In August, the Ethereum sidechain will switch to a proof-of-stake network, and in 2024, it will fully adopt Polygon’s zero-knowledge protocol to become a layer 2.
Exciting news for blockchain users and NFT aficionados! Palm Network, a well-known player in the nonfungible token market, is preparing to give its users even more accessibility. How? by switching to an individual Polygon blockchain.
The issuance, trading, and collection of NFTs are expected to be revolutionized by Palm Network’s intentions to become a Polygon ZK Supernet, which were recently announced on July 26. Palm Network will improve its compatibility with Ethereum and the rest of the Polygon 2.0 ecosystem by becoming a Polygon ZK Supernet.
However, what precisely is a Polygon Supernet? Essentially, Polygon’s cutting-edge consensus software was used to create a customisable blockchain. However, the name “ZK Supernet” refers to a network that processes deposits and withdrawals from Ethereum using zero-knowledge proofs, a cutting-edge cryptographic technology.
📢PALM on the journey to become ZKL2 with polygon Technology!
— Palmfdn 🪬 (@palmfdn) July 27, 2023
Don't miss a talk with @lerdiedabirdie from ED @palmfdn and @sandeepnailwal , the Co-founder @0xPolygon
Set your reminder now! 🗓️https://t.co/pRDSFbtNaC pic.twitter.com/GWEDq4A9CH
The conversion of Palm Network into a Polygon Supernet will take place in two stages. It will adopt a proof-of-stake (PoS) consensus method network first on August 23. After that, it will transition to a ZK-based layer-2 sometime in 2024.
Related: Reddit's Gen 4 Collectible Avatars to Be Minted on Polygon
Users will gain a lot from this change because Palm Network will be able to conduct transfers between its platform and Ethereum using Polygon’s zero-knowledge proof procedures. The overall security and robustness of the network will improve as a result of this increasing dependence on Ethereum for security.
The collaborations between Palm Network and NFT marketplace Candy Digital, which offers authorized NFTs from prominent brands like NASCAR, Major League Baseball, Netflix, and others, further demonstrate the company’s dedication to providing users with a first-class experience. The Palm Network is also used by digital art distributor HENI, further establishing its position as a major player in the blockchain industry.
Jordi Baylina, co-founder of Polygon, applauded Palm’s decision, pointing out that using Polygon Supernets technology will make the platform more open and democratic while ensuring high security even during times of high network traffic.
Polygon is no stranger to innovation, and its efforts to use Polygon 2.0 to create an ecosystem of several ZK supernets demonstrate its dedication to pushing the limits of what blockchain technology is capable of. With this goal in mind, it can compete with other exciting multichain initiatives as Optimism’s “Superchain” and ZkSync’s “Hyperchains.”
Related: Polygon Spinoff Avail Launches Testnet Bridge for Layer 2s
The conversion of Palm Network into a Polygon Supernet heralds a promising and open future for NFT enthusiasts and users alike as the blockchain landscape continues to change. Prepare to experience a new level of NFT exploration on the Palm Network!