The Polygon project team proposed changes for the upcoming major update aimed at creating a comprehensive ecosystem of interconnected L2-networks and launching a new POL coin instead of utility-token MATIC.
The developers presented three PIP. They describe the technical details of Phase 0 of the transition to Polygon 2.0.
PIP-17 envisions launching POL with a Proof-of-Stake consensus mechanism.
«POL is a next-generation token capable of hosting an ecosystem of second-layer networks based on zero-knowledge proofs, enabling staking, ownership and governance by the community», according to a Polygon statement.
PIP-18 includes the technical description of POL, as well as the associated contracts that will handle issuance and migration. MATIC can be converted 1:1 into the new coin.
The initial supply will be 10 billion, increasing by 2% per year.
The final PIP-19 envisions using 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 planned for the end of Q4 2023.
The idea of launching a new coin in Polygon was first proposed in mid-July. The main goal of the upgrade is to ensure the ecosystem’s scalability without compromising security.
Earlier in June, Polygon Labs revealed the proposed Polygon 2.0 architecture.