Polygon (MATIC), the popular scaling network on Ethereum (ETH), will not be the same in the future as it is today. It layer-2 Network announced its transition to “Polygon 2.0” in June this year and the first steps will be taken in the coming months.
Polygon 2.0: major blockchain transformation
The new era of Polygon includes major changes in architecture, Tokenomics And guide. The new network is also called “value layer” of the Internet and should become an ecosystem of interconnected chains that enables rapid transfer of value and exchange of information.
It wants to be concrete Zero knowledge (ZK) deploy technology on every chain within the ecosystem to deliver high throughput performance at low cost. This is how it can be brought together Proof of use (PoS) chain and the zkEVM (‘Zero-Knowledge Ethereum Virtual Machine‘) an important step in the Roadmap to Polygon 2.0. That’s what makes it impressive Total value locked (TVL) or the total value of PoS chain assets secured on the network combined with zkEVM’s technical capabilities.
New cryptocurrency: MATIC becomes POL
On September 14th, Polygon Labs released three so-called “Polygon Suggestions for improvement (PIPs)” which sets out the specific changes that will be made after approval by the Communitywill be implemented at the beginning of the fourth quarter of this year.
1/ The wait is over. Implementation of Polygon 2.0 begins now with the release of three Polygon Improvement Proposals (PIPs) and a Phase 0 roadmap. pic.twitter.com/YJo3BtQy4y
– Polygon (Labs) (@0xPolygonLabs) September 14, 2023
The first of the three proposals, PIP-19, describes “Phase 0” of Polygon 2.0. The most important aspect of this proposal is to ensure that no end-user and developer actions are required on the existing PoS and zkEVM chains during the upgrade.
Secondly, PIP-17 contains the technical description of the new POL token, which is intended to replace the current MATIC token. MATIC holders can upgrade their coins 1:1 to the new POL tokens. POL tokens can be staked on multiple chains within the ecosystem. Polygon Labs describes POL as “3. Generation of”. indigenous Asset – a hyper-productive token.”
Third, PIP-19 calls for an upgrade from MATIC to POL as the native gas token on the PoS chain without changing the smart contracts on the chain. The goal is to ensure that the code properties of the updated POL token remain the same.