The firm behind the Ethereum-connected blockchain network Polygon, Polygon Labs, is intensifying its efforts in zero-knowledge (ZK) solutions with a new, significant structural modification. Sandeep Nailwal, the executive chairman and co-founder of Polygon Labs, was formally appointed chief business officer (CBO) on May 29. Nailwal will put more effort into expanding Polygon-developed tools for ZK-proofs, which are cryptographic methods that let one party demonstrate to another that they are aware of a particular value without revealing the value itself, in order to fill the new position.
In specifically, Nailwal will work with Polygon CDK, a ZK-based software toolkit that enables developers to build and switch between layer-2 (L2) chains on Ethereum.The CEO will also provide the groundwork for tech integrations and developers of AggLayer, a two-component decentralized protocol that debuted in February 2024.
Nailwal’s formal appointment as CBO follows several months of overseeing strategy and execution as executive chairman during the past two years at Polygon. The announcement notes that the transition is now almost complete and operationalized under CEO Marc Boiron.
“Sandeep’s day-to-day execution on the most important projects remains invaluable to us,” Boiron said. He mentioned that Nailwal has been actively engaged with developers and enterprises throughout his career in the industry, including since the inception of the Polygon network.
“Polygon Labs is in the midst of building incredible, transformational technology that will provide developers and enterprises with countless opportunities to scale quickly and securely while having access to liquidity,” Nailwal said.
Polygon is a blockchain platform that was introduced in 2017 with the goal of developing an Ethereum-compatible multi-chain blockchain system that is scalable.Based on the Ethereum network, Polygon provides scalability tools to reduce bottlenecks, quicken transaction times, and eliminate further adoption challenges. By processing transactions off of the main Ethereum blockchain, blockchain developers may greatly increase scalability with ZKs and L2s. While the mainnet Ethereum network was excessively crowded, certain Ethereum L2 protocols experienced a 99% decrease in transaction fees after the network’s Dencun upgrade in March.