Polygon Labs recently unveiled “Polygon 2.0,” a series of enhancements to establish the “Value Layer” of the internet. The company envisions a platform where users can generate, exchange, and program value effortlessly. Through significant upgrades in protocol architecture, tokenomics, and governance, Polygon 2.0 will transform into the Value Layer, providing limitless scalability and unified liquidity using zero-knowledge (ZK) technology.
1/ Our vision for Polygon is simple: to build the Value Layer of the Internet.
The Internet allows anyone to create and exchange information. The Value Layer allows anyone to create, exchange, and program value.
Enter Polygon 2.0: a blueprint to build the ultimate Value Layer. pic.twitter.com/9eYSr3H1L5
— Polygon (Labs) (@0xPolygonLabs) June 12, 2023
By harnessing ZK technology, Polygon 2.0 aspires to create an interconnected network of chains. ZK enables a prover to validate a statement to a verifier without disclosing any additional information beyond the statement’s validity, ensuring privacy and security. Polygon 2.0 unifies various protocols, allowing seamless usage across zk-Ethereum Virtual Machine tech, proof-of-stake, and supernets. This integration creates a cohesive experience akin to using a single chain, as Ryan Wyatt, the president of Polygon Labs, explained on Twitter. Furthermore, the technology’s highlights include token evolution and long-term decentralised governance.
On a related note, Ryan Wyatt testified before the Subcommittee on Innovation, Data, and Commerce of the United States House of Representatives on June 7. The hearing explored the potential of Web3 and blockchain technology, as well as the regulatory challenges they present. Wyatt highlighted the role of blockchain in addressing the issue of “value extraction” prevalent in the current internet landscape. He emphasised that Web3, driven by decentralised and transparent systems, offers a solution by democratising the internet and granting users control over their data.
What is Polygon 2.0?
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.
— Ryan Wyatt (@Fwiz) June 12, 2023
Wyatt stressed the importance of establishing a well-regulated blockchain ecosystem in the U.S., underscoring the potential benefits for users and the economy. Notably, this hearing occurred in the context of the Securities and Exchange Commission filing lawsuits against major crypto exchanges, heightening the relevance of discussions on regulation and industry development.