It is owned by Polygon Labs, the engineering team behind the popular Polygon PoS (Proof of Stake) chain Proposal Great network upgrade.
The “first of its kind” upgrade will introduce L2 (Layer 2) decentralization secured by zero-knowledge (ZK) directories, making the Polygon ecosystem more secure and performing and an essential part of the upcoming Polygon 2.0 ecosystem.
This upgrade marks a significant milestone in the blockchain industry, as it will be the first time that an existing chain, especially of this size and importance, has added ZK Proofs to become L2.
Polygon Labs sets the bar high
According to the announcement, the upgrade proposes to use zkEVM validium, which is the low-cost, high-throughput sister of updatepool. Accumulators, like Polygon zkEVM, are leveraging Ethereum to publish transaction data and verify proofs, inheriting its security and decentralization.
Furthermore, the upgrade will involve migrating existing Polygon POS to a new PoS network that uses zkEVM technology. The upgraded PoS network, or Validium, will work in conjunction with Polygon’s existing zkEVM aggregation network, providing users with the benefits of both technologies according to their specific needs.
Existing Polygon PoS validators will play two important roles in the upgraded ecosystem, ensuring data availability and transaction sequences. By certifying data availability, Polygon PoS will become the first jurisdiction with decentralized and secure guarantees of data availability.
Validators will also power the chain by determining which transactions should be included in the block and in what order, maintaining decentralization and ensuring transaction fees flow to validators subject to MATIC betting. This would make Polygon PoS the first L2 with a decentralized chain pool.
Moreover, the upgraded PoS network will offer high scalability and low fees, making it well suited for high transaction volume applications that require low transaction fees, such as Web3 gaming, social finance, and micro-decentralization (DeFi).
Meanwhile, the existing zkEVM network will continue to offer a high level of security, making it a good solution for applications that process high-value transactions and prioritize security, such as high-value DeFi applications.
Polygon 2.0’s vision of unified scalability and fluidity, powered by ZK technology, aims to make every Polygon series a ZK L2. However, Polygon PoS, in its current state, is secured by its validators, not by ZK proofs.
According to the announcement, the upgrade is currently in the Pre-Polygon Improvement Proposal (PIP) stage, with the proposal already up in the Governance Forum. Assuming it has significant community support, a formal PIP plan will be put forward, and specific processes initiated.
The proposal will then be discussed on PPG (Polygon Protocol Governance) calls, governance forums and other public venues to gather consensus from all participants in the relevant ecosystem. Implementation on the Mainnet could begin by the end of the first quarter of 2024 if a consensus is reached.
Featured image from Unsplash, chart from TradingView.com