Unleashing the Potential of Polygon 2.0: Building the Value Layer of the Internet

Polygon has set forth on an ambitious vision: To build the Value Layer of the Internet. Just as the internet revolutionized access to information, the Value Layer aims to democratize access to the global economy by enabling decentralized finance, digital ownership, and novel mechanisms for coordination. It aspires to empower users rather than relying on intermediaries or gatekeepers. With this vision in mind, Polygon 2.0 has emerged as a comprehensive blueprint that reimagines every facet of Polygon, from its protocol architecture to tokenomics and governance.

Check Out All Of Our Polygon 2.0 Articles:

• Polygon Architecture
• POL Token
• Polygon Governance

Democratizing the Global Economy

The Value Layer serves as the foundational protocol that enables the creation, exchange, and programming of value. While the internet revolutionized access to information, the Value Layer seeks to democratize access to the global economy. By harnessing decentralized finance, digital ownership, and innovative coordination mechanisms, the Value Layer empowers users and eliminates reliance on rent-seekers, middlemen, and gatekeepers.

Polygon 2.0: Revolutionizing the Polygon Ecosystem

Polygon 2.0 represents a series of proposed upgrades that revolutionize the Polygon ecosystem. It introduces groundbreaking changes to various aspects, such as the protocol architecture, tokenomics, and governance. In the weeks ahead, each component of Polygon 2.0 will be explored in detail, shedding light on the future of the Polygon Proof-of-Stake (PoS) chain, the evolution of the Polygon token, and the transition to a more community-driven governance model. Moreover, Polygon 2.0 envisions unlimited scalability and unified liquidity through the incorporation of zero-knowledge (ZK) technology.

Building the Value Layer: Bridging the Gap

While Ethereum introduced the concept of the Value Layer by enabling seamless and secure value creation and exchange, the current crypto ecosystem does not resemble the rest of the internet. Unlike the infinitely scalable and unified nature of the internet, individual blockchains face strict throughput limits. Although additional chains can be created to enhance capacity, this approach often fragments liquidity, reduces security, and hampers capital efficiency. Here is where Polygon 2.0 steps in.

Polygon 2.0: A Network of ZK-Powered L2 Chains

Polygon 2.0 envisions a network of ZK-powered Layer 2 (L2) chains connected through a novel cross-chain coordination protocol. From a user's perspective, this network will provide a seamless experience akin to using a single chain. The network's capacity can practically scale limitlessly, and cross-chain interactions will occur safely and instantly, without requiring additional security or trust assumptions. Polygon 2.0 aspires to deliver unlimited scalability and unified liquidity, bringing Ethereum closer to its original vision.

Empowering the Polygon Community

As the Polygon ecosystem adopts a formal governance process, the contributions of builders, creators, and all community members become increasingly significant. The Polygon community, which now wields control over the Polygon protocol, possesses the authority to accept and implement Polygon 2.0. By staying engaged, familiarizing themselves with Polygon 2.0, and actively participating in the conversation, community members can shape the next chapter of Polygon's evolution.

Evolution of the Native Token

Polygon's native token (MATIC) will potentially be receiving an upgrade, if approved by the community. At this time we don't have much information on exactly what this "upgrade" to the token will be. But as shown in the initial roadmap visuals presented by Polygon Labs, we should be getting more information around July 10th.

The Rollout of Polygon 2.0

The development of Polygon 2.0 has been a collaborative effort involving Polygon Labs, developers, researchers, applications, node operators, validators, and the wider Polygon and Ethereum communities. Engaging discussions on Polygon 2.0 can be found on the community forum, exemplifying the inclusive and participatory nature of the project. Given the extensive scope of Polygon 2.0, its components will be meticulously detailed through a series of blog posts, community gatherings, Ask Me Anything (AMA) sessions with the founders and engineers, and other interactive platforms.

The first step in the Polygon 2.0 roadmap is already underway as Polygon Labs unveiled a proposal that could revolutionize the way Polygon Proof-of-Stake (PoS) operates. By integrating zkEVM validium, a decentralized Layer 2 (L2) solution fortified by zero-knowledge (ZK) proofs, Polygon PoS stands to gain enhanced security, superior performance, and become an integral part of the ambitious Polygon 2.0 ecosystem. This proposal showcases Polygon's technical prowess, demonstrating its capability to implement cutting-edge solutions within the blockchain landscape.

zkEVM Validium: Low Fees, High Security, and Scalability

A validium can be viewed as the more cost-effective, high-throughput counterpart of a rollup. Rollups, such as Polygon zkEVM, utilize Ethereum to publish transaction data and verify proofs, inheriting Ethereum's unparalleled security and decentralization. However, rollups have the drawback of expensive transaction data publishing, limiting throughput. Validiums, on the other hand, offer similar security guarantees through ZK proofs while making transaction data available off-chain.

Validiums offer two main advantages over rollups:

1. Substantially lower fees: Validiums do not consume expensive Ethereum gas or blockspace to store transaction data, resulting in significantly reduced fees.
2. Enhanced scalability: Rollup throughput is restricted by the amount of transaction data that can be published to Ethereum, whereas validiums enable much higher scalability.

In the long term, the only additional cost associated with running Polygon PoS as a zkEVM validium would be the expense of generating proofs. However, Polygon Labs' ZK teams have already made significant strides in minimizing these costs. For instance, on Polygon zkEVM, the cost to prove a 10 million gas batch amounts to just $0.0259, which translates to a mere $0.00005 per transfer.

Conclusion

Polygon 2.0 represents an exciting leap forward for the project, aiming to establish the Value Layer of the Internet. By embracing limitless scalability, unified liquidity, and enhanced community governance, Polygon strives to empower users, revolutionize finance, and reshape the global economy. The journey towards Polygon 2.0 is just beginning, and the community's active involvement will be crucial in realizing this ambitious vision.