Polygon 2.0 is Moving Forward: Is it a Reinvention, or a Patch Job?
Does the XRP ruling spell good news for polygon and others? | Credit: Shutterstock
Key Takeaways
- Polygon 2.0 adds a ‘Value Layer’ to the internet
- The company aims to enable users to transition their tokens from one blockchain to another seamlessly
- The Ethereum Layer 2 will support creators, such as musicians, to make more money
A couple of weeks ago, Polygon Labs, a company that describes itself as an Ethereum Layer 2, announced its plans for rolling out Polygon 2.0. The company’s announcement didn’t give away too many details about the technology’s overhaul, but instead focused on a few key phrases to highlight upcoming updates.
On Thursday, the company released its first update regarding Polygon 2.0, dubbing it “Protocol Vision and Architecture”. Once more, Polygon stressed becoming the “Value Layer of the Internet.”
What value is the company offering its users? How is Polygon 2.0 different from Polygon 1.0?
The Value Layer of the Internet
Polygon started its announcement by highlighting the key features the internet has provided us with. The company used described the internet as Infinitely Scalable, highlighting the technology’s ability to continuously evolve using innovative ideas pushed forward by creators and developers. Polygon also described the internet to be “Unified,” which references the fact that all information can be found within a single web.
Polygon followed its praise of the internet by highlighting key weaknesses of the current blockchain technologies. Most importantly, the announcement showed the contrast between the internet and blockchains by noting that the latter is in fact “not infinitely scalable”.
The company points out that blockchains may have their capacities stretched, but that would come at the cost of jeopardizing security and efficiency.
That’s exactly the point when Polygon chose to introduce its new platform, Polygon 2.0. The technology promises to create a solid connection between all blockchains on the internet, enabling users to move freely between one blockchain and another.
The company also promises to add “value” to creations developed by users. Without elaborating too much, the company focused on showing how creators will be able to take complete control of their creations, enabling them to profit further from them.
Unlimited Scalability And Unified Liquidity
A few days past its initial July 26th rollout plan, Polygon, on Thursday released its first detailed update regarding Polygon 2.0 with a headline that reads “Polygon 2.0: Protocol Vision and Architecture ”.
In the announcement, Polygon stated that “For its entire history, Web3 has faced an intractable scaling problem. Although new chains can continuously be added to meet demand for blockspace, this inevitably comes at a cost: fragmented liquidity and poor user experience.”
Then, the company described Polygon 2.0 as “the solution. Just like the Internet is an elastically scalable, unified environment for accessing information, Polygon 2.0 is an elastically scalable, unified environment for accessing value: the Value Layer of the Internet.”
Essentially, the company will be utilizing Zero-Knowledge protocols (ZK) to help users move between one blockchain and another, simulating a web of blockchains, rather than separate, disconnected ones.
Zero-Knowledge is the ability to provide proof for a statement sent to a recipient without the need to provide extra unnecessary information.
Polygon 2.0 will break down the process into four protocols. Every protocol will help build up upon the one before:
- Staking Layer
- Interop Layer
- Execution Layer
- Proving Layer
Utilizing each protocol, Polygon 2.0 will enable users to not only transfer tokens from one blockchain to another, but also transfer knowledge stored on a blockchain, and seamlessly move it to one the users aims to have it stored on.
Polygon’s Proofs Of Concept
Dubbing itself “Ethereum Layer 2” might sound convoluted to potential users, but Polygon is taking extra steps to open its technology to existing and future blockchain users.
The company is taking extra steps to tap into the market of creators. And, while the technology, along with all protocols involved might sound complicated to some, Polygon is making sure it’s accessible to everyone.
For starters, Polygon introduced Polygon Copilot, a ChatGpt-based assistant protocol that aims to provide useful information regarding Polygon 2.0 to beginners, enthusiasts, and developers.
On top of that, Polygon shows that it means business when it says “adding value to creators” by entering a collaboration with Warner Music Group. The partnership comes in the form of an accelerator in which music artists can receive funding, training, strategic counseling, and teachings on how to tap into markets beyond the music industry.
If the company manages to deliver on all of its promises, Polygon 2.0 would genuinely change how blockchains are utilized, bring more users to the technology, and change the concept of ‘security’ on the internet.
