A revolutionary leap in the blockchain industry – CryptoMode

A revolutionary leap in the blockchain industry – CryptoMode

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In an era of continuous digital transformation, Polygon, a well-known Ethereum layer-2 solution provider, presents its second iteration, created as the “value layer” of the internet. This unveiling comes at a somewhat challenging time for Polygon, given the recent classification of its initial token as a security by the US Securities and Exchange Commission (SEC).

The emergence 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 Internet’s value layer.” While the internet has always been a platform for information creation, the Value Layer introduces a new dimension, which gives individuals the opportunity to generate, exchange and programmatically control values.

Polygon Labs proposes that the value layer revolutionizes the internet by providing democratic access to the global economy. This innovation eliminates the dominance of gatekeepers, rent seekers, and middlemen, thus enriching a user-facing Internet.

Version 2.0 includes a series of proposed upgrades to “radically reimagine” virtually every network component, from the protocol architecture to tokenomics and governance. However, it is important to note that the existing tokenomics of Polygon remain heavily influenced by venture capital, contradicting the project’s decentralized claim.

This remarkable ecosystem upgrade is the result of an intensive collaboration spanning over a year between Polygon Labs, developers, researchers, application builders, node operators, validators and the wider Ethereum community.

The new network infrastructure

The latest version of Polygon features a network of zero-knowledge driven layer-2 chains, synchronized through an innovative cross-chain coordination protocol. According to Polygon’s explanation, this network can host infinite chains, with cross-chain interactions happening securely and instantaneously, without additional security or trust premises.

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Polygon has formulated a comprehensive roadmap, including a series of updates to proof-of-stake, architecture, token and governance planned over the next few months.

However, Polygon’s progressive moves are not without their challenges. Amidst intensified regulatory scrutiny in the United States, the SEC has identified its original MATIC token as a security in the wake of its crackdown on the crypto exchange. However, Polygon Labs refutes this claim, confirming that both the network and the token were conceived and launched outside the US

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