The new set of upgrades would reimagine almost every aspect of Polygon, including protocol architecture, tokenomics and governance.

Ethereum scaling solution Polygon unveiled Version 2.0 of its protocol, through which it aims to build the “Value Layer of the Internet.”

In a blog post on Monday, Polygon Labs said that the protocol would allow anyone to create, exchange and program value – much like the Internet enables creating and exchanging information.

2/ Polygon 2.0 is a set of upgrades that radically reimagine almost every aspect of Polygon, from protocol architecture to tokenomics to governance.

It is a roadmap for how Polygon will become the Value Layer, offering unlimited scalability and unified liquidity via ZK tech.

— Polygon (Labs) (@0xPolygonLabs) June 12, 2023

Polygon 2.0 will function as a unique cross-chain coordination protocol through a network of Zero Knowledge-powered Layer 2 chains. Zero Knowledge or “ZK” proofs verify transactions by relaying that it has not been altered by sharing a small piece of information from that particular transaction.

“The network can support a practically unlimited number of chains and cross-chain interactions can happen safely and instantly, without additional security or trust assumptions. Unlimited scalability and unified liquidity,” said Polygon Labs.

The rollout will commence the week of June 19 with the introduction of Polygon Proof-of-Stake (PoS), followed by upgrades to the architecture and technology stack the next week. Updates to Polygon’s native token will take place on the week of July 10 and governance changes will be established in the week of July 17. 

At its core, Polygon 2.0 will unify the protocols across zkEVMs, PoS and Supernets, essentially making it feel like using a single chain, explained Polygon Labs President Ryan Wyatt.

“We believe Polygon will be the transaction layer, and Ethereum will be the settlement layer of the internet. Unifying the protocols with our zk tech enables that to happen seamlessly,” said Wyatt on Twitter.