Polygon announces "Polygon 2.0" project! Aims to build a "value layer" to enhance scalability and unify liquidity

Polygon Labs recently announced the "Polygon 2.0" project, aiming to create an L2 network based on ZK technology and become a Value Layer on the network. During this process, Polygon will undergo a series of upgrades and rethink aspects such as protocol architecture, token economics, and governance.

1/ Our vision for Polygon is simple: to build the Value Layer of the Internet.

The Internet allows anyone to create and exchange information. The Value Layer allows anyone to create, exchange, and program value.

Enter Polygon 2.0: a blueprint to build the ultimate Value Layer. pic.twitter.com/9eYSr3H1L5

— Polygon (Labs) (@0xPolygonLabs) June 12, 2023

Polygon 2.0 Project Aims to Become the Value Layer of the Internet

In its latest announcement, Polygon has unveiled its "Polygon 2.0" project, with the main goal of establishing a Value Layer on the internet, democratizing user access to the global economy.

Using the internet as an example, Polygon explains that as the internet has developed, anyone can create and exchange information. The Value Layer will serve as the foundational protocol that allows everyone to create and exchange value, programmable value, facilitating decentralized finance, digital ownership, and coordination between new mechanisms.

Polygon 2.0 is a series of upgrade proposals that will rethink various aspects of Polygon, including protocol architecture, token economics, and governance. In the coming weeks, the Polygon team will provide detailed insights into the components of Polygon 2.0, such as:

• The future of Polygon PoS chain
• Functions and development of Polygon tokens
• Transition of governance for protocols and reserve treasury

Additionally, Polygon will release a roadmap to demonstrate how it will become the Value Layer of the internet and achieve infinite scalability and unified liquidity through ZK technology.

How Polygon Builds the Value Layer

Polygon states that after introducing the concept of a Value Layer on Ethereum, it has shown users how to create and exchange value without intermediaries. However, Ethereum and the crypto ecosystem currently do not resemble the rest of the internet.

Here are the characteristics of the internet that people are familiar with:

• Infinite scalability: The network's throughput can flexibly scale; when more capacity is needed, it can be expanded.
• Universality: Messages exist in a shared environment that can be accessed from anywhere in the world.

However, a single blockchain does not possess infinite scalability but rather has strict throughput limits. Creating new chains to increase capacity would lead to liquidity fragmentation and a decrease in security and capital efficiency.

To address these issues, Polygon 2.0 emerges. The team states that Polygon 2.0 will be an L2 network driven by ZK, integrating blockchains through a novel cross-chain coordination protocol.

For users, the entire network operates as if using a single blockchain, but it can actually support an infinite number of chains. Interactions between chains can be conducted securely and instantly without additional security or trust assumptions, achieving infinite scalability and unified liquidity. At the same time, Polygon 2.0 will also scale Ethereum, fulfilling its longstanding goal.