Polygon co-founder Mihailo Bjelic has proposed update Polygon’s proof-of-stake (PoS) network to a “zkEVM validium” version, according to a forum post on June 20. If the update is carried out, the new version will be based on zero knowledge tests to increase security.
HUGE UPDATE ON #Polygon
Polygon may go through some huge changes in the near future. @MihailoBjelic shared a polygon improvement proposal a few hours ago which discussed to upgrade polygon POS to zkEVM Validium.
According to the proposal, Polygon POS is facing three key challenges…
— Hitesh Malviya (@hmalviya9) June 20, 2023
Polygon PoS is an Ethereum scaling solution that has over $900 million in total value locked within its contracts and performs over 2 million transactions per day. It was first launched in 2019. In March, the Polygon team launched a second network, Polygon zkEVM, which uses zero-knowledge proof rollups to scale on Ethereum.
In the June 20 post, Bjelic proposed upgrading the old PoS network to a zkEVM – or Zero-Knowledge Ethereum Virtual Machine – version as well, making both networks based on zero-knowledge proofs. Unlike the network that was just launched in March, however, the new version of Polygon PoS will not be a rollup, Bjelic said. In other words, it will not store compressed transaction data on Ethereum. Instead, it will be a “validium” that will store only the validation proofs at layer 1, while the actual transaction data will be kept on a separate network.
This commitment will allow Polygon PoS to have lower transaction fees than Polygon zkEVM. It will also increase the security of Polygon PoS, as it will allow the network to inherit the security of Ethereum, the co-founder concluded.
Once the update is implemented, Polygon zkEVM will be able to be used for high-value transactions where security is of utmost importance, while Polygon PoS may become the network for gaming and social networking enthusiasts, Bjelic suggested:
“Updated Polygon PoS (zkEVM validium) would offer very high scalability and very low fees, with the trade-off of storing transaction data locally instead of on Ethereum. It would be a great fit for applications that have high volume of transactions and require low transaction fees, for example, Web3 games and social networks”.
The Polygon co-founder offered a date as to when he believed the update might be rolled out, stating that his informal proposal could become a formal Polygon Improvement Proposal in November and be implemented on mainnet sometime between February and March 2024.
The launch of Polygon zkEVM and the update of Polygon PoS are part of a larger plan by the team to create a “Supernet” linking many different chains of specific applications. The developers call this project “Polygon 2.0”.
The native token of the Polygon ecosystem, called “MATIC“, was removed from the eToro platform on June 13 after the US Securities and Exchange Commission claimed it had been sold as an unregistered security. The Polygon team has denied that his fundraising violated any US law.
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