Polygon Releases 2.0 Upgrade Proposals

Reading Time: 2 minutes
  • Polygon’s creator Polygon Labs has released improvement proposals that’ll kick-start the network’s transition to Polygon 2.0
  • The proposals include technical details of how to change the platform’s native token from MATIC to POL
  • Polygon 2.0 is part of the platform’s mission to become the value layer of the internet 

Polygon Labs has outlined three improvement proposals aiming to start Polygon’s transition to become the value layer of the internet. One of the proposals contains technical details of how the Ethereum scaling layer will smoothly ditch its native token MATIC and embrace a new token known as POL. The proposals are set for community discussion with voting scheduled for later this year, although they’re likely to receive a positive response from the community.

Web3 Needs Infinite Scalability to Match Web2

According to Polygon Labs, the Polygon Improvement Proposals (PIPs) revolve around powering Polygon 2.0’s “phase 0” which allows for a POL-powered ecosystem including a staking option. The project’s creator disclosed that activities in phase zero won’t affect end users.

The platform’s co-founder Sandeep Nailwal recently said that web3 platforms need to have infinite scalability to be able to mimic what’s currently offered by web2. Nailwal intends to make this happen by using zero-knowledge (ZK) technology. 

He added that the technology is capable of powering an interconnected decentralized world that supports the transfer of value between blockchains at a high speed. According to the polygon executive, the ZK technology can lower cross-chain transaction times to below five seconds.

Polygon or Optimism?

The improvement proposals come roughly two months after Polygon revealed plans to change its base token to POL, which it considers to be a “next-generation token.” Polygon and Optimism are pushing to outdo each other as the go-to Ethereum scaling layer with both attracting a considerable following in the blockchain world.

With most Polygon supporters excited about the idea of upgrading the platform, the proposals are likely to pass during the first round of voting making Polygon 2.0 a reality.