Can it really become the “Internet Value Layer”? Learn about Polygon 2.0 in this article.
Can Polygon 2.0 be the "Internet Value Layer"? Find out in this article.
Reference | Polygon Official Website
Compiled by | Jordan, BlockingNews
On June 13, Polygon Labs, a provider of Ethereum scaling solutions, officially announced the launch of Polygon 2.0, a Layer 2 network powered by zero-knowledge technology designed to build the “value layer” of the internet. According to information disclosed, Polygon 2.0 allows users to create, exchange, and program “value,” and will reshape almost all aspects of the original chain, including protocol architecture, token economics, and governance, among others.
This article aims to provide an initial exploration of Polygon 2.0, helping the crypto community understand why Polygon wants to build the “value layer” of the internet.
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The “Value Layer” – A Concept All Blockchains Aspire To Achieve
The “value layer” is a concept that almost all blockchains aspire to achieve, including Ethereum.
In fact, the traditional internet has two main features:
l Infinite scalability: Internet throughput can be elastically scaled, and when we need more capacity, we can build out.
l Uniformity: Internet information exists in a shared environment that can be accessed from anywhere in the world.
Ethereum introduced the concept of the “internet value layer,” indicating that people can seamlessly and securely create, exchange and program value without intermediaries. However, compared to the traditional internet, Ethereum and the broader crypto ecosystem have greater limitations in scalability and uniformity. First, a single blockchain is difficult to scale infinitely, and there are strict throughput limits. Second, although capacity can be increased by creating new chains, liquidity will be “broken up,” and security and capital efficiency will be further reduced – this is where Polygon 2.0 comes in.
Polygon’s vision is not complicated – to build the “value layer” of the internet, just as the internet allows anyone to create and exchange information, Polygon 2.0’s internet value layer will be a basic protocol that allows anyone to create, exchange and program “value.” Polygon 2.0 will be built on top of Polygon’s existing Layer 2 blockchain network. Unlike the current Ethereum Layer 2 sidechain version, Polygon 2.0 is more like a “network of Layer 2 networks” supported by zero-knowledge proofs, and achieves the connection work of a unified network through innovative cross-chain coordination protocols.
In theory, the Polygon 2.0 network can support virtually unlimited numbers of blockchains and also enhance infinite scalability and unified liquidity. Cross-chain interactions can occur securely and instantly without additional security or trust assumptions. Polygon 2.0 will become a blueprint for building this value layer and for end users, using the entire network is like using a single chain. Ultimately, this will achieve a “value” pattern that Ethereum cannot achieve.
To summarize in the words of Polygon Labs President Ryan Wyatt, Polygon 2.0 has three core goals:
1. Unified protocol: seamlessly use zkEVM, PoS, and Supernets, and you will feel like you are using a single chain.
2. Token evolution.
3. Long-term decentralized governance.
Important Timepoints for Polygon 2.0
It is reported that the upgrade of Polygon 2.0 will introduce a set of modules to provide infinite scalability and unified liquidity through zero-knowledge proof technology. Developers can use these modules to build their own blockchain networks, including consensus and synchronization mechanisms, fraud proofs, etc. The goal is to provide a more flexible and powerful platform for decentralized applications (dApps).
In the next few weeks, Polygon will provide a detailed introduction to each component of Polygon 2.0, such as the future of Polygon’s equity proof-of-stake blockchain, Polygon token utility and evolution, and the transition to a larger community governance of the protocol and treasury, as follows:
- Week of June 19: Polygon 2.0 Pos chain
- Week of June 26: Polygon 2.0 architecture and stack
- Week of July 10: Polygon 2.0 token
- Week of July 17: Polygon 2.0 governance
Built on Reputation
Last week, Polygon (MATIC) was marked as a security in a lawsuit brought by the US Securities and Exchange Commission against Binance, which charged that these cryptographic assets were sold in the form of investment contracts. In response, Polygon founder Sandeep Nailwal posted on social media, implying that Polygon would not be affected by this incident and said:
“In the Polygon ecosystem, we envision a Web3 world that is as ubiquitous as the current Internet, a world that is more free and has more transparent governance. The Polygon ecosystem, including Polygon Labs, is ready to continue building in the next 5-10 years. This is a marathon, and every distraction is temporary noise. Polygon will continue to build.”
Launching Polygon2.0 seems to be a response to the actions of the US Securities and Exchange Commission. As a Layer 2 scaling solution, Polygon has gained a reputation in the industry by offering cheaper, faster services and has played a key role in the field of blockchain scaling technology.
In fact, the competition between Ethereum Layer 2 networks has become increasingly fierce. In February of this year, Coinbase released its self-built Layer 2 blockchain network Base, and in April, crypto investment giant a16z crypto announced the launch of a Layer 2 Rollup client solution called “Magi.” It is worth paying attention to whether Polygon 2.0 can stand out in the incentivized market competition.