Polygon co-founder Mihailo Bjelic has recently proposed a significant upgrade to the Polygon proof-of-stake (PoS) network, aiming to enhance its security and scalability. In a forum post on June 20, Bjelic suggested implementing a “zkEVM validium” version, which would utilize zero-knowledge proofs to bolster security measures.
Polygon PoS, initially launched in 2019, is a prominent Ethereum scaling solution that currently boasts over $900 million in total value locked and facilitates over 2 million daily transactions. To further enhance its capabilities, the Polygon team introduced Polygon zkEVM in March, a network that leverages zero-knowledge proof rollups to scale Ethereum.
In his recent proposal, Bjelic advocated upgrading the existing PoS network to a zero-knowledge Ethereum Virtual Machine (zkEVM) version, aligning both networks under the reliance on zero-knowledge proofs. However, unlike the March-launched network, the upgraded Polygon PoS version would not function as a “rollup.” Instead, it would adopt a “validium” structure, storing validation proofs on layer 1 while preserving the actual transaction data on a separate chain.
Polygon upgrade
This compromise would allow Polygon PoS to feature lower transaction fees compared to Polygon zkEVM while simultaneously bolstering its security by inheriting Ethereum’s security measures. Bjelic highlighted the potential for Polygon zkEVM to handle high-value transactions where security remains paramount, whereas Polygon PoS, with its scalability and lower fees, could cater to the needs of gaming and social media enthusiasts.
Bjelic proposed a timeline for the implementation of this upgrade, suggesting that his informal proposal could transition into a formal Polygon Improvement Proposal by November. Subsequently, the upgrade could be integrated into the mainnet sometime between February and March 2024.
The envisioned launch of Polygon zkEVM and the upgrade of Polygon PoS align with the team’s broader objective to create a “Supernet” that unifies various application-specific chains. This ambitious project, referred to as “Polygon 2.0,” aims to foster a comprehensive ecosystem that addresses scalability and security concerns.
However, amidst these developments, the platform faced a setback as eToro delisted its native coin, MATIC, on June 13. This action came following allegations from the United States Securities and Exchange Commission (SEC) claiming that MATIC had been sold as an unregistered security. The platform’s team has refuted these allegations, asserting that their fundraising activities have adhered to all relevant U.S. laws.
