The Polygon project team has proposed changes for the upcoming major update, which are aimed at creating a comprehensive ecosystem of interconnected L2 networks and launching a new POL coin instead of the MATIC utility token.
The developers presented three P.I.P.. They describe the technical details of “Phase 0” for the transition to Polygon 2.0.
PIP-17 involves the launch of POL with a Proof-of-Stake consensus mechanism.
“POL is a next-generation token capable of accommodating an ecosystem of layer-2 networks based on zero-knowledge proofs, enabling staking, ownership and community governance,” Polygon said in a statement.
PIP-18 includes a technical description of the POL as well as accompanying contracts that will handle issuance and migration. MATIC can be converted at a 1:1 ratio into a new coin.
The initial supply of the asset will be 10 billion, increasing by 2% every year.
The latest PIP-19 proposes the use of POL as a “gas” token, while ensuring maximum backward compatibility.
According to the developers, staking in the protocol will be implemented on a separate layer.
Voting on the initiative is scheduled for the end of the fourth quarter of 2023.
The idea of launching a new coin was first proposed to Polygon in mid-July. The main goal of the update is to ensure scalability of the ecosystem without compromising security.
Let’s remember that at the end of June Polygon Labs revealed the proposed architecture of Polygon 2.0.
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