Staking

Polygon’s New Layer 2 Will Settle for Ether As Cost, MATIC Token To Be Used For Staking Solely

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Polygon co-founder Sandeep Nailwal defined through Twitter that Ether might be used for transaction charges, also called gasoline.

This operates a lot in a different way than the present Polygon sidechain which accepts its native MATIC token for transaction charges.

The information comes on the heels of Polygon’s recent announcement of its Polygon zkEVM at Europe’s largest cryptocurrency convention, EthCC.

Quick for Polygon zero-knowledge Ethereum Digital Machine, Polygon’s new zkEVM chain might be absolutely interoperable with Ethereum’s blockchain utilizing zero-knowledge rollups. Zero-knowledge (ZK) refers to an innovation in cryptography that permits one to offer proof with out exposing any of their knowledge.

Primarily, a ZK proof refers to a counterparty with the ability to show one is telling the reality with out realizing any of the contents as to why a specific assertion is true.

ZK know-how has big ramifications within the realms of each blockchain privateness and blockchain scalability.

With a view to run, use, or develop purposes on Polygon’s new chain, customers might want to buy Ether. Ether is used for gasoline charges on Ethereum’s mainnet, in addition to different Layer 2 options like Arbitrum.

See Additionally: What Are ZK-Proofs and ZK-Technology?

One of many major utilities of native tokens is to spend them on gasoline charges to execute features on the blockchain. Ethereum is exclusive in that its Ether token just isn’t solely used on its mainnet, but it surely’s now getting used on a number of scaling platforms on Ethereum. If these layer 2s achieve consumer adoption, buyers might want to buy Ether so as to use the community, which can add shopping for strain on exchanges.

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