- Polygon 2.0 upgrade introduces seamless multi-chain interactions and scalability solutions for the Ethereum network.
- The upgrade includes the pioneering zkEVM technology, enhancing transaction efficiency while keeping costs low.
Polygon has announced a significant upgrade with its Polygon 2.0 platform. This upgrade is poised to redefine scalability and interoperability within the blockchain ecosystem, particularly for Ethereum-based applications.
Still not unique enough? Then it’s time to talk about $POL, the 3rd Generation hyperproductive token.
Similar to productive tokens, POL enables holders to become validators and reap rewards. However, it boasts two game-changing improvements:
> Validators can validate multiple… pic.twitter.com/bF5JsNp9GH— Masha | Everstake
(@Everstake_Masha) November 2, 2023
A Unified Multi-Chain Network
At the core of Polygon 2.0 is a vision to create a seamless multi-chain network. The platform aims to enable diverse blockchain networks to interact without friction, positioning itself as a comprehensive scaling solution for Ethereum. This is a transformative step away from the traditional model of isolated chains and is anticipated to streamline the user experience across various platforms.
The upgrade enables constructing an Infinitely Scalable and Unified network of ZK-powered Layer 2 chains designed to connect via an advanced cross-chain coordination protocol. The underlying principle guiding this development is establishing what Polygon refers to as the “Value Layer of the Internet,” suggesting a network that can support an extensive range of applications and services with robust security and interoperability features.
The Rise of Proof of Stake and zkEVM
Polygon’s Proof of Stake (PoS) protocol stands as one of the premier protocols within the blockchain domain. The protocol has already achieved considerable success, hosting tens of thousands of decentralized applications, managing over three million daily transactions, and securing assets upwards of five billion dollars. The key to widespread adoption lies in its low-cost transactions, robust community support, EVM compatibility, and commitment from leading brands.
In addition, Polygon’s zkEVM, or zero-knowledge Ethereum Virtual Machine, sets a new industry standard in scaling solutions. The engineers have designed the zkEVM to be fully compatible with Ethereum, ensuring a smooth transition for existing smart contracts, development tools, and wallets. This level of compatibility has been a significant draw for developers seeking to build on a platform that does not require them to redesign their existing contracts or learn new tools.
The Evolution to zkEVM Validium
The transition from PoS to zkEVM validium marks a strategic move to retain the network’s strengths while enhancing throughput and cost-effectiveness. The new zkEVM validium aims to preserve the user experience and developer environment, capitalizing on the already established network effects of the Polygon platform. Polygon 2.0’s zkEVM validium is celebrated as a more affordable and efficient counterpart to the standard zkEVM rollup solutions, addressing the concerns of cost and transaction speed without compromising the robustness of the network.
This evolution reflects Polygon’s proactive approach to solving the scalability trilemma, which posits that blockchain networks can only, at most, have two of the following three properties: decentralization, scalability, and security. By leveraging zkEVM technology, Polygon is making significant strides toward achieving an optimal balance of all three.
Analyzing Polygon’s Market
The unveiling of its new “POL” token on the Ethereum blockchain largely drives Polygon’s recent momentum. This strategic move has captured the crypto community’s attention, sparking discussions and speculation about the future course of Polygon (MATIC). With continuous innovation and adaptation, Polygon has emerged as a digital currency to keep an eye on in the near future.
At present, Polygon is trading between $0.54 and $0.70. The encouraging sign from the 10-day Moving Average at $0.63 suggests an upward trend. Simultaneously, a 100-day Moving Average of $0.58 reflects a steady sentiment in the market over the past months.
