Polygon Co-Founder’s $1B Bet on ZK-Rollups and Web 3.0

Polygon 2.0 and the Promise of Interoperable Blockchain Ecosystem

At the Token2049 conference in Singapore, Polygon co-founder Sandeep Nailwal spoke about the $1 billion allocation to develop zero-knowledge (ZK) proof-powered scaling solutions for the Ethereum ecosystem. He explained how Polygon 2.0 is aiming to create a seamless interoperable blockchain ecosystem.

Nailwal compared Web2 and Web3, noting that the former is the internet of information with “practically unlimited scalability” and the ability to transfer or convey information quickly. Web3, on the other hand, is the “internet of value” and will require two capabilities to become ubiquitous.

To achieve this, Nailwal highlighted the importance of recursive ZK-proof technology, as it has the potential to provide a range of benefits to the Web3 infrastructure. These include improved scalability, greater security, and the ability to create decentralized applications (dApps) on the platform.

Characteristics of Web3 and Benefits of Interoperability Layer

Nailwal highlighted the importance of an aggregator or interoperability layer in order to tap into the characteristics that have made Web2 an internet of information. Recursive ZK-proof technology is the key to this aggregator layer, which is expected to be deployed in the coming months. This technology will allow different blockchains to submit ZK-proofs of their network state to the aggregator, which then submits a proof of these combined attestations to the Ethereum network.

Cross-chain transactions could be executed in four to five seconds, one third of an Ethereum block time, making it feel “like one single big block space.” According to Nailwal, the potential benefit of having high liquidity chains like their zkEVM and proof-of-stake chain to share value to applications is being explored by larger layer-1 blockchain platforms.

EVM Beta Hits Mainnet and Chain Development Kit Launched

In March 2023, Polygon’s zkEVM beta was released on mainnet, granting developers the opportunity to create smart contracts and decentralized applications with faster throughput and lower costs than Ethereum’s layer 1.

The company also recently unveiled its Chain Development Kit, which enables developers to construct, customize and deploy layer-2 chains connected to the Ethereum network.

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