The Polygon Ecosystem Set to Undergo Transformation with Polygon 2.0
The Polygon ecosystem is undergoing a significant transformation with the introduction of Polygon 2.0. This new roadmap aims to create a network of zero knowledge-powered Layer-2 chains that can scale the Ethereum network infinitely. To gather feedback from the community, Polygon Labs has released the first set of Polygon Improvement Proposals (PIPs).
Polygon Improvement Proposals for Phase 0
Polygon Labs recently published proposals for Phase 0 of the Polygon 2.0 roadmap. These proposals focus on upgrading MATIC, the native token of the Polygon Proof-of-Stake (PoS) chain, to POL, which will serve the entire ecosystem. The first proposal, PIP-17, outlines the procedure for the token upgrade and provides details about POL’s contracts and configurations.
The second proposal, PIP-19, calls for implementing POL as the native token of the PoS chain by upgrading the PoS Plasma Bridge Contract. This upgrade will convert MATIC in the bridge to POL and fulfill withdrawal requests with POL. However, PIP-19 ensures backward compatibility by not changing contracts on the Polygon PoS chain.
POL Token and Shared Validator Pool
POL is designed to fuel the proposed shared validator pool in the Polygon ecosystem. Token holders can validate transactions across multiple ZK-powered Layer 2 chains and earn rewards from these chains. Unlike MATIC, which has a capped supply, POL’s supply will increase by 2% annually to accommodate future expansion.
Other Changes in Polygon 2.0
Aside from upgrading MATIC to POL, Polygon Labs plans to transition the PoS chain to a Layer 2 zkEVM validium chain as part of the Polygon 2.0 roadmap. The network also proposes critical governance changes. The recent release of the Chain Development Kit (CDK) by Polygon Labs is facilitating the growth of the ecosystem. The CDK allows developers to launch a zkEVM Layer 2 chain in just ten minutes.
Polygon’s Vision for the Future
The Polygon 2.0 vision aims to create a seamless experience for users within the ecosystem and compete with other scaling solutions. Phase 0 marks the beginning of Polygon’s journey towards this ZK-powered future.
Hot Take: Polygon 2.0 Revolutionizes Scaling on Ethereum
The introduction of Polygon 2.0 and its zero knowledge-powered Layer-2 chains represents a significant step forward in scaling solutions for the Ethereum network. By upgrading MATIC to POL and implementing a shared validator pool, Polygon aims to create an ecosystem where transactions can be validated across multiple chains, while also providing rewards for token holders. The transition to a zkEVM validium chain and proposed governance changes further enhance the ecosystem’s capabilities. With the release of the Chain Development Kit, Polygon Labs is empowering developers to participate in this transformative vision. Overall, Polygon 2.0 positions itself as a strong contender in the race towards multichain futures.
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