Polygon 2.0: Huge Projection for 2024

The future of the Polygon network looks promising as we approach the year 2024. The platform, experiencing significant growth, plans to take a leap forward with the implementation of zero-knowledge proofs (ZK-proofs). According to co-founder Jordi Baylina, this evolution will lead to the integration of Ethereum Layer 2 scaling networks into Polygon, giving birth to the "Polygon 2.0" protocol.

In simple terms, this move aims to unify diverse protocols within the Polygon ecosystem using ZK-proof technology. But what does this really mean? Essentially, it's about creating a continuous and limitless block space, enabling rapid transfer of value and information across different chains.

Baylina emphasizes that this year will be crucial for evaluating the capability of diverse networks in the Polygon ecosystem to scale and integrate. The implementation of ZK-proofs is pivotal for this process, allowing for a smoother and more efficient connection between different layers of the network.

The Evolution Towards Polygon 2.0 and Its Challenges

Polygon unveiled Polygon 2.0 in June 2023, outlining an ambitious plan for a scaling ecosystem with four protocol layers: staking, interoperability, execution, and testing. These layers are designed to create an interconnected system of chains, facilitating value transfer and interoperability.

2023 has been a year of milestones for Polygon, with product launches enhancing the performance of the scaling protocol. The introduction of the zero-knowledge Ethereum Virtual Machine (zkEVM) was particularly noteworthy. Launched in March, this technology reduced transaction costs and increased the deployment capacity of smart contracts.

The open source zkEVM emulates the transaction execution environment of the Ethereum mainnet, enabling decentralized applications (DApps) to scale more efficiently by aggregating off-chain transactions.

In September 2023, Polygon took another step with the launch of the Chain Development Kit (CDK), opening the ecosystem to even greater development. This kit allows developers to launch custom Layer 2 protocols with ZK on Ethereum, tailored to the specific needs of each project.

The Challenge of Transition and Improvement Proposals

The transition from Polygon proof-of-stake (PoS) to a zkEVM validium is a complex step, as described by Baylina. It requires consensus within Polygon's decentralized system and the relocation of all bridges, ensuring the continuity of the network and the applications operating within it.

Despite the challenges, Polygon introduced three Improvement Proposals in September 2023, including one that will see the transition from $MATIC to POL tokens. This marks a significant shift, making POL tokens the native currency of the Polygon staking protocol.

PIP-17, part of these proposals, will include the MATIC to POL upgrade, becoming the native gas and staking token in the Polygon ecosystem. Additionally, the staking layer will be launched, and the public chains of Polygon will undergo migration.

Opinion and Conclusions

This transformative period for Polygon is exciting yet challenging. The vision of Polygon 2.0 aims to unify protocols and improve scalability, but successful implementation requires overcoming significant obstacles.

The commitment to ZK-proofs and the focus on interoperability across layers showcase Polygon's ambition. However, the complexity of the transition and the need for consensus underscore the importance of a cautious approach.

In conclusion, Polygon is on the path to significant evolution. The adoption of advanced technologies and openness to broader development solidify its position in the blockchain ecosystem. 2024 will undoubtedly be an exciting year to witness how Polygon overcomes its challenges and continues its upward trajectory in the blockchain space.

References:

• cointelegraph.com/polygon-2024
• polygon.technology
• blockworks.co
• cointelegraph.com/polygon-proposes