Polygon Labs Unveils Ambitious Plans to Redefine Its Architecture and Become the “Value Layer of the Internet”

Polygon Labs, a significant blockchain player, is starting on a revolutionary journey to rethink its whole architecture in order to position itself as the “value layer of the Internet.” The next Polygon 2.0 upgrade will have a fundamentally revamped architecture that is intended to simplify the building of new chains within the Polygon ecosystem, ultimately improving user experience and interoperability.

Polygon, which began as an Ethereum layer two solution, was created to address some of Ethereum’s constraints through the use of sidechain technology. Polygon 2.0 will considerably simplify and streamline the process of launching new chains within the Polygon ecosystem.

The upcoming release will also include a shared bridge, which will improve interoperability between Polygon chains and eliminate the requirement for wrapped tokens. Wrapped tokens, such as Wrapped Bitcoin (WBTC), typically allow the transfer of assets between blockchains. Polygon 2.0 will deposit native Ethereum coins into a single contract on the Ethereum mainnet. When users want to spend their tokens on different Polygon chains, the assets will be linked to the tokens deposited on Ethereum. This unique solution eliminates the need for token wrapping, increasing user ease.

According to Polygon co-founder Brendan Farmer, the coordination layer developed in Polygon 2.0 would enable optimistic confirmation of cross-chain transactions, providing both speed and security. Farmer emphasized that this multi-chain approach will actually provide consistent liquidity, marking an important milestone for the blockchain industry.

Polygon intends to incorporate zero-knowledge (ZK) proofs as part of its ongoing efforts to optimize the system. ZK proofs give an extra layer of privacy by allowing participants to prove transaction knowledge without revealing the underlying information. Polygon intends to improve privacy and lower expenses for its users by utilizing ZK proofs. Validated transactions will be stored on Layer 1, while transaction data will be uploaded to Layer 2, resulting in greater privacy and cheaper transaction costs.

Mihailo Bjelic, co-founder of Polygon, expressed the vision behind the upgrade, highlighting the aspiration to fill the missing piece of the internet and contribute to a digital economy that benefits all. Bjelic stated, “The vision for Polygon 2.0 is to create the Value Layer of the Internet. In the same way that the Internet allows anyone to create and exchange information, the Value Layer will allow anyone to create, exchange, and program value.”

These developments are consistent with Ethereum co-founder Vitalik Buterin’s recent predictions for Ethereum’s future. Buterin emphasized the significance of increasing privacy, expanded use of Layer 2 scaling solutions, and the use of smart contract wallets. Polygon 2.0 integrates at least two of these crucial components, demonstrating the company’s commitment to blockchain innovation and advancement.