Polygon Labs' founder exits the company

Polygon Labs' founder exits the company

Jayanti Kanani, one of the pioneering figures behind polygon, announced his exit from day-to-day operations of the company. In 2023, polygon has experienced significant growth, with the introduction of polygon 2.0 standing out as the most notable. The network is designed to be the 'value layer of the internet' by using polygon 2.0, a substantial upgrade from its predecessor. The upgrade aims to offer a network of layer 2 chains powered by ZK proofs and a new cross-chain coordination protocol, promising unlimited scalability and unified liquidity.

In 2023, polygon's Web3 ID solution was successfully open-sourced, making it one of the most significant achievements of the 2023 period. This move allows developer companies to use zero-knowledge proofs to manage users' IDs and passwords privately. The toolet enables the integration of off-chain data for on-chain verification, broadening its scope to encompass various industries such as KYC verification, e-commerce, and DAO administration.

In a partnership that demonstrates the security and trustworthiness of its platform, Polygon included Google Cloud as a validator on its proof-of-stake network. YouTube and Gmail are both powered by the network's infrastructure, which provides additional security to the network.

In 2023, however, the road for Polygon was not completely smooth. The SEC's investigation into Coinbase's securities violations has placed Polygon as one of the crypto tokens considered unregistered security. Polygon Labs has not been charged with any wrongdoing, but the development presents a significant regulatory challenge.

Despite a slow start, Kanani has been one of the clear web3 success stories since its launch, weathering depressed market sentiment while continuing to improve its product. The regulatory challenges presented this year underline the complex landscape that Polygon must navigate, along with many others, in the face of the crypto industry.