for how Polygon will become a value tier, offering unlimited scalability and unified liquidity through ZK technology.”
Polygon 2.0 is conceived as a network of interconnected chains based on Zero-Knowledge (ZK) technology, a cryptographic technique that allows one party, called the prover, to verify the validity of a statement to another party, known as the verifier. without disclosing any additional information beyond the validity of the application. According to Polygon Labs;
“The network can support a virtually unlimited number of chains, and interactions between chains can happen securely and instantly, with no additional assumptions about security or trust. Unlimited scalability and unified liquidity.”
At its core, Polygon 2.0 will unify protocols that enable “seamless use of zkEVM, PoS, and supergrids” by making it “feel like you’re running a single chain,” Ryan Wyatt, president of Polygon Labs, tweeted. In addition, he mentioned “token evolution” and “long-term decentralized governance” as some of the highlights of the technology.
What is Polygon 2.0?
At its core:
– Unifying the protocols: seamless usage across zkEVM, PoS, & Supernets; it will feel like you are using a single chain
– Token evolution
– Establish long-term decentralized governance.
It will be a series of announcements this summer. https://t.co/DRWl3kBAkT pic.twitter.com/wUOWP4xHWC
— Ryan Wyatt (@Fwiz) June 12, 2023
Polygon is expected to reveal more details about the technology in the coming weeks.
Related: Google Cloud to Optimize Polygon zkEVM Scaling Performance
On June 7, Wyatt testified before a US House of Representatives committee on the democratization of the Internet and the potential of Web3 and blockchain technologies. The Committee’s Subcommittee on Innovation, Data, and Commerce looked into the future of these technologies and the regulatory challenges associated with them.
During the hearing, Wyatt emphasized the role of blockchain in solving the “value extraction” problem prevalent in the current Internet landscape. He explained that Web3, supported by decentralized and transparent systems, offers a solution by democratizing the Internet and giving users control over their data. Wyatt highlighted the importance of building a well-regulated blockchain ecosystem in the United States, highlighting the potential benefits for users and the wider economy. The hearing came shortly after lawsuits were filed by the Securities and Exchange Commission against major cryptocurrency exchanges, adding urgency to discussions about regulation and development of the industry.