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Co-founder of Polygon Suggests Dramatic Overhaul of PoS Blockchain

Co-founder of Polygon Suggests Dramatic Overhaul of PoS Blockchain

Polygon completes hard fork, introducing zkEVM validium to enhance performance and scalability while addressing long-term relevancy concerns.

Highlighting Points

  • Polygon completes hard fork to improve performance as MATIC targets $2 price high.
  • Introduction of zkEVM validium as a scaling solution to process transactions outside of Ethereum Mainnet.
  • Addressing long-term relevancy and dependability concerns of Polygon PoS architecture.
  • Advantages of zkEVM validium include enhanced transaction data availability, scalability, lower fees, and increased security.

Polygon, the leading blockchain platform, has successfully completed a hard fork aimed at boosting its performance. The upgrade comes as the price of its native token, MATIC, targets a $2 high.

A few days ago, Mihailo Bjelic, the Co-founder of Polygon and the Polygon Labs technical team, proposed converting Polygon Proof of Stake (PoS) to a zkEVM validium. This decentralized Layer 2 solution is the first of its kind and secured by Zero-Knowledge (ZK) proofs. The upgrade is set to make Polygon PoS more reliable, efficient, and integral to the Polygon 2.0 ecosystem.

 

Introduction of zkEVM Validium

The zkEVM validium is a scaling solution that processes transactions outside of the Ethereum Mainnet. Similar to other scaling solutions, it takes advantage of off-chain data availability and processing. Zero-knowledge proofs, such as ZK-SNARKs and ZK-STARKs, are used to validate off-chain Ethereum transactions and enhance the security guarantees of the validium chain.

The funds of users in zkEVM validium are managed by an Ethereum smart contract, enabling nearly immediate withdrawals once the validity proof of a withdrawal request is confirmed on the Ethereum Mainnet.

Addressing Long-Term Relevancy and Dependability

While Polygon Labs has launched the EVM-equivalent zkEVM and the fastest ZK proving system in the market, concerns have been raised about the long-term relevancy and dependability of the Polygon PoS architecture. To ensure the platform’s viability and user satisfaction, these issues must be addressed.

Polygon PoS currently boasts 100 validators and a significant staked value, providing decentralization and economic security. However, by leveraging Ethereum’s security and incorporating powerful Layer 2 technologies like zkEVM, Polygon can further enhance its security.

 

 

Advantages of zkEVM Validium

Maintaining the forks of the Cosmos SDK and Geth, which the Polygon PoS tech stack currently uses, may not be the best option considering the labor involved and the availability of more advanced Layer 2 technologies like zkEVM.

The probabilistic consensus process used by Polygon PoS occasionally experiences deep chain reorganizations, impacting user experience and dependability. Additionally, quick block times can lead to errors in gas estimation, causing sporadic increases in gas prices.

Implementing zkEVM validium would bring several advantages, including enhanced Transaction Data Availability, Viability, and Simplicity, higher scalability, lower fees, and increased security.

The proposal to switch to zkEVM validium presents a feasible and advantageous solution to the challenges facing Polygon PoS. By embracing this upgrade, Polygon can achieve cheaper costs, greater scalability, and leverage the existing decentralization and design already in place. As the process is expected to be simple, the future looks promising for Polygon and its native token MATIC, which is aiming for a $2 price high.

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