July 21, 2024
Co-Founder of Polygon: $1 Billion ZK-rollups Wager Pays Off
Latest Cryptocurrency News

Co-Founder of Polygon: $1 Billion ZK-rollups Wager Pays Off

Sandeep Nailwal, a co-founder of Polygon, thinks the layer-2 blockchain company is benefiting from spending $1 billion to provide scaling solutions for the Ethereum network that are underpinned by zero-knowledge (ZK) evidence.

Nailwal discussed the progress of “Polygon 2.0” scaling efforts and the potential of recursive ZK-proof technology for developing an effortlessly interconnected blockchain environment during a keynote talk at the most recent Token2049 conference in Singapore.

Nailwal emphasized how Web2 and Web3 have similarities in structure and operation, with the former functioning as the internet of data with “practically unlimited scalability” and the capacity to swiftly and effortlessly transmit information in diverse forms throughout the world.

While Web3 is the “internet of value,” Nailwal claims that for it to spread widely, it will need two capabilities.

“Firstly, infinite, unlimited, unbounded scalability and unified liquidity for value to be transferred; there cannot be 100 chains with the value distributed across them, and they cannot interoperate.”

Sandeep Nailwal, a co-founder of Polygon

Nailwal emphasized the significance of an aggregator or interoperability layer to combine ZK-proofs of many chains into a common layer to capitalize on the qualities that have allowed Web2 to become the Internet of information.

“The moment those two proofs are submitted on the Ethereum layer, we have a mechanism where we have a global state route on Ethereum, and then any kind of liquidity can move across the chain without coming to Ethereum.”

Sandeep Nailwal

The secret to this aggregator layer, which Nailwal anticipates being implemented in the upcoming months, is recursive ZK-proof technology. The system will let several blockchains provide ZK-proofs of their network state to the aggregator, which will subsequently send an Ethereum network proof of these aggregated attestations.

“Our goal is that this proof will eventually go down to, like, probably two seconds. So, every chain is submitting a proof of whatever has happened in their ecosystem or on their chain every two seconds to this aggregator layer.”

Sandeep Nailwal

One-third of an Ethereum block time, or four to five seconds, according to the co-founder of Polygon, may be used for cross-chain transactions, making it feel “like one single big block space.”

While acknowledging that bigger layer-1 blockchain systems have shown interest in using an interoperable layer, Nailwal emphasizes the possible advantage of having high liquidity chains, like their zkEVM and proof-of-stake chains, to provide value to apps.

“Anybody can join this layer, and it’s a mutual win-win because everybody benefits from each other’s liquidity.”

Sandeep Nailwal

The beta version of Polygon zkEVM’s mainnet launched in March 2023, enabling programmers to roll out smart contracts and decentralized apps that benefit from layer 1 of Ethereum’s faster throughput and cheaper prices.

Additionally, the business just released its Chain Development Kit, which allows programmers to create, personalize, and deploy layer-2 chains linked to the larger Ethereum ecosystem.

Image: Freepik

Disclosure Statement: Miami Crypto does not take any external funding, or support to bring crypto news to the readers. We do not have any conflicts of interest while writing news stories on Miami Crypto.

Related posts

EU to Boost AI Development with Supercomputing Expansion

Cheryl  Lee

1inch Collaborates with Blockaid to Enhance DeFi Security

Chloe Taylor

Digital Yuan Corporate Loans Surge as Chinese Banks Embrace CBDC in Financing

Anna Garcia

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.