The Polygon blockchain network is now realizing its ultimate goal of realizing its interoperability, the Web2 space and connecting all the Layer 1 networks, aiming the Web3 space. Speaking to Cointelegraph, it said: Here we go.
The Polygon blockchain network is now realizing its ultimate goal of unifying the Web3 space and connecting all the Layer 1 networks. To achieve its goal, Polygon will be leveraging its aggregation layer AggLayer, which is similar to its cross-chain interoperability protocol used for connecting different blockchain networks.
Marc Boiron, the CEO of Polygon Labs stated that the AggLayer will connect the entire blockchain space, including some of the top Layer 1 networks such as Ethereum and Solana. Speaking to Cointelegraph, he said:
“When you think of Polygon 2.0, you need to bring together the idea of thematic to pull upgrade together with Polygon CDK to allow for that infinite scalability and then the AggLayer to unify all of it…”
On September 4th, Wednesday, Polygon’s native cryptocurrency, MATIC, experienced a significant technical overhaul, transforming into the Polygon Ecosystem Token (POL). This “high-yield” token was introduced with the aim of reaching new peaks in growth and realizing its ultimate vision
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Polygon’s AggLayer differed from other interoperability solutions such that it is not ecosystem-specific. Rather, it focuses on connecting the entire Web3 space. Boiron said:
“Unlike most interoperability solutions that primarily cater to their own ecosystem, AggLayer stands out by aiming to connect every corner of Web3. It’s not solely concerned with L2s or L1s, or even just Ethereum. Instead, its mission is to unite all these elements and more, creating a truly integrated network.”
He further added that the fragmentation among the Layer 1 blockchains has become a growing user experience challenge for crypto holders. Bridging across these networks is both expensive and poses security risks due to vulnerabilities in cross-chain transactions.
Advancing Blockchain Interoperability
Blockchain interoperability remains one of the industry’s most urgent challenges. As Layer 1 blockchains operate in isolation, they lack the ability to communicate with each other, necessitating the development of cross-chain interoperability solutions. However, the incompatibility between blockchains complicates the creation of cross-chain infrastructure, increasing the potential for vulnerabilities in these third-party protocols.
In December 2023, the cross-chain interoperability platform Orbit experienced a theft amounting to $82 million. The thief remains at large, having transferred approximately $48 million in digital currency through the cryptocurrency tumbler known as Tornado Cash
Several prominent blockchain leaders are addressing the interoperability challenge, including Ethereum co-founder Vitalik Buterin. In early August, Buterin revealed plans to tackle cross-chain interoperability between Ethereum Layer 2 networks, aiming to enhance communication across these platforms.
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2024-09-05 14:15