Polygon co-founder Mihailo Bjelic has proposed upgrading the Polygon proof-of-stake (PoS) community to a “zkEVM validium” model, in line with a June 20 discussion board publish. If the improve is applied, the brand new model will depend on zero-knowledge proofs to extend safety.
HUGE UPDATE ON #Polygon
Polygon could undergo some enormous modifications in close to future. @MihailoBjelic shared a polygon enchancment proposal few hours in the past which mentioned to improve polygon POS to zkEVM Validium.
In line with the proposal, Polygon POS is dealing with three key challenges…
— Hitesh Malviya (@hmalviya9) June 20, 2023
Polygon PoS is an Ethereum scaling resolution that has over $900 million in whole worth locked inside its contracts and does over 2 million transactions per day. It was first launched in 2019. In March, the Polygon group launched a second network, Polygon zkEVM, that makes use of zero-knowledge proof rollups to scale Ethereum.
Within the June 20 publish, Bjelic proposed to additionally improve the previous PoS community to a zkEVM — or zero-knowledge Ethereum Digital Machine — model, making each networks depend on zero-knowledge proofs. Nevertheless, not like the community that simply launched in March, the brand new model of Polygon PoS won’t be a “rollup,” Bjelic acknowledged. In different phrases, it won’t retailer compressed transaction knowledge on Ethereum. As a substitute, it will likely be a “validium” that shops solely validation proofs on layer 1, whereas the precise transaction knowledge might be saved on a separate chain.
This compromise will permit Polygon PoS to have decrease transaction charges than Polygon zkEVM. It is going to additionally improve the safety of Polygon PoS, since it’s going to permit the community to inherit Ethereum’s safety, the co-founder concluded.
Associated: Why ZK-rollups need data availability
As soon as the improve is applied, Polygon zkEVM could also be used for high-value transactions the place safety is of the utmost significance, whereas Polygon PoS could turn into the community for gaming and social media fans, Bjelic steered, stating:
“Upgraded Polygon PoS (zkEVM validium) would supply very excessive scalability and really low charges, with the tradeoff of storing transaction knowledge regionally as an alternative of on Ethereum. It might be an important match for functions which have excessive transaction quantity and require low transaction charges, e.g. Web3 gaming and social.”
The Polygon co-founder supplied a timeline for when he thought the improve could possibly be applied, stating that his casual proposal could possibly be was a proper Polygon Enchancment Proposal by November and applied on mainnet someday between February and March 2024.
The launch of Polygon zkEVM and upgrading of Polygon PoS is a part of a grand plan by the group to create a “Supernet” uniting many various application-specific chains. The devs name this mission “Polygon 2.0.”
The native coin of the Polygon ecosystem, known as “MATIC,” was delisted by eToro on June 13 after the USA Securities and Change Fee claimed that it had been offered as an unregistered safety. The Polygon group has denied that its fundraising violated any U.S. legal guidelines.