Polygon proposes new changes in upcoming 2.0 upgrade: Details

TL;DR Breakdown

  • Polygon has released three Polygon Improvement Proposals (PIPs) for its upcoming 2.0 upgrade, which aims to create a more scalable and interconnected Layer 2 ecosystem.
  • One of the key proposals includes the introduction of a new token, POL, to replace the existing MATIC token for gas and staking, despite MATIC’s previous classification as a security by the SEC.
  • The final implementation of these proposals is subject to community feedback and a governance vote, with the full upgrade expected to be completed next year.

Description

Polygon, the Ethereum scaling solution, has released a trio of Polygon Improvement Proposals (PIPs) for its forthcoming 2.0 upgrade. The upgrade aims to create a network of interconnected Layer 2 chains, leveraging zero-knowledge proofs. The proposals, which are now open for community feedback, could redefine the platform’s architecture and even its native token. The first … Read more

Polygon, the Ethereum scaling solution, has released a trio of Polygon Improvement Proposals (PIPs) for its forthcoming 2.0 upgrade. The upgrade aims to create a network of interconnected Layer 2 chains, leveraging zero-knowledge proofs. The proposals, which are now open for community feedback, could redefine the platform’s architecture and even its native token.

The first proposal, known as PIP-17, focuses on ensuring a seamless transition for both developers and end-users during the upgrade. It aims to make sure that existing chains like Polygon PoS and Polygon zkEVM remain unaffected. 

The second proposal, PIP-18, introduces a new token, dubbed POL, intended to replace the current MATIC token for gas and staking within the Polygon ecosystem. The third proposal, PIP-19, outlines the process of transitioning from MATIC to POL, ensuring maximum backward compatibility for existing smart contracts on the Polygon PoS chain.

What lies ahead for Polygon

The introduction of a new token, POL, is particularly noteworthy. This proposed change comes despite the U.S. Securities and Exchange Commission’s (SEC) previous classification of MATIC as a security, leading to a 40% drop in value. However, Polygon has clarified that the introduction of POL is not a reaction to the SEC’s decision but rather a strategic move to enhance the platform’s capabilities. The new token aims to be “hyperproductive,” enabling holders to become validators through a simple smart contract upgrade.

The final implementation of these proposals is subject to community feedback and governance vote, with the full upgrade expected to roll out next year. The proposals signify Polygon’s commitment to evolving its platform and adapting to the needs of its growing user base. Moreover, the upgrade is expected to potentially set a precedent for how blockchain platforms handle scalability and tokenomics, especially in a regulatory environment that remains uncertain.

Polygon’s newly released proposals for its 2.0 upgrade could bring transformative changes to its architecture and token structure. While the community’s feedback and a governance vote will ultimately determine the fate of these proposals, they represent a bold step forward in Polygon’s quest to become a more scalable and efficient blockchain platform.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

文章来源于互联网:Polygon proposes new changes in upcoming 2.0 upgrade: Details

Disclaimers:

1. You are solely responsible for your investment decisions and this info is not liable for any losses you may incur.

2. The copyright of this article belongs to the writer, it represents the writer's opinions only, not represents the site's ones. Not financial advice.

Previous 2023年9月15日 06:48
Next 2023年9月15日 08:05

Related articles

  • Worldcoin Protocol Successfully Passes Security Audits by Nethermind and Least Authority

    TL;DR Breakdown Worldcoin, a blockchain-based protocol, has successfully passed two separate security audits conducted by Nethermind and Least Authority. The audits began in April 2023 and covered various aspects of the Worldcoin protocol, including its cryptographic constructs, smart contracts, and resistance to potential attacks. Description Worldcoin, a blockchain-based protocol, has recently undergone two separate security audits conducted by renowned audit firms Nethermind and Least Authority. The audits began in April 2023 and focused on various aspects of the Worldcoin protocol, including its cryptographic constructs, smart contracts, and resistance to potential attacks. The results of these audits have now been made … Read more Worldcoin, a blockchain-based protocol, has recently undergone two separate security audits conducted by renowned audit firms Nethermind and Least Authority. The audits began in April 2023 and focused on various aspects of the Worldcoin protocol, including its cryptographic constructs, smart contracts, and resistance to potential attacks. The results of these audits have now been made public, demonstrating Worldcoin’s commitment to transparency and security. Worldcoin’s protocol, which includes both off-chain and on-chain components, is based on Semaphore from…

    Article 2023年7月29日
  • Genesis strikes back, accuses DCG of massive debt dodge

    TL;DR Breakdown Genesis Global Capital has initiated legal proceedings against Digital Currency Group (DCG), alleging that DCG has failed to repay several loans amounting to hundreds of millions of dollars. DCG has responded to these allegations by stating that they are working to document a forbearance agreement reached in principle between DCG, the UCC (Unsecured Creditors Committee), and Genesis. Description Genesis Global Capital has initiated legal proceedings against Digital Currency Group (DCG), alleging that DCG has failed to repay several loans amounting to hundreds of millions of dollars, all of which were due in May. According to Genesis’s legal representatives, the genesis of this financial dispute dates back to 2019 when both Genesis and DCG … Read more Genesis Global Capital has initiated legal proceedings against Digital Currency Group (DCG), alleging that DCG has failed to repay several loans amounting to hundreds of millions of dollars, all of which were due in May. According to Genesis’s legal representatives, the genesis of this financial dispute dates back to 2019 when both Genesis and DCG entered into a “master loan agreement.” This…

    Article 2023年9月7日
  • The European economy is in a lot of trouble – What’s ECB doing?

    Description As Europe stumbles through a period of economic turbulence, all eyes are firmly planted on the European Central Bank (ECB), the watchdog tasked with stabilizing the continent’s economic heartbeat. Remarkably, the ECB has cranked up interest rates to a record high last seen in 2001, marking its ninth straight increase. A move echoing the US … Read more As Europe stumbles through a period of economic turbulence, all eyes are firmly planted on the European Central Bank (ECB), the watchdog tasked with stabilizing the continent’s economic heartbeat. Remarkably, the ECB has cranked up interest rates to a record high last seen in 2001, marking its ninth straight increase. A move echoing the US Federal Reserve, which boosted rates by the same margin, is nothing short of controversial. ECB: Making waves amid stormy seas Following the tide set by its transatlantic counterpart, the ECB pushed its fundamental deposit rate up by 0.25 percentage points, bringing it to a cool 3.75%. Two decades ago, it embarked on a similar path, intending to inflate the fledgling euro’s worth. However, the times have…

    Article 2023年7月28日
  • Coinbase eyes overseas markets amid U.S. regulatory uncertainty

    TL;DR Breakdown Brian Armstrong, Coinbase CEO, discussed the company’s global expansion plans, highlighting 83% of G-20 nations. Armstrong remains optimistic about the U.S. regulatory landscape. On Bitcoin ETFs, Armstrong disclosed that Coinbase is listed as the custodian in several applications. Description Coinbase CEO Brian Armstrong recently joined CNBC’s Power Lunch to discuss the company’s global ambitions. Armstrong highlighted that 83% of G-20 nations adopt or craft cryptocurrency laws. He cited Coinbase’s recent forays into Canada and the launch of an international derivatives exchange as evidence of the company’s commitment to overseas markets. In the face of … Read more Coinbase CEO Brian Armstrong recently joined CNBC’s Power Lunch to discuss the company’s global ambitions. Armstrong highlighted that 83% of G-20 nations adopt or craft cryptocurrency laws. He cited Coinbase’s recent forays into Canada and the launch of an international derivatives exchange as evidence of the company’s commitment to overseas markets. In the face of regulatory hurdles in the U.S., Armstrong remains optimistic. “America is going to get this right,” he assured. He noted that Congress is actively reviewing major crypto…

    Article 2023年9月10日
  • Binance Paris chief dismissed concerns about regulatory charges days before raid by French authorities

    TL;DR Breakdown Binance France’s top executive, David Prinçay, downplayed concerns about regulatory charges just days before French police visited the company’s office. French prosecutors have opened a probe into alleged aggravated money laundering and operating an unauthorized exchange by Binance. Prinçay dismissed the charges brought by U.S. regulators, emphasizing the separation of Binance.US assets from the international exchange and expressing confidence in European regulatory oversight. Description French authorities launched a probe into crypto exchange Binance for “aggravated money laundering” and operating an unauthorized exchange. Just days before the French authorities raid Binance‘s Paris office, the exchange’s top executive in France, David Prinçay, dismissed concerns about regulatory charges from the US, comparing them to the flapping of a butterfly’s wings. When asked … Read more French authorities launched a probe into crypto exchange Binance for “aggravated money laundering” and operating an unauthorized exchange. Just days before the French authorities raid Binance‘s Paris office, the exchange’s top executive in France, David Prinçay, dismissed concerns about regulatory charges from the US, comparing them to the flapping of a butterfly’s wings. When asked by…

    Article 2023年6月20日
TOP