Polygon 2.0 introduces upgrades to tap into ‘Value Layer’ of internet

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On June 12, Polygon Labs announced “Polygon 2.0,” a set of upgrades that seeks to ascertain the “Worth Layer” of the web, which the corporate says will permit customers “to create, alternate, and program worth.”

In response to an announcement shared on Twitter, “Polygon 2.0 is a set of upgrades that radically reimagine nearly each facet of Polygon, from protocol structure to tokenomics to governance. It’s a roadmap for a way Polygon will develop into the Worth Layer, providing limitless scalability and unified liquidity through ZK [zero-knowledge] tech.”

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Polygon 2.0 is getting down to be a community of interconnected chains powered by ZK expertise, a cryptographic method that permits one celebration, known as the prover, to show the validity of a press release to a different celebration, referred to as the verifier, with out revealing any extra info past the assertion’s validity. In response to Polygon Labs:

“The community can assist a virtually limitless variety of chains and cross-chain interactions can occur safely and immediately, with out extra safety or belief assumptions. Limitless scalability and unified liquidity.”

At its core, Polygon 2.0 will unify protocols, offering “seamless utilization” throughout zk-Ethereum Digital Machine tech, proof-of-stake, and supernets, making it “really feel like you might be utilizing a single chain,” Polygon Labs president Ryan Wyatt shared on Twitter. Moreover, he talked about “Token evolution” and “long-term decentralized governance” as among the highlights of the expertise. 

Polygon is predicted to disclose extra particulars on the expertise within the coming weeks. 

Associated: Google Cloud to optimize Polygon zkEVM scaling performance

On June 7, Wyatt testified earlier than a United States Home of Representatives committee on the subject of web democratization and the potential of Web3 and blockchain technology. The committee’s Subcommittee on Innovation, Knowledge, and Commerce explored the way forward for these applied sciences and the regulatory challenges they current. 

In the course of the listening to, Wyatt emphasised the position of blockchain in addressing the “worth extraction” downside prevalent within the present web panorama. He defined that Web3, enabled by decentralized and clear techniques, gives an answer by democratizing the web and giving customers management over their knowledge. Wyatt highlighted the significance of constructing a well-regulated blockchain ecosystem within the U.S., emphasizing the potential advantages for customers and the general financial system. The listening to passed off shortly after the Securities and Change Fee filed lawsuits against major crypto exchanges, including additional relevance to the discussions on regulation and business growth.

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