Mihailo Bjelic proposed the incorporation of zero-knowledge proof technology as a means to enhance the security of the network without compromising on affordable transaction fees.
Mihailo Bjelic, one of the co-founders of Polygon, recently put forward a proposal to enhance the Polygon proof-of-stake (PoS) network. In a forum post dated June 20, Bjelic suggested the implementation of a "zkEVM validium" version that would utilize zero-knowledge proofs to bolster security. This upgrade aims to provide an increased level of protection for the network.
Polygon PoS is an Ethereum scaling solution that boasts an impressive total value locked of over $900 million across its contracts and facilitates more than 2 million transactions on a daily basis. This innovative platform was initially introduced in 2019. In March, the Polygon team unveiled Polygon zkEVM, a secondary network that leverages zero-knowledge proof rollups as a means to scale Ethereum.
In a post on June 20, Bjelic proposed an upgrade for the old PoS network, suggesting the adoption of a zkEVM (zero-knowledge Ethereum Virtual Machine) version. This would involve both networks relying on zero-knowledge proofs. However, unlike the network launched in March, the new version of Polygon PoS will not be a "rollup," as stated by Bjelic. This means that it will not store compressed transaction data on the Ethereum blockchain. Instead, it will be a "validium" solution where only validation proofs are stored on layer 1, while the actual transaction data will be stored on a separate chain.
The co-founder concluded that this agreement would result in Polygon PoS enjoying reduced transaction fees compared to Polygon zkEVM. Furthermore, it would enhance the security of Polygon PoS by leveraging Ethereum's established security measures.
According to Bjelic's suggestions, after the upgrade, Polygon zkEVM could be utilized for high-value transactions that require maximum security. On the other hand, Polygon PoS might become the preferred network for individuals interested in gaming and social media.
The co-founder of Polygon has presented a potential timeline for the implementation of an upgrade, suggesting that his initial informal proposal could be transformed into a formal Polygon Improvement Proposal by November. If all goes according to plan, the upgrade could be deployed on the mainnet between February and March 2024.
The introduction of Polygon zkEVM and the enhancements to the Polygon PoS are integral components of a larger strategic vision by the development team. This vision aims to create a unified network called the "Supernet," which will connect various application-specific chains. Referred to as "Polygon 2.0" by the developers, this project represents a significant step forward for the Polygon ecosystem.
On June 13, eToro made the decision to remove the native coin of the Polygon ecosystem from its listings. This action was taken following allegations made by the United States Securities and Exchange Commission (SEC) stating that the coin had been sold as an unregistered security. However, the Polygon team has strongly refuted these claims, asserting that their fundraising activities were in full compliance with U.S. laws.
