Fun

News Feed - 2023-09-13 07:09:16

Gareth Jenkinson13 hours agoPolygon co-founder: $1B bet on ZK-rollups paying offPolygon has allocated an estimated $1 billion on zero-knowledge technology underpinning its Ethereum scaling layer-2 solutions.2252 Total views37 Total sharesListen to article 0:00NewsJoin us on social networksPolygon co-founder Sandeep Nailwal believes the layer-2 blockchain firm is reaping the benefits of allocating $1 billion to develop zero-knowledge (ZK) proof-powered scaling solutions for the Ethereum ecosystem.


Speaking at a keynote address during the latest edition of the Token2049 conference in Singapore, Nailwal touched on the development of “Polygon 2.0” scaling efforts and the promise of recursive ZK-proof technology to create a seamless interoperable blockchain ecosystem.Polygon co-founder Sandeep Nailwal at Token2049 in Singapore.


Nailwal highlighted how Web2 and Web3 are similar in form and function, with the former serving as the internet of information with “practically unlimited scalability” as well as the ability to transfer or convey information in various forms seamlessly across the world at great speeds.


Related: Polygon’s ‘holy grail’ Ethereum-scaling zkEVM beta hits mainnet


Web3, meanwhile, represents the “internet of value,” which, according to Nailwal, will require two capabilities to become ubiquitous.“Firstly, infinite, unlimited, unbounded scalability and unified liquidity for value to be transferred, there cannot be 100 chains with the value distributed across them, and they cannot interoperate.”


In order to tap into the characteristics that have made Web2 able to become the internet of information, Nailwal pointed to the importance of an aggregator or interoperability layer to amalgamate ZK-proofs of different chains into a common layer.“The moment those two proofs are submitted on Ethereum layer, we have a mechanism where we have a global state route on Ethereum, and then any kind of liquidity can move across the chain without coming to Ethereum.”


Recursive ZK-proof technology holds the key to this aggregator layer, which Nailwal expects to be deployed in the coming months. The technology will allow different blockchains to submit ZK-proofs of their network state to the aggregator, which then submits a proof of these combined attestations to the Ethereum network.“Our goal is that this proving will eventually go down to, like, probably two seconds. So, every chain is submitting a proof of whatever has happened on their ecosystem or on their chain every two seconds to this aggregator layer.”


The Polygon co-founder believes that cross-chain transactions could be executed in four to five seconds, one third of an Ethereum block time, which will begin to feel “like one single big block space.”


Nailwal highlights the potential benefit of having high liquidity chains like their zkEVM and proof-of-stake chain to share value to applications while noting that larger layer-1 blockchain platforms have expressed interest in tapping into an interoperable layer.“Anybody can join this layer, and it’s a mutual win-win because everybody benefits from each other’s liquidity.”


Polygon zkEVM’s beta hit mainnet in March 2023, allowing developers to deploy smart contracts and decentralized applications that benefit from faster throughput and lower costs than Ethereum’s layer 1.


The company also recently launched its Chain Development Kit, which allows developers to build, customize and deploy layer-2 chains connected to the wider Ethereum ecosystem.


Collect this article as an NFTto preserve this moment in history and show your support for independent journalism in the crypto space.


Magazine: Recursive inscriptions: Bitcoin ‘supercomputer’ and BTC DeFi coming soon# Ethereum# Scalability# DeFi# Layer2# Polygon# zk-Rollup# zk-STARKAdd reactionAdd reactionRead moreHow to send and receive payments on the Lightning NetworkCrypto VC: Risk and investment strategies with Shima CapitalHuman vs. AI: Who is better at crypto investing?

News Feed

Top FTX claim holder Attestor sues seller amid Bitcoin rally
Helen Partz14 hours agoTop FTX claim holder Attestor sues seller amid Bitcoin rallyLondon-based Attestor has filed a lawsuit against FTX claims seller Lemma after making a 200% profit on the purchased FTX claims stash.12
Strategy (MSTR) Crashes 55%—Is A $44 Billion Bitcoin Liquidation Possible?
Este artículo también está disponible en español. Shares of Strategy (NASDAQ: MSTR) have dropped by over 55% from the November 24 high at $543 to around $250. With the so
Metallica’s X account hacked to promote crypto token
Tom Mitchelhill7 hours agoMetallica’s X account hacked to promote crypto tokenThe official X account for Metallica was hacked, and exploiters posted about a Solana token dubbed METAL.3636 Total views6 Total sharesListe
No Room For Doubt: Analyst’s $900K Bitcoin Forecast Follows Familiar Script
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
Savannah Fortis12 hours agoThe EU’s AI regulations sparked a letter signed by 160 tech execsAs the EU works on its upcoming AI bill, executives from 160 companies in the industry drafted an open letter on the implicati
Tom Blackstone2 hours agoBreaking: Some Multichain transactions are confirmed as queue unwindsPrior to November 1, the last transactions has taken place more than 117 days ago, according to Multichain"s explorer tool.224
US Federal Trade Commission Warns About Cryptocurrency Scams Using Social Media
US Federal Trade Commission Warns About Cryptocurrency Scams Using Social Media The U.S. Federal Trade Commission (FTC) has warned about social media being used in cryptocurrency i
South Korean province implements digital system to track tax evaders’ crypto
David Attlee8 minutes agoSouth Korean province implements digital system to track tax evaders’ cryptoThe Gyeonggi Tax Department used the resident registration data of “delinquents,” tracing their mobile phone numb
Cryptocurrency Rose Ranks in Popularity as Investment Option in Chile in 2022
Cryptocurrency Rose Ranks in Popularity as Investment Option in Chile in 2022 Cryptocurrencies rose in popularity in Chile, according to a survey from global consulting firm Bain &
Turner Wright4 hours agoLawyer questions Sam Bankman-Fried on his political donations at trialThe former FTX CEO reportedly said the donations made in his name came from “loans from Alameda Research” as part of effor
Top Crypto Exchange LBank at Token 2049: Successful Exhibition and Afterparty
Top Crypto Exchange LBank at Token 2049: Successful Exhibition and Afterparty press release PRESS RELEASE. SINGAPORE, Oct. 3rd, 2022 – Global crypto exchange,LBank, joined To
Nigerian Pop Artist Shills Meme Coin and Price Briefly Doubles — Followers Question Artist’s Motives
Nigerian Pop Artist Shills Meme Coin and Price Briefly Doubles — Followers Question Artist"s Motives The Nigerian pop artist and celebrity, Davido, recently po