Polygon Labs Redesigning Architecture to Make Polygon 2.0 More Efficient and User-Friendly: A Digital Economy for Everyone

Multi-chain Liquidity on Polygon

The announcement of the new version of Polygon, Polygon 2.0, earlier this month, has revealed significant upgrades to the architecture, tokenomics, and governance. The focus of the Polygon Labs team is to make the Polygon (MATIC) network highly efficient and user-friendly, with the ultimate goal of creating a digital economy that serves everyone.

Redesigned Architecture and Tokenomics

Polygon 2.0 brings sweeping changes to the architecture of the network. The new architecture aims to make it easier to set up new chains within the ecosystem, providing increased scalability and interoperability. One of the key improvements is the introduction of bridges, which enable seamless transfer of cryptocurrencies from one chain to another. This eliminates the need for wrapped tokens as users can link their crypto directly to the tokens deposited on Ethereum (ETH). With this update, Polygon 2.0 becomes the first “multi-chain” design, boasting high levels of liquidity and transaction speeds.

Governance Enhancements

Alongside the architectural upgrades, Polygon Labs is also focusing on enhancing the governance framework of the network. More details on the tokenomics and governance changes will be announced in the weeks of July 10 and July 17, respectively. The aim is to make the governance process more inclusive, decentralized, and transparent, ensuring that the community has a say in shaping the future of the Polygon ecosystem.

Integrating Zero-Knowledge Technology with zkEVM

Polygon has been at the forefront of innovation when it comes to Zero-Knowledge (ZK) technology. In March, it launched the zkEVM Beta, making it the first blockchain network to adopt this privacy-enhancing technology. Now, Polygon Labs is exploring the possibility of integrating ZK technology into its main chain.

Understanding Zero-Knowledge Proofs (ZKPs)

ZKPs are a concept derived from cryptography that allows a party, known as the “prover,” to prove knowledge of a specific value or fact to another party, known as the “verifier,” without revealing the actual value or fact itself. This concept enhances privacy, scalability, and reduces transaction costs. Integrating ZK technology into the Polygon network would further strengthen its security and privacy features.

MATIC Rate and Market Update

At the time of writing, the MATIC price has undergone an increase of more than 5%, rising from $0.621 to $0.658. The market continues to respond positively to the ongoing developments and upgrades within the Polygon ecosystem.

Tags: MATIC, Polygon, Polygon 2.0