On Monday, Polygon announced a new initiative that it says will add a value layer to the internet. Called Polygon 2.0, the transformation will utilize multiple chains and zero-knowledge rollups (ZK rollups) to create an infinitely scalable and unified ecosystem that will democratize access to the internet around the world. In a blog post, Polygon said the new ecosystem will enable:
- Decentralized finance
- Digital ownership
- New mechanisms for coordination
The roadmap to transform the Polygon sidechain into version 2.0 will come in four phases rolled out in the next two months: Polygon Proof-of-Stake, Architecture and Stack, Token, and Governance. According to a Tweet from Polygon Labs, the result will be an ecosystem that allows for the creation, exchange, and programming of value, rather than simple information.
Sandeep Nailwal, the co-founder of Polygon, wrote in a Tweet that Polygon will transform into a multi-chain environment that has unlimited block space and interoperability through smart contracts and ZK rollups, a type of technology that moves computation off-chain, which increases the host chain’s throughput.
The implementation of the plan to transform Polygon to version 2.0 will be in the hands of that sidechain’s community, which holds governance privileges. As the blog post noted, “the role of builders, creators and all others in the Polygon ecosystem is more meaningful than ever” now that Polygon has a formal governance system.
Polygon 2.0 is the result of various ecosystem stakeholders, including the company itself, developers, node operators, researchers, and validators. Allegedly, it will be a trustless system that requires no additional security where transactions can happen instantly.
Polygon Active During Bear Market
Although the bear market has been tough for Web3, many companies are continuing to build. One of those is Polygon, which has become the de facto home for Web2 companies looking to start an initiative in Web3. Here are three of our latest stories about Polygon and its co-founder, all from the past three months.
First, one month ago, Symbolic Capital, a fund co-founded by Nailwal, revealed that it was starting a Web3 fellowship program. The program will provide ten individuals $50,000 each to try and explore new ideas in the next iteration of the internet. Although anyone can apply, the fund said it would prioritize applicants who wanted to create something with real-world applications.
Next, two months ago, Polygon partnered with Google to accelerate the adoption of blockchain technology within enterprises. To do so, the two companies will provide tools and infrastructure through Polygon protocols. The partnership also made Google Cloud the official cloud services provider for Polygon protocols.
Lastly, three months ago, Polygon joined forces with Immutable, the leading Web3 gaming platform, to create a one-stop-shop for the development of Web3 games. Together, the two companies hope to onboard the next billion users into Web3.
In addition, Polygon has formed partnerships with many Web2 companies during the bear market, including Starbucks, adidas, and Prada. Rarity Sniper will keep an eye on Polygon moving forward and report back with any future news.