According to Polygon Labs, Polygon 2.0 will enable users to create, exchange and program value on the internet.
On June 12, Polygon Labs announced “Polygon 2.0,” a set of upgrades that seeks to establish the “Value Layer” of the internet, which the company says will allow users “to create, exchange, and program value.”
According to an announcement shared on Twitter, “Polygon 2.0 is a set of upgrades that radically reimagine almost every aspect of Polygon, from protocol architecture to tokenomics to governance. It is a roadmap for how Polygon will become the Value Layer, offering unlimited scalability and unified liquidity via ZK [zero-knowledge] tech.”
Polygon 2.0 is setting out to be a network of interconnected chains powered by ZK technology, a cryptographic technique that allows one party, called the prover, to prove the validity of a statement to another party, known as the verifier, without revealing any additional information beyond the statement’s validity. According to Polygon Labs:
“The network can support a practically unlimited number of chains and cross-chain interactions can happen safely and instantly, without additional security or trust assumptions. Unlimited scalability and unified liquidity.”
At its core, Polygon 2.0 will unify protocols, providing “seamless usage” across zk-Ethereum Virtual Machine tech, proof-of-stake, and supernets, making it “feel like you are using a single chain,” Polygon Labs president Ryan Wyatt shared on Twitter. Additionally, he mentioned “Token evolution” and “long-term decentralized governance” as some of the highlights of the technology.
Polygon is expected to reveal more details on the technology in the coming weeks.
On June 7, Wyatt testified before a United States House of Representatives committee on the topic of internet democratization and the potential of Web3 and blockchain technology. The committee’s Subcommittee on Innovation, Data, and Commerce explored the future of these technologies and the regulatory challenges they present.
During the hearing, Wyatt emphasized the role of blockchain in addressing the “value extraction” problem prevalent in the current internet landscape. He explained that Web3, enabled by decentralized and transparent systems, offers a solution by democratizing the internet and giving users control over their data. Wyatt highlighted the importance of building a well-regulated blockchain ecosystem in the U.S., emphasizing the potential benefits for users and the overall economy. The hearing took place shortly after the Securities and Exchange Commission filed lawsuits against major crypto exchanges, adding further relevance to the discussions on regulation and industry development.