Celo Considers Transitioning To Ethereum Layer-2 With Polygon Chain
22 September 2023 - 04:00AM
NEWSBTC
Celo, a blockchain platform, is exploring migrating from its
standalone blockchain to an Ethereum (ETH) Layer-2 (L2) network.
Originally, Celo had planned to utilize Optimism’s OP Stack, a
customizable toolkit similar to Polygon (MATIC) but based on
Optimism’s technology. However, Sandeep Nailwal, co-founder
of Polygon Labs, has proposed an alternative solution to the Celo
community. Nailwal suggests leveraging Polygon’s Chain Development
Kit (CDK), an open-source toolset that enables the creation of
customizable Layer-2 chains powered by zero-knowledge (ZK)
technology. Celo’s Potential Move To Ethereum Layer-2 Via Polygon
In a recent blog post, Polygon Labs suggested Celo could consider
deploying an Ethereum Layer-2 solution using Polygon CDK.
According to Polygon Labs co-founder Nailwal, this strategy would
allow Celo to leverage the benefits of being an Ethereum Layer-2
platform while preserving the characteristics that have contributed
to its success. Related Reading: Why Touching This Bitcoin Level
Could Hold The Key For A Rally The proposal emphasizes several key
advantages of adopting Polygon CDK. Firstly, it enables
cross-community collaboration by integrating with an ecosystem of
Layer-2 solutions powered by zero-knowledge technology.
Polygon CDK enhances compatibility with Ethereum by providing an
environment equivalent to the Ethereum Virtual Machine (EVM). This
alignment ensures a seamless transition for Celo, closely matching
Ethereum’s technical infrastructure and tooling. Furthermore,
according to Nailwal, deploying with the protocol’s CDK offers
increased security for Celo. It allows Celo to leverage Ethereum’s
proven consensus layer while incorporating the security benefits of
zero-knowledge proofs. Regarding fees and scalability, Celo
can benefit from low fees by utilizing the zkEVM validium
architecture and off-chain data availability supported by Polygon
CDK. These features contribute to cost-efficient transactions while
enabling scalability for Celo’s network. Moreover, according to
Nailwal, Celo gains access to a unified Layer-2 economy by becoming
a part of the Polygon ecosystem by combining Ethereum’s mainnet
with Polygon’s ecosystem. This integration creates a seamless
experience for developers and users, facilitating interaction with
both networks. Fast Transactions And Lower Fees? With
zero-knowledge technology, Celo users can enjoy near-instant
withdrawals, faster finality times, and instant cross-chain
interactivity. According to the blog post, these features
enhance the speed, efficiency, and security of transactions,
ultimately improving the user experience. Through Polygon CDK,
chains can achieve near-instant cross-chain interactivity with
Ethereum, leveraging the power of ZK proofs to establish a secure
and interconnected network. Related Reading: Binance & Deribit
Traders Aggressively Short Bitcoin, Squeeze Incoming? Overall, the
proposed migration to Polygon CDK represents an opportunity for
Celo to transition to an Ethereum Layer-2 solution while harnessing
the advantages offered by Polygon’s ZK-powered technology. The
proposal aims to initiate discussions between the Celo and Polygon
communities to explore the potential benefits for all stakeholders
involved. It is important to note that no final decision has been
made at this stage, and the proposal signifies the beginning of
discussions between the Celo and Polygon communities. Featured
image from iStock, chart from TradingView.com
Ethereum (COIN:ETHUSD)
Historical Stock Chart
Von Nov 2023 bis Dez 2023
Ethereum (COIN:ETHUSD)
Historical Stock Chart
Von Dez 2022 bis Dez 2023