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Polygon Labs has implemented a significant organizational change to enhance its emphasis on developing zero-knowledge (ZK) technology solutions. On Tuesday, the software firm revealed that it had elevated co-founder and executive chairman Sandeep Nailwal to the position of chief business officer (CBO).
“He continues to diligently work towards accelerating the adoption of the Agglayer as well as Polygon’s pioneering zk solutions across sectors such as DeFi, gaming, dePIN, AI, and NFTs,” Polygon Labs stated on Twitter.
Polygon Intensifies Focus on ZK Proofs
In a subsequent statement, Nailwal informed followers that he had dedicated the last 18 months to “strategic initiatives” aimed at evolving Polygon into a comprehensive ZK protocol.
“With the majority of those transitions finalized, it’s time for me to concentrate on what I excel at,” he tweeted. “Therefore, I am assuming the role of CBO. One more round! Let’s do this.”
Past 18 months I have been working on a lot of strategic things, specially related to transitioning Polygon fully into a cutting edge ZK protocol. With most of those transitions complete, its time for me to refocus on what I do the best.
Hence I am taking over as CBO. One more… https://t.co/O17nLJJg4N— Sandeep | AggLayer
(@sandeepnailwal) May 28, 2024
Polygon serves as a multichain Ethereum layer-2 (L2) solution aimed at enhancing the speed and privacy of Ethereum-based transactions. One of its chains is known as Polygon zkEVM – a “rollup” that consolidates transactions before finalizing them on Ethereum’s base layer in a decentralized manner.
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Nailwal’s Initiatives at Polygon
Nailwal intends to concentrate his efforts on Polygon CDK, a software development kit for those interested in creating alternative Ethereum L2s. He will assist in developing tools related to ZK proofs, which enable one party to demonstrate knowledge of a specific value to others without disclosing the value itself.
His responsibilities as executive chairman will also persist – along with his initiatives in developing Agglayer, described as “a decentralized network that connects chains for shared state and liquidity.”
Ethereum’s base layer experienced the Dencun upgrade in March, which permitted rollup chains like Polygon zkEVM, Arbitrum, and Optimism to reduce transaction fees by 90%.
In early May, Polygon introduced the alpha version testnet for Polygon Miden, its newest ZK rollup solution, facilitating client-side proving and enhanced privacy.
Polygon’s governance token MATIC is presently the 18th largest cryptocurrency by market capitalization. Its price has significantly decreased since mid-March, dropping from $1.27 to $0.72 today.
The post Polygon Executive Pivots Roles To Developing ZK Proof Tech appeared first on Cryptonews.
