Polygon co-founder Mihailo Bjelic has proposed upgrading Polygon’s proof-of-stake (PoS) network to a “zkEVM validium” version, according to a June 20 forum. If the upgrade is implemented, the new version will rely on zero-knowledge proofs to increase security.
Huge update on # polygon
Polygon may go through some huge changes in the near future. @employee Shared a polygon improvement suggestion a few hours ago that discussed upgrading the POS polygon to zkEVM Validium.
According to the proposal, Polygon POS faces three major challenges…
– Hitesh Malviya (@hmalviya9) June 20, 2023
Polygon PoS is an Ethereum scaling solution with a total value of more than $900 million locked in its contracts and performing more than 2 million transactions per day. It first launched in 2019. In March, the Polygon team launched a second network, Polygon zkEVM, which uses zero-knowledge proof-of-knowledge pools to scale Ethereum.
On June 20, Bjelic also proposed upgrading the old PoS network to a version of zkEVM — or zero-knowledge Ethereum Virtual Machine version, making both networks based on zero-knowledge evidence. However, unlike the network that just launched in March, the new version of Polygon PoS will not be “pooling,” Bilic stated. In other words, it will not store compressed transaction data on Ethereum. Instead, it will be “Validium” that only stores validation proofs on layer 1, while the actual transaction data will be kept on a separate thread.
This compromise would allow Polygon PoS to be charged lower transaction fees than Polygon zkEVM. The co-founder concluded that it would also increase the security of Polygon PoS, as it would allow the network to inherit the security of Ethereum.
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Once the upgrade is implemented, Polygon zkEVM could be used for high-value transactions where security is paramount, while Polygon PoS could become a network for gamers and social media enthusiasts, Bjelic suggested, explaining:
“The Polygon PoS (zkEVM validium) upgrade will provide extremely high scalability and very low fees, with the trade-off of storing transaction data locally instead of in Ethereum. It will be well suited for applications that have high transaction volume and require low transaction fees, such as Web3 games and social applications.”
The Polygon co-founder offered a timeline for when he thought the upgrade could be implemented, stating that his informal proposal could be turned into a formal Polygon improvement proposal by November and implemented on the mainnet sometime between February and March 2024.
The launch of Polygon zkEVM and the upgrade of Polygon PoS are part of a grand plan by the team to create a “Supernet” that unites many different application chains. The developers call this project “Polygon 2.0”.
The native coin of the Polygon ecosystem, called “MATIC,” was delisted by eToro on June 13 after the US Securities and Exchange Commission alleged it was being sold as an unregistered security. Polygon team has it to reject That fundraising violates any US laws.