On June 12th, Polygon Labs unveiled “Polygon 2.0,” a suite of enhancements that aim to build the “Value Layer” of the web, which they assert will enable users to “generate, trade, and program value.”
In a Twitter post, it was declared that the new Polygon 2.0 is a comprehensive overhaul of the existing Polygon platform, from its protocol infrastructure to its tokenomics and governance. This is a plan for Polygon to become the Value Layer, providing infinite scalability and consolidated liquidity via Zero-Knowledge technology.
Polygon 2.0 is aiming to create a web of linked blockchains driven by ZK technology, a cryptographic method which enables one party (the prover) to authenticate a statement to another party (the verifier) without disclosing any extra data other than the statement’s accuracy. According to Polygon Labs:
At the heart of Polygon 2.0 is the unification of protocols, allowing for “seamless usage” of zk-Ethereum Virtual Machine technology, proof-of-stake, and supernets, making it feel as though you are using a single chain,” according to Polygon Labs president Ryan Wyatt on Twitter. He also highlighted “Token evolution” and “long-term decentralized governance” as some of the features of the technology.
Polygon is anticipated to provide additional information on the technology in the upcoming weeks.
Google Cloud is enhancing the scaling performance of Polygon zkEVM.
On June 7th, Wyatt gave testimony before a committee of the United States House of Representatives regarding the democratization of the internet and the potential of Web3 and blockchain technology. The subcommittee of the committee, which focused on Innovation, Data, and Commerce, examined the future of these technologies and the regulatory issues they could bring.
At the hearing, Wyatt focused on the use of blockchain in tackling the issue of “value extraction” which is widespread in the current online environment. He elucidated that Web3, made possible by decentralized and transparent systems, provides a response by democratizing the net and giving people authority over their data. Wyatt underlined the necessity of constructing a well-regulated blockchain ecosystem in the U.S., emphasizing the potential advantages for users and the overall economy. This hearing occurred not long after the Securities and Exchange Commission brought legal action against major cryptocurrency exchanges, making the conversations concerning regulation and industry expansion even more pertinent.
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