As the cryptocurrency industry continues to evolve, it is becoming increasingly important to address the scalability issues that have plagued major blockchain networks. One such project that aims to tackle these challenges is Polygon, a leading Ethereum layer-2 scaling solution. Co-founder Jordi Baylina believes that 2024 will be a pivotal year for Polygon, as it will mark the completion of its ambitious “Polygon 2.0” cross-chain coordination protocol.
According to Baylina, Polygon 2.0 will bring together the various Ethereum layer-2 scaling networks within the Polygon ecosystem. By implementing zero-knowledge proofs (ZK-proofs), Polygon aims to create a more scalable and interconnected network. The integration of ZK-proofs will enable the sharing of liquidity and composability between networks, ultimately leading to a more seamless and efficient blockchain experience.
The Four Protocol Layers of Polygon 2.0
Polygon 2.0 is designed as a four-layered protocol, consisting of the staking, interop, execution, and proving layers. Each layer plays a vital role in ensuring fast value transfer and information sharing within the Polygon ecosystem. The staking layer incentivizes network participants to secure the network, while the interop layer facilitates communication between different blockchains. The execution layer handles smart contract deployment and execution, while the proving layer leverages ZK-proofs to enhance scalability and security.
A Year of Milestones for Polygon
Baylina reflects on the significant milestones achieved by Polygon in 2023. One of the notable achievements was the introduction of the zero-knowledge Ethereum Virtual Machine (zkEVM). This development paved the way for reduced transaction costs and increased throughput of smart contract deployments. The release of the open-source zkEVM mainnet beta allowed DApps to scale by batching transactions off-chain while maintaining the security and integrity of the Ethereum mainnet.
Furthermore, Polygon’s chain development kit (CDK) has revolutionized the development process for layer-2 protocols on Ethereum. The CDK provides developers with the flexibility to tailor their protocols to the specific needs of their projects. With automatic access to liquidity across all Polygon chains and the wider Ethereum ecosystem, the CDK ensures a seamless and liquid experience for developers and users alike.
Overcoming Challenges: The Transition to zkEVM Validium
Baylina acknowledges that the transition from Polygon’s proof-of-stake system to zkEVM validium is a complex task. The consensus of the network participants is crucial before any major switch can occur. Moving bridges, ensuring network continuity, and providing support for existing applications are just a few of the challenges that lie ahead. Nevertheless, Baylina remains optimistic about the potential of Polygon 2.0 and its ability to further enhance the scalability and interoperability of the platform.
Polygon has recently released three Polygon Improvement Proposals (PIPs), including PIP-17. This proposal outlines the transition of Polygon’s native token from MATIC to POL. The upgrade will also establish POL as the native gas token and staking token for the Polygon ecosystem. Additionally, the launch of the staking layer and migration of Polygon public chains will contribute to the overall growth and development of the network.
Looking Ahead: The Future of Polygon
As Polygon continues to make significant advancements in scalability and interoperability, the future appears promising for the project. The completion of Polygon 2.0 in 2024 will bring together various layer-2 networks, enabling seamless communication and liquidity sharing. With its robust infrastructure and commitment to innovation, Polygon is poised to play a crucial role in shaping the future of blockchain technology.
Polygon’s journey towards Polygon 2.0 represents a significant step forward in addressing the scalability challenges faced by blockchain networks. The integration of ZK-proofs and the four protocol layers of Polygon 2.0 will greatly enhance the scalability and interoperability of the platform. As the cryptocurrency industry continues to evolve, Polygon is positioning itself as a leader in providing efficient and scalable blockchain solutions.