Polygon Labs’ imaginative and prescient of an interconnected layer-2 Ethereum ecosystem powered by zero-knowledge cryptography begins in earnest following three inaugural enchancment proposals that can start the transition to Polygon 2.0.
The scaling know-how agency unveiled Polygon 2.0 in June 2023, outlining plans for a scaling ecosystem made up of 4 protocol layers. The staking, interop, execution and proving layers all play a task in creating an interconnected ecosystem of chains that allow quick worth switch and data sharing.
1/ The wait is over. Polygon 2.0 implementation kicks off now with the discharge of three Polygon Enchancment Proposals (PIPs), and a roadmap for Section 0.https://t.co/gk7FW0zCpc pic.twitter.com/YJo3BtQy4y
— Polygon (Labs) (@0xPolygonLabs) September 14, 2023
Polygon co-founder Sandeep Nailwal not too long ago unpacked how the ecosystem goals to turn into the worth layer of the web by utilizing zero-knowledge (ZK) know-how to supply low-fee, high-throughput efficiency to the broader Ethereum ecosystem.
Polygon launched three Polygon Enchancment Proposals (PIPs) on Sept. 14 for neighborhood consideration and voting which might be earmarked to start happening within the ultimate quarter of 2023.
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The PIPs define technical particulars for “Section 0” of the institution of a community of interconnected ZK-powered layer-2 chains that scale Ethereum. This features a proposal for the transition and specs that can see MATIC (MATIC) tokens turn into POL tokens, which can turn into the Polygon proof-of-stake (PoS) protocol’s native token.
PIP-17 will embody the initiation of the improve from MATIC to POL. This contains its transition to POL because the native fuel token and staking token for the Polygon ecosystem, in addition to the launch of the staking layer and migration of Polygon public chains.
PIP-18 contains the technical description of POL tokens in addition to accompanying contracts that can deal with emission and token migrations. POL tokens could be migrated at a 1:1 ratio from present MATIC tokens. The PIP notes an preliminary provide of 10 billion and a yearly emission of two% equally distributed between validator staking rewards and a neighborhood treasury.
Lastly, PIP-19 proposes the replace of the native fuel token on Polygon PoS from MATIC to POL whereas making certain most backwards compatibility.
Polygon’s announcement notes that PIP-19 won’t change contracts on Polygon PoS, whereas the properties of the protocol’s native token won’t change both. Nonetheless, contracts on Ethereum which might be awaiting MATIC from the native MATIC bridge could also be affected by the improve.
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