Mihailo Bjelic, co-founder of Polygon, has proposed upgrading the Polygon proof-of-stake (PoS) network to a “zkEVM validium” version. The upgrade is aimed at increasing security by relying on zero-knowledge proofs. Polygon PoS is an Ethereum scaling solution that has over $900 million in total value locked within its contracts. It does over 2 million transactions per day and was first launched in 2019.
The Upgrade Proposal
In a June 20 forum post, Bjelic proposed upgrading the old PoS network to a zkEVM version, making both networks rely on zero-knowledge proofs. The new version of Polygon PoS will not be a “rollup” like the network that launched in March. It will not store compressed transaction data on Ethereum. Instead, it will be a “validium” that stores only validation proofs on layer 1 while the actual transaction data will be kept on a separate chain. This compromise will allow Polygon PoS to have lower transaction fees than Polygon zkEVM and increase its security by inheriting Ethereum’s security.
Potential Use Cases
Once the upgrade is implemented, Polygon zkEVM may be used for high-value transactions where security is of the utmost importance, whereas Polygon PoS may become the network for gaming and social media enthusiasts. Bjelic stated, “Upgraded Polygon PoS (zkEVM validium) would offer very high scalability and very low fees, with the tradeoff of storing transaction data locally instead of on Ethereum. It would be a great fit for applications that have high transaction volume and require low transaction fees, e.g. Web3 gaming and social.”
Timeline and Future Plans
Bjelic offered a timeline for the upgrade, stating that his informal proposal could be turned into a formal Polygon Improvement Proposal by November and implemented on mainnet sometime between February and March 2024. The launch of Polygon zkEVM and upgrading of Polygon PoS is part of a grand plan by the team to create a “Supernet” uniting many different application-specific chains, which they are calling “Polygon 2.0.”
Delisting of MATIC by eToro
The native coin of the Polygon ecosystem, called “MATIC,” was delisted by eToro on June 13 after the United States Securities and Exchange Commission claimed that it had been sold as an unregistered security. The Polygon team has denied that its fundraising violated any U.S. laws.
The proposed upgrade to the Polygon PoS network to a “zkEVM validium” version will increase the security of the network by relying on zero-knowledge proofs. The upgrade will also allow for lower transaction fees and make Polygon PoS a great fit for applications that have high transaction volume and require low transaction fees. The Polygon team is planning to create a “Supernet” uniting many different application-specific chains, which they are calling “Polygon 2.0.”