Polygon Will Increase Security With ZKP Technology
Mihailo Bjelic suggested that adding zero-knowledge signaling technology could increase network security while keeping costs low.
Polygon founder Mihailo Bjelic offered to upgrade Polygon's proof-of-stake (PoS) network to a "zkEVM validium" version, according to a June 20 forum post. If the improvement is implemented, the new model will rely on zero evidence to improve safety.
HUGE UPDATE ON #Polygon— Hitesh Malviya (@hmalviya9) June 20, 2023
Polygon may go through some huge changes in near future. @MihailoBjelic shared a polygon improvement proposal few hours ago which discussed to upgrade polygon POS to zkEVM Validium.
According to the proposal, Polygon POS is facing three key challenges…
Polygon PoS is an Ethereum scaling solution that has a total value of over $900 million locked in its contracts and performs over 2 million transactions per day. It was originally released in 2019. In March, the Polygon team started a second network, Polygon zkEVM, which uses virtual knowledge to convert Ethereum.
In a June 20 post, Bjelic offered to upgrade the old PoS network to the zkEVM - or Ethereum zero-knowledge virtual machine - model, making both networks based on zero-evidence. However, unlike the network launched in March, Polygon's new PoS model will not be "collective," Bjelic said. In other words, it will not store transaction data compressed in Ethereum. Instead, it will be "validium" that will only store proof of validity in layer 1, while the actual transaction data will be stored in a separate chain.
This transaction will allow Polygon PoS to have lower transaction fees than Polygon zkEVM. It will increase the security of Polygon PoS, because it will allow the network to inherit the security of Ethereum, the collaborator concluded.
Once the upgrade is completed, Polygon zkEVM can be used for high-value transactions where storage is critical, while Polygon PoS can become a network for games and social enthusiasts, suggested Bjelic, and - says:
"Polygon PoS upgrade (zkEVM validium) will provide greater scalability and lower costs, and the business of storing transaction data locally than in Ethereum. It would be a great choice for applications that have a high business volume and require low transaction costs, for example. Web3 games on social networks. Polygon's founder gave a timeline for when he thought the upgrade could be implemented, saying his unofficial plan would be turned into Polygon's upgrade policy sometime in November and implemented on the mainnet in mid-February in March 2024.
The release of Polygon zkEVM and the enhancement of Polygon PoS are part of the group's larger plan to create a "Supernet" bringing together many different application-specific chains. The developers call this project "Polygon 2.0".
EToro withdrew the Polygon ecosystem coin, called MATIC, on June 13 after the United States Securities and Exchange Commission said it was sold as an unregistered security. Polygon's team has denied that their fundraising violated US law.