What is Polygon 2.0 ?Polygon, the most prominent Ethereum Layer 2 solution and one of the top cryptocurrency projects by market value, is launching its first zkEVM chain, independent of the main Polygon proof of stake chain. Furthermore, it plans to fundamentally change the architecture of the Polygon Network with the launch of Polygon 2.0.
What Is Polygon 2.0?
Polygon 2.0 is a planned Polygon Network upgrade to establish it as the "Value Layer of the Internet." It will be an elemental protocol that enables users to create, exchange, and program value in the same manner they do with information on the internet but in a decentralized system.
By providing features such as digital ownership, decentralized finance, and new coordination mechanisms, Polygon 2.0 will enable anyone to access the global economy.
It reimagines the architecture of the Polygon network, its governance, and tokenomics and tries to address the challenges of existing blockchains, more precisely, network throughput and scalability limitations.
How Does Polygon 2.0 Work?
Polygon 2.0 will take a four-layered structure designed to improve the security and scalability of the network while making transactions atomic and instantaneous.
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The layers include;
Staking Layer : This is the existing layer composed of a "validator manager" contract on the Ethereum blockchain and a "chain manager" for every Polygon chain created. It maintains the validators' registry, processes their requests, and processes slashing events.
Interoperability Layer : Built upon the staking layer, the interop layer connects every Polygon chain using bridges. It will also have an aggregator that merges zero-knowledge proofs into one proof sent to the Ethereum blockchain.
Execution Layer : This layer will enable the Polygon chains to process blocks similarly to Ethereum blocks. It contains multiple components, including P2P, consensus, mempool databases, and witness generators.
Proving Layer : This layer generates proofs for all internal and cross-chain transactions for each polygon chain: It's composed of the "common prover" for proof aggregation and verification, the "state machine" that simulates the execution environment, and a "constructor" for developers.
Polygon Labs believes the resulting network of zk-powered Layer 2 chains consolidated through a cross-chain coordination protocol will achieve unified liquidity and unlimited scalability. Consequently, users will engage with the entire network with singularity.
What Polygon 2.0 Means for Crypto Users?
Polygon 2.0 is in the rollout stage. Collaborations between Polygon Labs, other stakeholders, and the broader Polygon and Ethereum community will determine whether to implement it or not through a formal governance process.
But if the current development is to go by, the upgrade is likely to go through. Two major dates are pending for Polygon 2.0: The week of 10th July 2023, when they'll announce a token release, and the following week of 17th July, when governance will follow due process.
Polygon 2.0 will introduce two great features to the network:
1-Polygon 2.0 will rely on zk-proofs to store validated transactions on Layer 1 and actual transaction data on Layer 2. This innovation will reduce the cost of transactions and improve users' privacy.
2-The network will support countless chains and allow unlimited cross-chain interactions instantly without compromising security. Hence, users will interact with the entire network without feeling they're leaving a single chain.
With such developments paving the way for a better Polygon Network, it will be interesting to watch if more investors will bet on its future.
Polygon 2.0 Will Be a Web3 Mainstay
The future looks promising for the Polygon Network as it introduces Polygon 2.0, which will establish an essential protocol in the Web3 environment. Over the next few weeks, Polygon Labs will share detailed data on the architecture and workings of the new network and how they intend to transform the project. If interested in reviewing the proposal, you're encouraged to participate in the community's conversations that will shape the network's future.
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February 25 BTCUSD BingX Chart Analysis and Today's HeadlineBingX’s Bitcoin Chart
Bitcoin is down 3.54% over the last 24 hours and fell to an intraday low of $22,841.19. The largest cryptocurrency was unable to hold above the 20-day exponential moving average ($23,430) today, suggesting the sellers increased the selling pressure. The negative divergence on the relative strength index (RSI) suggests that the bullish momentum is weakening. If the price sustains below the 20-day EMA, bears will likely push the price to the 50-day simple moving average ($22,052).
Today’s Cryptocurrency Headline
Polygon zkEVM to Launch Audit Upgrade Testnet Next Week
Polygon Labs will launch the Polygon zkEVM audit upgrade testnet next week. The audit-upgraded testnet for Polygon zkEVM will be nearly the same as the permissionless, anyone-can-join, no whitelist, real assets, live system with a working prover that launches with Mainnet Beta.After the deployment of the audit upgrade testnet, Polygon zkEVM will also support Etherscan and integrate FFLONK to improve verifier performance.
October 11 BTCUSD BingX Chart Analysis and Today's HeadlineBingX’s Bitcoin Chart
According to CoinShare, digital asset investment products saw outflows totalling US$5m last week. Bitcoin is down 2.41% over the last 24 hours and fell to an intraday low of $18,955.00. The largest cryptocurrency fell below the 20-day exponential moving average (EMA) ($19,584) on Oct 7, and the buyers were not able to push the price above the 20-day EMA since then, suggesting that the BTC/USDT pair may lose its upward momentum. If the seller increases the pressure further and pulls the price below the $19,000 price level, the BTC/USDT pair could drop into the $18,125 to $17,622 support zone. Conversely, if the price rebounded from the $19,000 price level, the price could rise to the 20-day EMA.
Today’s Cryptocurrency Headline
Polygon Launches zkEVM Public Testnet
Polygon announces the launch of the Polygon zkEVM public testnet, the first zkEVM to reach public testnet with an open-source ZK proving system. Zero-knowledge (ZK) tech is one of the most prominent and promising paths to scaling Ethereum, which allows developers to transfer their smart contracts from Ethereum smoothly It is reported that AAVE, Uniswap, Web3 social platform Lens and game studio Midnight Society will be amongst the first protocols to use the zkEVM testnet.
Disclaimer: BingX does not endorse and is not responsible for or liable for any content, accuracy, quality, advertising, products, or other materials on this page. Readers should do their own research before taking any actions related to the company. BingX is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods, or services mentioned in the article.
Matic following zkEVM news (~85% increase); playing other L2'sMatic (Polygon) has recently launched their zkEVM. This was bullish news and we saw a price action breakout of the downtrend that resulted in an 85% move upward. Loopring (another L2 that aims to accomplish similar objectives), is releasing their zkEVM quite soon. We don't know exactly when, but the hope is it will be released or scheduled to be released within the quarter. With sellers becoming exhausted, I would say now would be a good time to accumulate spot LRC; a breakout of the downward trend would signal a more aggressive entry into a position. If my thinking is alright, we could see a retrace of the .618 fib on LRC bringing price to around $1.60. From there, it will be about following momentum and volume.
