Key facts:
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The POL token is implemented in Ethereum and opens a new stage for Polygon, the developers say.
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In the future, the network will add interoperable second layer network and ZK-based rollups.
The Polygon network, sidechain or “sidechain” of Ethereum, announced what was described as a “change of change” in its history. This is the launch of its POL token, the first step on the way to Polygon 2.0.
POL is the entrance to a road that will bring new tools and developments to Polygon 2.0, said Mihailo Bjelic, co-founder of the network. In the future, The network aims to include scalability solutions such as its own second layer (L2)that is, the networks that connect to the main network that take advantage of its security but do not congest it, because they process their transactions themselves.
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Besides, Polygon 2.0 will allow the development of rollups based on zero-knowledge proofs (zero knowledge or ZK), even “replacing the Proof of Stake (PoS)” currently used by Polygon, the developer detailed.
Rollups are scalability solutions that group transactions to drop them all onto the main network, thus saving costs on commissions. The ZK test, on the other hand, is a new method of validation that allows more privacy by proving the authenticity of transactions.
Finally, Bjelic’s message also promises a shared liquidity and interoperability protocol based on ZK tests for all the second layers of Polygon 2.0. In this way, all solutions deployed by L2s have a native protocol to communicate and facilitate the exchange of tokens between them.
The POL token, whose smart contract has already been deployed on Ethereum, will enable Polygon to “change change”said the co-founder of the network. A Polygon Labs blog article details that “this update does not change the active systems of the Polygon PoS network or the Polygon zkEVM network.” However, it was not explained at any time what role the current MATIC token, native to the Polygon network and used to pay for gas in the transaction, among other functions, will play in the new scheme.
POL is a next-generation token that can power a wide ecosystem of ZK-based L2 chains. This is done through a native restaking protocol that allows POL holders to validate multiple networks and play different roles in each of them, making POL a more productive token.
Polygon Labs’ announcement about Polygon 2.0.
What is Polygon and what is its role in Ethereum?
Polygon is an Ethereum sidechain, meaning it is an independent blockchain that operates parallel to, but connected to, the Ethereum mainnet. Sidechains are designed to solve problems of scalability and efficiency on networks like Ethereum (Bitcoin also has sidechains).
The main advantage of sidechains is that they allow transactions and smart contracts to be executed faster and cheaper. In the case of Polygon, the network is compatible with the Ethereum virtual machine (EVM), so that it can interact with decentralized applications (dApps) and protocols built on that network.
A year later, in October 2022, another Polygon co-founder, Jordi Baylina, told CriptoNoticias why they believe that the developments in the ZK test “will be the future of Ethereum.” On that occasion, Polygon presented its zkEVM, an open source public testnet compatible with the Ethereum virtual machine (EVM) that allows transactions to be validated using ZK or zero-knowledge technology. Proofs of knowledge are cryptographic protocols that allow one party (the prover) to prove to another party (the verifier) that they know a secret value without revealing the value itself.
In the universe of decentralized finance (DeFi), Polygon occupies a privileged place. It is the sixth network with the highest market capitalization, with USD 772 million locked in 481 active protocols. By creating a new, more advanced and efficient protocol, Polygon 2.0 aims to attract more users to its network and boost its growth based on tools such as ZK tests.