- Polygon is to propose a PoS chain to be zero-knowledge compatible.
- The leading Ethereum scaling team of Polygon is about to work on the proposal.
Polygon is the world’s largest blockchain environment launched in 2017 to develop and scale decentralized applications and projects over Ethereum. The system simply permits the blockchain networks to scale and connect.
The engineers at Polygon announced the transformation of its PoS chain into Zero-knowledge-powered (ZK) technology. The compatibility of the system will remain the same with converting the chain to a zkEVM validium.
ZK protocol is a method through which one party proves to the other party that the offered statement is valid without sharing other important information.
The purpose of the ZK technology is to permit users to prove to other users their knowledge for absolute value without providing any additional information related to the transaction. The concept notes down that the transaction is validated, and the prover is offered for processing the transaction ahead.
What is PoS Chain
PoS chain, is a general agreement in the blockchain and helps in validating the users for new blocks of transactions and rewards. Polygon PoS offers the fastest transaction speed and is one of the widely used protocols in blockchains worldwide.
The chain processes around 2.5 million transactions on a daily basis with a Decentralized Financial (DeFi) TVL of $930 million. The proposed idea will help the Polygon environment to develop a more secure platform and the main part of Polygon 2.0 along with enhancing the functionality of Polygon PoS.
According to Coindesk, the initial price of Polygon (MATIC) is around $0.00263 and is expected to reach approximately $1.10 by the end of 2024.
What is Polygon 2.0?
Polygon 2.0 is the ZK-secured network which is a unified multi-channel ecosystem to be developed by the Polygon ecosystem.it is simply a blueprint for developing the value layer with the vision to offer scalability and unified liquidity. The main purpose of the concept is to shift every polygon chain to ZK L2 without excluding Polygon PoS.
The involvement of Polygon PoS to shift to ZKL2 will help in developing a strong ecosystem and effective networking. Simply, the strengths and features of the PoS chain will help in building a strong Polygon 2.0.
The idea will reduce the fees associated with the individual transaction making trading more convenient for traders. Offering greater transactions with reduced fees would be the main benefit of the renovation.
After the idea implementation, the Polygon environment team is also going to offer transaction sequence service providing more transparency to the trading. However, there is no impact of the modification on the economic functioning and network tokens.
Zero-Knowledge protocol allows the transformation of data between parties without showing the sensitive data and passwords. The issues related to the password-enabled authentic protocols can also be eliminated using the protocol.
Polygon blockchain environment’s engineering team is renovating the PoS Chain to ZK technology which is Polygon 2.0. The main reason behind the changeis to offer a more secure service to the users and overcome the weaknesses of the PoS chain. PoS Chain provides quick transaction service and is one of the mainly used protocols in the blockchain worldwide.