On June 12, Polygon Labs announced “Polygon 2.0,” a set of upgrades aimed at building a “value layer” for the internet, which the company says will allow users to “create, exchange, and program value.” According to the announcement shared on Twitter, “Polygon 2.0 is a set of upgrades that fundamentally reimagines nearly every aspect of Polygon, from protocol architecture to token economics to governance. This is the roadmap for how Polygon can become a layer of value , providing infinite scalability and uni fied liquidity through ZK [zero-knowledge] technology.”
Polygon 2.0 will be a network of interconnected chains powered by ZK technology, a cryptographic technology that allows one party (called a prover) to prove the validity of a statement to another (called a verifier) without revealing any additional information beyond the validity of the statement. According to Polygon Labs:
"The network can support a virtually unlimited number of chains, and cross-chain interactions can happen securely and instantly without additional security or trust assumptions. Unlimited scalability and unified liquidity." At its core, Polygon 2.0 is a unified protocol that provides “seamless usage” across zk-Ethereum virtual machine technology, proof-of-stake, and the supernet, making it “feel like you're using one chain,” Polygon Labs president Ryan Wyatt on Twitter Share, in addition, he mentioned "token evolution " and "long-term decentralized governance" as some of the highlights of the technology. Polygon is expected to reveal more details about the technology in the coming weeks. On June 7, Wyatt tested before a USHouse of Representatives committee on the democratization of the Internet and the potential of Web3 and blockchain technology. The committee's Innovation, Data, and Commerce subcommittee explores the future of these technologies and the regulatory challenges they pose.
During the hearing, Wyatt emphasized blockchain's role in solving the “value extraction” problem that is prevalent in the current internet space. He explained that Web3 is powered by a decentralized and transparent system that provides solutions by democratizing the internet and putting users in control l of their data. Wyatt emphasized the importance of a well-regulated blockchain ecosystem in the US, highlighting the potential benefits to users and the broader economy. The hearing comes shortly after the SEC filed a lawsuit against a major cryptocurrency exchange, further adding to the relevance of discussions about regulation and industry developments.
