Tech
Polygon executive assigns roles to develop ZK testing technology
Last updated: May 28, 2024 5:35 pm EDT | 1 minute read
Polygon Labs has undergone a key structural change to enhance its focus on creating zero-knowledge (ZK) technology solutions. On Tuesday, the software company announced that it has expanded the role of co-founder and executive chairman Sandeep Nailwal to chief business officer (CBO).
“Continue working hard to accelerate the adoption of Agglayer and Polygon’s innovative zk solutions across verticals including DeFi, gaming, dePIN, AI and NFT,” Polygon Labs wrote on Twitter.
The polygon doubles in ZK demonstrations
In a later statement, Nailwal told followers that he had spent the last 18 months working on “strategic things” related to transforming Polygon into a full-fledged ZK protocol.
“With most of these transitions complete, it’s time for me to refocus on what I do best,” he tweeted. “So I take over as CBO. One more round! Let’s do it.”
Over the last 18 months I’ve been working on a lot of strategic things, especially related to Polygon’s full transition to a cutting-edge ZK protocol. Once most of these transitions are complete, it’s time for me to refocus on what I do best.
So I will take on the role of CBO. Another… https://t.co/O17nLJJg4N— Sandeep | AggLayer 👿 (@sandeepnailwal) May 28, 2024
Polygon is an Ethereum layer-2 (L2) multichain solution designed to make Ethereum-based transactions faster and more private. One of its chains is called Polygon zkEVM – a “rollup” that bundles transactions before transferring them to the Ethereum base layer in a decentralized manner.
Nailwal’s efforts at Polygon
Nailwal intends to focus his efforts on CDK polygon, a software development kit for anyone looking to build alternative Ethereum L2s. It will help build tools related to ZK evidence, which allow a party to demonstrate awareness of a specific value to others without revealing the value itself.
He will also continue his role as executive chairman, as well as his efforts building Agglayer, defined as “a decentralized network connecting chains for shared state and liquidity.”
The base layer of Ethereum has been subjected to Dencun update in Marchenabling rollup chains like Polygon zkEVM, Arbitrum and Optimism to reduce transaction fees by 90%.
In early May, Polygon launched the alpha version of the testnet Miden Polygonits latest ZK rollup solution, which enables client-side verification and greater privacy.
Polygon MATIC governance token it is currently the 18th largest cryptocurrency by market capitalization. Its value has fallen substantially since mid-March, from $1.27 to $0.72 today.