Polygon to bring ZK technology to its PoS main chain, but there's a catch
- Polygon co-founder wants the main chain to go through a major upgrade, bringing ZK technology to the ecosystem.
- The upgrade would make the main chain into a zkEVM validium, thus maintaining its compatibility with the Ethereum Virtual Machine.
- If approved, network users would enjoy increased security and a more future-proof framework of the blockchain.
Polygon (MATIC) is considering plans to introduce zero Knowledge (ZK) technology to its Proof-of-Stake main chain, an upgrade that would bring more value additions to the network while preserving its compatibility with the Ethereum Virtual Machine (EVM).
Polygon wants an upgrade but not at the expense of EVM compatibility
Polygon (MATIC) co-founder Mihailo Bjelic has proposed an upgrade for the network's main chain, requesting the MATIC community to approve the introduction of the ZK technology to the ecosystem.
1/ Today a proposal was published to upgrade Polygon PoS to a zkEVM validium, a first-of-its-kind, decentralized ZK Layer 2.
— Polygon (Labs) (@0xPolygonLabs) June 20, 2023
As a zkEVM validium, Polygon PoS would inherit Ethereum's unmatched security, while preserving low fees & high scalability.
https://t.co/5fsMOqLqRy pic.twitter.com/9r9VILxdvu
Zero Knowledge is a general term for protocols and services using an encryption method dubbed zero-knowledge proofs. In layman's language, the technology enables one party to prove a fact to another party so they can verify it without the second party knowing the fact itself.
The upgrade would transform Polygon's PoS main chain into a zkEVM validium, thereby maintaining its compatibility with the Ethereum Virtual Machine.
Notably, the upgrade would be an addition to Polygon's existing ZK rollup that premiered in March. The difference between a ZK rollup and the validium rollup is that the latter uses an off-chain data availability model.
Like the case for crypto wallets, offline is more secure than online. Similarly, the zkEVM validium will deliver more security while increasing the blockchain's framework to be more future-proof. However, MATIC community members must pass this proposal for these benefits to be realized.
Further, Polygon co-founder Bjelic also explained that the upgrade would eliminate reorgs completely, making faster transaction confirmation a reality for network users. Moreover, it would also enhance the blockchain.
Polygon taps internet's value layer with 2.0 upgrade as eToro makes life-changing decision for MATIC holders
The development comes barely two weeks after the Polygon ecosystem metamorphosed into Polygon 2.0, a transition backed by news of its blockchain, the MATIC token, and the ecosystem's governance. The rebranding ushered in a new suite of upgrades expected to establish the "Value Layer" of the internet.
Thanks to Polygon 2.0., users can now create, exchange, and program value on the internet.
What is Polygon 2.0?
— Ryan Wyatt (@Fwiz) June 12, 2023
At its core:
- Unifying the protocols: seamless usage across zkEVM, PoS, & Supernets; it will feel like you are using a single chain
- Token evolution
- Establish long-term decentralized governance.
It will be a series of announcements this summer. https://t.co/DRWl3kBAkT pic.twitter.com/wUOWP4xHWC
Given the state of Polygon's zkEVM technology and the current architecture and level of decentralization of Polygon PoS, it is likely that the upgrade will be meaningful, viable, and straightforward.
At the time of writing, MATIC is exchanging hands for $0.625, recording a daily rise of 2.2%.
Author
Lockridge Okoth
FXStreet
Lockridge is a believer in the transformative power of crypto and the blockchain industry.
