A Comprehensive Guide to Polygon 2.0: Understanding 3 PIPs and Phase 0

A Comprehensive Guide to Polygon 2.0: Understanding 3 PIPs and Phase 0

Polygon 2.0 Unveils Roadmap for an Interconnected Ethereum (ETH) Ecosystem

Polygon is making whole lot of strides towards creating a connected layer-2 Ethereum (ETH) ecological system using zero-knowledge technology with the release of its Polygon 2.0 roadmap. Polygon Labs, the organization behind this growing solution, has introduced 3 Polygon Improvement Proposals (PIPs) to kickstart the implementation process. Nonetheless, community endorsement is critical for these proposals, and if received, implementation will begin as early as Q4 of this year.

The Proposals for Polygon 2.0

In a blog  post, Polygon Labs outlined the 3 PIPs that form the comprehensive roadmap for Phase 0 of Polygon 2.0. The primary goal is to establish an interconnected network of zero-knowledge-powered layer-2 chains. PIP 17 concentrates on transforming MATIC into the upgraded native token POL, which will be executed in conjunction with accompanying contracts. The proposition likewise includes initial configurations for emission management and token migration.

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PIP 18 proposes critical components such as initiating the POL upgrade, transitioning from MATIC to POL as the native token for Polygon PoS, adopting POL as the staking token, and launching the Staking Layer. This proposition likewise involves migrating Polygon’s public chains to leverage this new layer.

Smooth Transition

PIP 19 intends to upgrade the native gas token on Polygon POS by replacing MATIC with POL while ensuring backward compatibility. This primarily involves upgrading the native MATIC Bridge Contract to facilitate the transition from MATIC to POL as the backed token on Polygon PoS.

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It’s critical to note that this transition won’t be impact existing contracts or functionalities of Polygon PoS’s native token. Nonetheless, contracts on the Ethereum (ETH) side relying on MATIC from the native MATIC Bridge could be influenced. The overall objective is to smoothly shift to POL as the native gas token on Polygon POS while minimizing disruptions.

Hot Take: Polygon 2.0 Paves the Way for an Interconnected Ethereum (ETH) Ecosystem

Polygon’s commitment to building an interconnected layer-2 Ethereum (ETH) ecological system through zero-knowledge technology is evident in the release of its Polygon 2.0 roadmap. With the introduction of 3 Polygon Improvement Proposals, Polygon Labs intends to establish a network of zero-knowledge-powered layer-2 chains that expand Ethereum (ETH) blockspace and create the Value Layer of the Internet. This vision of seamless interoperability and infinite scalability is a whole lot of step towards unlocking the full probable of decentralized applications on the Ethereum (ETH) network.

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