In an era of continuous digital transformation, Polygon, a renowned Ethereum layer-2 solution provider, presents its second iteration, coined as the ‘Value Layer’ of the internet. This unveiling comes at a somewhat challenging period for Polygon, given the recent classification of its native token as a security by the U.S. Securities and Exchange Commission (SEC).
The Advent of Polygon 2.0 – The Internet’s Value Layer
June 12 marked a significant milestone for Polygon Labs, as they announced the arrival of Polygon 2.0, epitomized as the “Value Layer of the Internet.” While the internet has always been a platform for information creation, the Value Layer introduces a new dimension, empowering individuals to generate, exchange, and programmatically control value.
Polygon Labs proposes that the Value Layer revolutionizes the internet by providing democratized access to the global economy. This innovation eliminates the dominance of gatekeepers, rent-seekers, and intermediaries, thus enriching an Internet that caters to its users.
Version 2.0 comprises a series of proposed upgrades to “radically reimagine” virtually every network component, from the protocol architecture to the tokenomics and governance. However, it’s crucial to note that the existing tokenomics of Polygon remains largely influenced by venture capital, contradicting the project’s decentralized claim.
This noteworthy ecosystem upgrade results from an intensive collaboration spanning over a year among Polygon Labs, developers, researchers, application builders, node operators, validators, and the broader Ethereum community.
The New Network Infrastructure
The latest version of Polygon incorporates a network of zero-knowledge-powered layer-2 chains, synchronized through an innovative cross-chain coordination protocol. As per Polygon’s explanation, this network can host infinite chains, with cross-chain interactions occurring safely and instantaneously, void of additional security or trust premises.
Polygon has articulated a comprehensive roadmap, including a range of updates to proof-of-stake, architecture, token, and governance scheduled over the next few months.
Polygon’s progressive move, however, is not without its challenges. Amid intensified regulatory scrutiny in the United States, the SEC has identified its native MATIC token as a security in the wake of its crypto exchange crackdown. Nevertheless, Polygon Labs refutes this assertion, affirming that both the network and token were conceived and launched outside the U.S.
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