Polygon 2.0 — MATIC conversion to POL outlined in preliminary improvement proposals
Polygon Labs vision of an interconnected layer-2 Ethereum ecosystem powered by zero-knowledge cryptography starts in earnest following 3 inaugural improvement proposals that will begin the shift to Polygon 2.0. The scaling innovation firm unveiled Polygon 2.0 in June 2023, describing prepare for a scaling environment made up of 4 protocol layers. The staking, interop, execution and proving layers all play a function in developing an interconnected ecosystem of chains that allow quick value transfer and details sharing.1/ The wait is over. Polygon 2.0 implementation begins now with the release of 3 Polygon Improvement Proposals (PIPs), and a roadmap for Phase 0. https://t.co/gk7FW0zCpc pic.twitter.com/YJo3BtQy4y— Polygon (Labs) (@ 0xPolygonLabs) September 14, 2023
Polygon co-founder Sandeep Nailwal just recently unpacked how the environment aims to become the value layer of the internet by utilizing zero-knowledge (ZK) innovation to supply low-fee, high-throughput performance to the broader Ethereum ecosystem.Polygon released three Polygon Improvement Proposals (PIPs) on Sept. 14 for community consideration and ballot that are earmarked to start taking location in the last quarter of 2023. Related: Polygons holy grail Ethereum-scaling zkEVM beta hits mainnetThe PIPs outline technical details for “Phase 0” of the facility of a network of interconnected ZK-powered layer-2 chains that scale Ethereum. This consists of a proposal for the shift and requirements that will see MATIC (MATIC) tokens end up being POL tokens, which will end up being the Polygon proof-of-stake (PoS) protocols native token.PIP-17 will consist of the initiation of the upgrade from MATIC to POL. This includes its shift to POL as the native gas token and staking token for the Polygon community, along with the launch of the staking layer and migration of Polygon public chains.PIP-18 includes the technical description of POL tokens along with accompanying agreements that will handle emission and token migrations. POL tokens can be moved at a 1:1 ratio from existing MATIC tokens. The PIP notes an initial supply of 10 billion and a yearly emission of 2% similarly distributed in between validator staking rewards and a community treasury.Lastly, PIP-19 proposes the update of the native gas token on Polygon PoS from MATIC to POL while guaranteeing maximum backwards compatibility.Polygons statement keeps in mind that PIP-19 will not alter agreements on Polygon PoS, while the residential or commercial properties of the procedures native token will not alter either. Agreements on Ethereum that are awaiting MATIC from the native MATIC bridge may be impacted by the upgrade.Magazine: Heres how Ethereums ZK-rollups can end up being interoperable