Polygon’s huge bet on one of the key layer-2 blockchain landscapes has paid off, says Sandeep Nailwal, one of the co-founders, citing its $1 billion investment in the development of zero-knowledge [ZK]-proof-powered scaling solutions tailored for the Ethereum ecosystem. Speaking on the sidelines at the Token2049 conference in Singapore, Nailwal spoke at length on the evolution of “Polygon 2.0” scaling initiatives and the immense potential held by recursive ZK-proof technology in shaping a seamlessly interconnected blockchain ecosystem.
Drawing parallels between the essential elements of Web2 and Web3, the co-founder illustrated how both function. Web2, according to him, embodies the “internet of information” and the ability to seamlessly transmit information across the globe at astonishing speeds.
On the other hand, Web3 symbolizes the “internet of value.” Nailwal explained that in order to reach its full potential, Web3 requires two critical capabilities. One is limitless scalability and the other is unified liquidity, thus eliminating the scenario of value scattered across numerous chains that cannot effectively interact with one another.
In his vision of achieving scalability akin to Web2 for the Internet of value, the Polygon founder emphasized the pivotal role of an aggregator or interoperability layer. This layer would amalgamate ZK-proofs from various chains into a shared foundation.
The lynchpin for this aggregator layer, according to Nailwal, is recursive ZK-proof technology, which he anticipates deploying in the coming months. This technology empowers different blockchains to submit ZK-proofs of their network states to the aggregator, which subsequently submits combined attestations to the Ethereum network.
Through this innovative technology, Nailwal envisions the execution of cross-chain transactions in a mere four to five seconds, a fraction of an Ethereum block’s time, thereby creating an environment where it feels as if transactions occur within a single, expansive block space.
Polygon’s zkEVM Hit 100k Daily Transaction
He highlights the strategic importance of high liquidity chains such as zkEVM and proof-of-stake chains in facilitating the sharing of value among applications. Moreover, he noted that major layer-1 blockchain platforms have expressed keen interest in accessing this interoperable layer.
Since its inception in March, Polygon’s groundbreaking zkevm has enabled developers to deploy smart contracts and decentralized applications and has recently processed 100,000 transactions in a single day for the first time, consolidating its position as a top Layer 2 scaling solution.