Polygon is planning a major changeover to Layer-2 network: How the blockchain platform once started as an Ethereum killer adapts to new market conditions

Polygon is planning a major changeover to Layer-2 network: How the blockchain platform once started as an Ethereum killer adapts to new market conditions

Since 2017, Polygon has been offering a scaling solution for the Ethereum network. However, the market situation has changed fundamentally in the past five years and requires drastic changes for the Blockchain platform that was once started as an Ethereum competitor.

originally started under the name Matic Network, Polygon was introduced as an alternative solution to the Ethereum network. The main objective was to solve Ethereum's scaling problem and relieve the blockchain, while it remains compatible with Ethereum. Polygon was developed as a sidechain, which means that it is considered an independent blockchain.

Despite the attempt to compete with Ethereum, Polygon was only able to offer the large Ethereum network to a limited extent. In addition, with Polkadot & Co., new competitors came onto the market that offer similar solutions.

A major disadvantage of polygon is that the security of the side cup depends on its own network and the participants and not on the security of the Ethereum blockchain itself, as reported by BTC echo.

To tackle this problem, polygon plans a drastic change. Instead of the current POS blockchain, ZK L2 is to be switched. This would make the side cechain polygon running parallel to the Ethereum blockchain into a so-called Layer 2 network. Mihailo Bjelic, co -founder of Polygon, recently put a corresponding proposal for discussion. The community was asked to discuss a comprehensive upgrade of the polygon POS chain and to strive the transition to a ZKEVM validium.

bjelic emphasizes the advantages of this change. In particular, he emphasizes the increased security because polygon would be able to use the high security of Ethereum after the changeover, consisting of clocked Ethereum worth $ 40 billion and $ 600,000 validators. In addition, the upgrade would pave the way for further improvements, such as faster transaction confirmations, increased scalability, improved fee estimates and greater decentralization.

Polygon promises that all applications continue to work and that the fees should remain equally low. Only security for users and the seamless interoperability with other chains in the polygon 2.0 ecosystem should be increased.

With the switch to an Ethereum Layer 2 network, Polygon would therefore compete directly with Arbitrum, Optimism & Co., which already act as a layer 2 blockchain and use the security mechanisms of Ethereum blockchain. Polygon would then be based on the Ethereum blockchain as a complete Layer 2 network and no longer exist in parallel.

It remains to be seen how this planned changeover to the position of polygon in relation to Ethereum and its competitors will affect.