Ethereum

Token

Polygon

<a target="_blank" href="https://tokeninsight.com/en/coins/polygon/overview">Polygon</a> Labs released a new proposal to upgrade the Polygon PoS chain to a zkEVM validium, making it a decentralized Layer2 secured by zero-knowledge (ZK) proofs. The proposal aims to enhance the performance and security level of Polygon PoS, which is expected to be a core part of the <a target="_blank" href="https://tokeninsight.com/en/news/polygon-announces-polygon-2.0-upgrading-protocol-architecture-token-economics-and-governance">Polygon 2.0 </a>ecosystem.
As an <a target="_blank" href="https://tokeninsight.com/en/coins/ethereum/overview">Ethereum</a> sidechain, Polygon PoS has over $2 billion of on-chain assets and an average of 2.5 million transactions per day. However, it's facing multiple challenges due to its architecture, such as security model, legacy tech stack, and UX issues. To address the challenges, Polygon Labs plans to upgrade the chain to a zkEVM validium. Validiums are one of the two main approaches to implementing zk-powered Layer2s (the other is rollups). Different from rollups, validiums don't publish transaction data to Ethereum, but use an off-chain data availability model. They can reduce fees and improve scalability compared with rollups.
If upgraded, Polygon PoS will use its current validator set to provide transaction data availability. The token validators need to stake will remain to be $MATIC, and stakers will continue to earn transaction fees.
The proposal will be discussed in the Polygon forum, and go through the governance procedures. If consensus is reached within the community on this proposal, the upgrade could go live on mainnet by the end of Q1 2024.
Related: <a target="_blank" href="https://tokeninsight.com/en/news/polygon-announces-polygon-2.0-upgrading-protocol-architecture-token-economics-and-governance">Polygon Announces Polygon 2.0: Upgrading Protocol Architecture, Token Economics, and Governance</a>
&nbsp;
<a target="_blank" href="https://tokeninsight.com/en/cryptocurrencies">TokenInsight</a> is dedicated to covering the most important and cutting-edge trends in the world of crypto. If you have information to share with us, please feel free to contact our email <a href="mailto:news@tokeninsight.com">news@tokeninsight.com</a>. Your trust will be well respected.

Polygon Labs Proposes to Upgrade Polygon PoS Chain to ZK Layer2

TokenInsight

Other articles published on Jun 21, 2023

Traders Believe Ripple (XRP) Reaching $10 ‘Could Be a Breeze’

🔒Know Your Transaction #KYT🔍

Grant for Security Audit by Defimoon & ALTA - Blockchain Accelerator

CryptoQuant: "Someone Is Buying Lots of Bitcoin"

Binance Introduces Regulated Exchange in Kazakhstan

Binance Starts a Regulated Platform in Kazakhstan, Hopes to List 100 Coins

Join our free newsletter for daily crypto updates!