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Polygon Labs, the team behind Polygon PoS, has proposed a major upgrade to introduce a decentralized L2 secured by zero-knowledge proofs. This upgrade would be a first in the industry and would make the Polygon ecosystem more secure and performant. The upgrade involves migrating the existing PoS to a new PoS network that utilizes zkEVM technology. Existing validators will play important roles in guaranteeing data availability and sequencing transactions. The upgraded PoS network will offer scalability and low fees, while the existing zkEVM rollup network will continue to prioritize security. The upgrade is currently in the proposal stage and could go live by Q1 2024.
This article originally appeared on www.newsbtc.com
Polygon Labs, a leading blockchain scaling solution provider, has announced a significant upgrade to its Sidechain technology with the introduction of ‘zkEVM Validium’, a Layer 2 solution that aims to improve scalability and performance for the Ethereum network.
With the rising popularity of decentralized applications (DApps) and decentralized finance (DeFi) on the Ethereum network, the need for an efficient and scalable solution has become increasingly apparent. The Ethereum network, known for its smart contract capabilities, has been plagued by high gas fees and slow transaction speeds, hindering its mainstream adoption.
Polygon Labs’ Sidechain technology has been instrumental in addressing these challenges by allowing developers to build and deploy DApps on a separate blockchain that is interconnected with Ethereum. This has helped alleviate the network congestion and significantly reduce transaction fees. However, the latest upgrade takes scalability to a whole new level.
The introduction of ‘zkEVM Validium’ leverages zero-knowledge proofs (zkSNARKs) to enable massive scalability without compromising on the security and integrity of the Ethereum network. The technology combines zkRollups and Validium protocols, resulting in a highly efficient Layer 2 solution that offers fast and cheap transactions while maintaining the same level of security as the Ethereum mainnet.
The zkRollup technology allows for bundling multiple transactions into a single proof, significantly reducing the amount of data that needs to be processed on the Ethereum mainnet. This results in faster transaction confirmation times and lower gas fees for users. Validium, on the other hand, takes the computation and storage off-chain, further improving scalability and performance.
One of the notable advantages of ‘zkEVM Validium’ is its compatibility with existing Ethereum smart contracts. This means that DApps and DeFi protocols built on Ethereum can seamlessly migrate to the Sidechain with minimal changes required. Developers can take advantage of the enhanced scalability and cost-efficiency without sacrificing the features and functionalities of their applications.
The upgrade also introduces a unique feature called Layer 2 State Sync, which allows for fast and seamless synchronization of the Ethereum mainnet and the Sidechain. This eliminates the need for users to wait for long syncing periods, further improving the usability and experience for DApp users.
The release of ‘zkEVM Validium’ demonstrates Polygon Labs’ commitment to driving innovation and scalability in the blockchain space. By enhancing the capabilities of its Sidechain technology, Polygon is helping to build a more sustainable and user-friendly ecosystem for Ethereum and other blockchain platforms.
With the introduction of this major upgrade, Polygon Labs is establishing itself as a key player in the Layer 2 scaling solutions market. As the demand for scalable and efficient blockchain solutions continues to rise, ‘zkEVM Validium’ is undoubtedly a significant step forward in overcoming the limitations of the Ethereum network with its powerful Layer 2 capabilities.
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