The year 2022 in crypto was eventful in many ways. However, the negative impacts of a bear market dampened the excitement around the blockchain upgrades that significantly brought crypto ecosystems closer to the future of finance.
For Bitcoin, it was the Taproot soft fork upgrade, which was aimed at improving the scripting capabilities and privacy of the Bitcoin network. Ethereum underwent the Merge upgrade to transition from a proof-of-work to a proof-of-stake (PoS) consensus mechanism.
Leading decentralized Ethereum scaling platform Polygon kicked off the year with mainnet upgrades based on Ethereum Improvement Proposal (EIP)-1559, otherwise known as the London hard fork. The upgrade was accompanied by Polygon (MATIC) token burning and better fee visibility.
On Jan. 25, Ryan Wyatt joined Polygon Studios as the CEO after resigning from YouTube as global head of gaming. Speaking to Cointelegraph, Wyatt discussed the importance of timely blockchain upgrades and his vision for Polygon.
Cointelegraph: What is your perspective on blockchain upgrades when it comes to Polygon? What are some key points of consideration when discussing changes to the network?
Ryan Wyatt: As with everything we do, Polygon takes a holistic approach to upgrades. There are always multiple different solutions to every issue, so it is more productive to explore as many of them as possible. There are many paths to explore when it comes to Ethereum scaling, and aggregating multiple solutions together represent the most promising strategic approach.
Recent: US Election update: Where do the pro-crypto candidates stand ahead of the election?
For example, our latest upgrade, zkEVM — the first zero knowledge rollup fully compatible with Ethereum Virtual Machine (EVM) — is principally designed to address Ethereum’s high transaction fees and latency. Whereas Polygon Avail, which we announced shortly before zkEVM, addresses the data availability problem by taking a modular approach (decoupling transaction execution from data availability).
It is already clear that there cannot be a “one solution to rule them all,” a full suite of scaling products needs to be developed to bring mass adoption to Ethereum and Web3 in general.
CT: How do you think the general public perceives blockchain upgrades? And, what impact does it have on the decision-making process for the devs, if any?
RW: Decentralization, usability and user-centricity are among the core principles of Web3, so network upgrades often…
Click Here to Read the Full Original Article at Cointelegraph.com News…
