Polygon's Move From MATIC to POL
The initial enhancement suggestions detail the transition from MATIC token to POL token and a Zero-Knowledge Ethereum 2.0 Vision
Polygon Labs has set its sights on a groundbreaking venture within the realm of an interconnected layer-2 Ethereum ecosystem, driven by the prowess of zero-knowledge cryptography.
Polygon 2.0: A ZK Revolution
This ambitious endeavor is now being set into motion with the introduction of three foundational improvement proposals that mark the inception of Polygon 2.0. In the grand revelation of June 2023, Polygon 2.0 emerged as a comprehensive blueprint for a scaling ecosystem comprising four distinct protocol layers: staking, interop, execution, and proving. Each layer assumes a pivotal role in the creation of an intricately woven ecosystem of chains, facilitating rapid value transfer and seamless information dissemination.
Sandeep Nailwal, co-founder of Polygon, recently delved into the core principles underpinning this ecosystem's aspiration to serve as the bedrock of the internet's value layer. Zero-knowledge (ZK) technology is the linchpin, promising not only cost-effective solutions but also unparalleled throughput capabilities to bolster the broader Ethereum ecosystem. Polyon, in its fervor to realize this vision, put forth three Polygon Improvement Proposals (PIPs) on September 14, ushering them into the community's domain for evaluation and democratic decision-making.
These proposals are slated to commence implementation in the final quarter of 2023. The PIPs meticulously outline the technical intricacies of "Phase 0" that lays the foundation for a network of interconnected ZK-powered layer-2 chains, fortifying Ethereum's scalability. Central to this phase is a proposal heralding the transition and specification changes that will metamorphose MATIC tokens into POL tokens, ultimately evolving into the native token of the Polygon proof-of-stake (PoS) protocol.
Polygon's Key Proposals: Enhancing Ecosystem
First among these proposals, PIP-17 is the harbinger of the MATIC to POL migration, encompassing the shift to POL as the primary gas and staking token for the Polygon ecosystem. It also heralds the inauguration of the staking layer and the migration of Polygon's public chains. PIP-18 complements this by elucidating the technical intricacies of POL tokens and their associated contracts, meticulously handling emission and token migration.
Importantly, it stipulates a 1:1 migration ratio from existing MATIC tokens and specifies an initial supply of 10 billion POL tokens with a yearly emission rate of 2%. This emission is evenly distributed between validator staking rewards and a community treasury.
Lastly, PIP-19 is a proposal that endeavors to update the native gas token on Polygon PoS from MATIC to POL while preserving maximum compatibility with existing contracts. It is noteworthy that this proposal does not introduce any alterations to the contracts on Polygon PoS, nor does it tamper with the intrinsic properties of the protocol's native token.
However, it is cautioned that contracts on the Ethereum side that are awaiting MATIC from the native MATIC bridge may be subject to adjustments necessitated by this upgrade. Polygon's proclamation emphasizes that these transformative changes are pivotal steps in realizing their vision of a seamless, interconnected, and highly scalable Ethereum ecosystem, anchored by the prowess of zero-knowledge cryptography.
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