The highly-anticipated Polygon 2.0 is officially setting sail, marking a pivotal moment in the blockchain space. Today, the project has released three key Polygon Improvement Proposals (PIPs) and unveiled the roadmap for its initial phase, known as Phase 0.
Earlier this summer, Polygon Labs lifted the curtain on their ambitious roadmap for Polygon 2.0. The project aims to redefine the Ethereum blockspace by transforming it into the “Value Layer of the Internet.” This entails providing virtually limitless scalability and unifying liquidity across the blockchain ecosystem.
1/ The wait is over. Polygon 2.0 implementation kicks off now with the release of 3 Polygon Improvement Proposals (PIPs), and a roadmap for Phase 0.https://t.co/gk7FW0zCpc pic.twitter.com/YJo3BtQy4y
— Polygon (Labs) (@0xPolygonLabs) September 14, 2023
To realize this grand vision, a series of significant upgrades to Polygon’s existing protocol architecture is imperative. Phase 0, announced today, serves as the cornerstone for these enhancements.
Key Upgrades in Phase 0
The inaugural phase is laser-focused on four major upgrades:
- Transition from MATIC to POL: The first step involves migrating from the current MATIC token to a new native token, POL.
- POL as the Gas Token: In a strategic move, POL will replace MATIC as the native gas token for Proof-of-Stake (PoS) transactions.
- POL for Staking: Further solidifying its role, POL will also become the staking token for the PoS mechanism.
- Introduction of the Staking Layer: This new layer will empower validators to secure multiple chains within the Polygon 2.0 ecosystem, thereby enhancing network security and performance.
Implementation of these upgrades is slated to commence as early as the fourth quarter of this year, pending community approval. Importantly, the changes proposed in the first trio of PIPs will have no immediate impact on end-users.
The launch of Phase 0 marks a huge milestone for Polygon 2.0, setting the stage for a future where Ethereum’s blockspace could very well become the backbone of the internet’s value layer. With community endorsement, these upgrades could revolutionize not just Polygon, but the broader blockchain landscape.
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