Orbit

Polygon

<ul>
 <li>In a recent interview, Polygon CEO highlighted that Polygon’s 2.0 upgrade, via the AggLayer protocol, will enable seamless interoperability across all layer one and layer two networks.</li>
 <li>Adding AggLayer would be of great significance as it promises “infinite Scalability.” This will allow blockchain capabilities to expand beyond their limitations in transaction speed, congestion, and fees.&nbsp;</li>
</ul>
Last week saw the successful transition of MATIC to POL for the Ethereum layer two blockchain. The migration is part of the network’s redesign, dubbed Polygon 2.0. A simple sidechain turned into a powerhouse. Initially conceived as a basic sidechain in 2017, Polygon has evolved and is focusing on addressing critical issues facing Layer 1 blockchains. Polygon’s latest upgrade known as Polygon 2.0 aims to solve this issue.&nbsp;
Reminiscing,&nbsp;Polygon underwent a&nbsp;<a href="https://www.ethnews.com/polygons-pivot-matic-rebrands-to-pol-amid-market-challenges/" target="_blank" rel="noopener noreferrer nofollow">technical upgrade</a> on September 4, 2024, which&nbsp;transitioned its native token, MATIC, to the Polygon Ecosystem Token (POL). This migration was a key part of the broader Polygon 2.0 vision.
As the cryptocurrency world continues to evolve, a major hurdle lies ahead: interoperability. Leading layer one blockchains, including Ethereum, Solana, and Binance Smart Chain, struggle to communicate effectively as transactions between these blockchains are often costly and vulnerable to risks. In a <a href="https://www.youtube.com/watch?v=e6MmWN0_yRU" target="_blank" rel="noopener noreferrer nofollow">recent interview</a>, Polygon Labs CEO Marc Boiron outlined how Polygon 2.0 will foster blockchain interoperability across the blockchain sphere.
According to Boiron, the introduction of AggLayer will be a cornerstone of the Polygon 2.0 upgrade. According to the CEO, this upgrade will be of great significance as it will unite the blockchain ecosystem. AggLayer intends not only to unite Layer 2 blockchains but also to incorporate Layer 1 for seamless interaction.
<blockquote>
 It’s not just about L2s, it’s not just about Ethereum. It’s about bringing all of Web3 together
</blockquote>
It is worth noting that Polygon has <a href="https://www.ethnews.com/polygons-big-upgrade-will-pol-token-revolutionize-blockchain-on-september-4/" target="_blank" rel="noopener noreferrer nofollow">evolved</a> to the point where it specializes in various vectors of blockchain technology, including EVM-equivalent zk-rollups (zero-knowledge), plasma chains, and decentralized applications. In this case, zk-rollups will be essential for scaling networks and reducing transaction costs. Adding AggLayer would be of great significance as it promises “infinite Scalability.” By this, blockchain capabilities will be able to expand beyond their limitations in transaction speed, congestion, and fees.&nbsp;
While cross-chain solutions have been dimmed as a necessity, on the other side of the coin, they are insecure and prone to hacks. Boiron highlighted that these bridges require intermediaries, making them a prime target for hackers. 2023 saw the Orbit Bridge hack on December 31st. In this incident, an estimated $82 million was stolen from the protocol’s wallets.
By introducing AggLayer, the need for third parties will no longer exist. Thus, by integrating blockchains directly, security and user experience are promised. Also, as the cross-chain interoperability circle evolves, both cost and safety concerns will be addressed.
This technical upgrade aligns with Polygon’s long-term goal of uniting the Web3 space. POL will not only enhance security and scalability but also enable zero-knowledge proof aggregation from the connected chains, increasing both privacy and efficiency.
At the time of writing, MATIC is swapping hands with $0.3788, marking a 1.48% surge in the last 24 hours.&nbsp;
The post <a href="https://www.ethnews.com/polygon-ceo-explains-how-polygon-2-0-will-bring-blockchain-interoperability/" rel="noopener noreferrer nofollow">Polygon CEO Explains How Polygon 2.0 Will Bring Blockchain Interoperability</a> appeared first on <a href="https://www.ethnews.com" rel="noopener noreferrer nofollow">ETHNews</a>.

Polygon CEO Explains How Polygon 2.0 Will Bring Blockchain Interoperability

ETHNews

Other articles published on Sep 10, 2024

Bitcoin Liquidity Protocol Lombard Converts All Wrapped Bitcoin to Lombard Bitcoin

Deepfake Crypto Scam Impersonates Apple CEO During iPhone 16 Launch

EIGEN futures rise ahead of EigenLayer season 2 stakedrop

Sony Bank and Soneium to Develop Yen-Backed Stablecoin

Coinstore to Make a Splash at Singapore Token2049 with Exclusive “Shaping the Future of Web3.0” S...

Metaplanet Stock Soars 6% Following Another Bitcoin (BTC) Acquisition

Join our free newsletter for daily crypto updates!