On June 12, Polygon Labs announced the arrival of “Polygon 2.0,” a set of upgrades designed to establish the “Value Layer” of the internet. This innovative layer allows users to create, exchange, and program value online, making the internet a more interactive and accessible platform.
Polygon 2.0 aims to be a network of interconnected chains powered by Zero-Knowledge (ZK) technology, a cryptographic technique allowing one party (the prover) to prove a statement’s validity to another party (the verifier) without revealing any additional information. With this technology, the network can support an almost limitless number of chains, enabling safe and instant cross-chain interactions.
With the unification of protocols, users will enjoy seamless usage across zkEVM, PoS, and Supernets. Polygon Labs’ president, Ryan Wyatt, shared on Twitter that this will make it feel as though users are operating on a single chain. Additionally, he highlighted token evolution and long-term decentralized governance as key aspects of the technology.
The role of blockchain in addressing the “value extraction” problem prevalent in today’s internet landscape has been a topic of discussion within the industry. In a recent United States House Committee hearing, Wyatt emphasized that Web3, enabled by decentralized and transparent systems, offers a solution by democratizing the internet and giving users control over their data. He also highlighted the importance of building a well-regulated blockchain ecosystem in the United States, which would benefit both users and the overall economy.
In the coming weeks, more information on Polygon 2.0 and its capabilities will be revealed. With the potential for unlimited scalability and unified liquidity through ZK technology, this innovative upgrade may mark a significant step forward in the world of internet technology and blockchain integration.
On the other hand, implementing such a technology faces regulatory challenges and scrutiny from government entities. As discussions around blockchain regulation and industry development continue to unfold, it remains unknown how much of an impact Polygon 2.0 will have on users and businesses worldwide.
In conclusion, while Polygon 2.0 promises new prospects in terms of scalability, limitless chains, and an interconnected ecosystem, it also faces the ongoing challenges of regulatory frameworks and potential adoption obstacles. How this new technology will transform internet use and the blockchain landscape is eagerly anticipated, but with a healthy dose of skepticism mixed in.
Source: Cointelegraph
