Polygon co-founder Sandeep Nailwal believes the layer-2 blockchain agency is reaping the advantages of allocating $1 billion to develop zero-knowledge (ZK) proof-powered scaling options for the Ethereum ecosystem.
Speaking at a keynote deal with throughout the newest version of the Token2049 convention in Singapore, Nailwal touched on the event of “Polygon 2.0” scaling efforts and the promise of recursive ZK-proof know-how to create a seamless interoperable blockchain ecosystem.
Nailwal highlighted how Web2 and Web3 are related in kind and performance, with the previous serving because the web of knowledge with “practically unlimited scalability” in addition to the flexibility to switch or convey info in varied varieties seamlessly internationally at nice speeds.
Web3, in the meantime, represents the “internet of value,” which, in accordance with Nailwal, would require two capabilities to turn into ubiquitous.
“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.”
In order to faucet into the traits which have made Web2 capable of turn into the web of knowledge, Nailwal pointed to the significance of an aggregator or interoperability layer to amalgamate ZK-proofs of various chains into a standard layer.
“The moment those two proofs are submitted on 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.”
Recursive ZK-proof technology holds the important thing to this aggregator layer, which Nailwal expects to be deployed within the coming months. The know-how will permit completely different blockchains to submit ZK-proofs of their community state to the aggregator, which then submits a proof of those mixed attestations to the Ethereum community.
“Our goal is that this proving will eventually go down to, like, probably two seconds. So, every chain is submitting a proof of whatever has happened on their ecosystem or on their chain every two seconds to this aggregator layer.”
The Polygon co-founder believes that cross-chain transactions may very well be executed in 4 to 5 seconds, one third of an Ethereum block time, which can start to really feel “like one single big block space.”
Nailwal highlights the potential profit of getting excessive liquidity chains like their zkEVM and proof-of-stake chain to share worth to functions whereas noting that bigger layer-1 blockchain platforms have expressed curiosity in tapping into an interoperable layer.
“Anybody can join this layer, and it’s a mutual win-win because everybody benefits from each other’s liquidity.”
Polygon zkEVM’s beta hit mainnet in March 2023, permitting builders to deploy good contracts and decentralized functions that profit from sooner throughput and decrease prices than Ethereum’s layer 1.
The firm additionally just lately launched its Chain Development Kit, which permits builders to construct, customise and deploy layer-2 chains related to the broader Ethereum ecosystem.
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