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According to a June 20 forum post, Polygon co-founder Mihailo Bjelic proposed upgrading the Polygon Proof of Stake (PoS) network to a “zkEVM validium” version. If the update is implemented, the new version will rely on zero-knowledge proofs to improve security.
HUGE UPDATE ON #polygon
Polygon may go through some huge changes in near future. @MihailoBjelic shared a polygon improvement proposal a few hours ago which discussed to upgrade polygon POS to zkEVM Validium.
According to the proposal, Polygon POS is facing three key challenges…
— Hitesh Malviya (@hmalviya9) June 20, 2023
Polygon PoS is an Ethereum scaling solution with a total value of over $900 million locked in contracts and over 2 million transactions per day. It was first launched in 2019. In March, the Polygon team launched a second network, Polygon zkEVM, which uses zero-knowledge proof rollups to scale Ethereum.
In a June 20 post, Bjelic suggested also upgrading the old PoS network to the zkEVM version, forcing both networks to rely on zero-knowledge proofs. However, unlike the network that just launched in March, the new version of Polygon PoS will not be a “bundling,” Bjelic said. In other words, it will not store compressed transaction data in Ethereum. Instead, it will be a “validium” that only stores proof of verification at level 1, while the actual transaction data will be stored on a separate chain.
This compromise will allow Polygon PoS to have lower transaction fees than Polygon zkEVM. It will also increase the security of Polygon PoS, as it will allow the network to inherit the security of Ethereum, the co-founder concluded.
Related: Why ZK Convolutions Need Data Accessibility
Once the upgrade is implemented, Polygon zkEVM can be used for high-value transactions where security is paramount, while Polygon PoS could become the go-to network for gaming and social media enthusiasts, Bielich suggested, stating:
“The updated Polygon PoS (zkEVM validation) offers very high scalability and very low fees with the trade-off of storing transaction data locally rather than in Ethereum. It will be perfect for applications with high transaction volumes and low transaction fees, such as Web3 games and social networks.”
The Polygon co-founder offered a timeframe for when he thinks the update could be implemented, saying his unofficial proposal could be turned into a formal Polygon Improvement Proposal (PIP) by November and implemented on the mainnet sometime between February and March 2024. .
The launch of Polygon zkEVM and the upgrade of Polygon PoS are part of the team’s grand plan to create a “supernet” of many different application-specific chains. The developers call this project “Polygon 2.0”.
A native Polygon ecosystem coin called “MATIC” was delisted from eToro on June 13 after the US Securities and Exchange Commission said it was sold as a non-registered security. The Polygon team denies that their fundraising violates any US laws.