The team behind Ethereum scaling project altcoin Polygon has announced plans for the upcoming Polygon 2.0 upgrade. This major development, introduced in June, aims to establish a robust network of interconnected Layer 2 chains backed by zero-knowledge proofs.
Community feedback and governance approval for the altcoin
Altcoin Polygon Labs today made a move outlining the transition process, providing specifications for the improved Polygon 2.0 architecture. Accordingly, it has taken an important step by publishing three detailed Polygon Improvement Proposals (PIPs) that bring updates to its native token.
Altcoin Polygon Labs is actively seeking feedback from the community regarding these recommendations. Implementation of these upgrades will be subject to approval through a governance vote. Additionally, the final Polygon 2.0 upgrade is on the agenda for next year.
Three basic offers
Three basic proposals are on the agenda. One of them is PIP-17 – Polygon 2.0’s “0. Phase 1: The main goal of this offering is to provide a seamless transition for end users and developers using existing Polygon PoS and Polygon zkEVM chains. It aims to minimize any downtime during the upgrade process. Secondly, there is PIP-18 – Introduction of POL Token. Accordingly, this offering introduces the POL token, which is designed to replace the existing altcoin MATIC token as the native gas and staking asset in the Polygon ecosystem. This change will have significant consequences for the functionality of the platform.
Thirdly, there is PIP-19 – Promotion of Native Gas Token. Accordingly, PIP-19 looks at the transition of the native gas token on Polygon PoS from altcoin MATIC to POL. Importantly, this transition is designed to maintain maximum backward compatibility. The goal is to ensure that the transition to the new POL token does not impact smart contracts on Polygon PoS. Also ensuring compatibility and code specification preservation.
What do the proposals provide?
These offerings represent a significant step in Polygon’s journey to increase its scalability and functionality. Altcoin Polygon enables community participation. It also follows a governance-oriented process. On the other hand, it aims to provide a smooth and optimized experience for its users. More developments will come to the fore as Polygon moves towards its Polygon 2.0 upgrade.
When we look at it as Kriptokoin.com, we see that such updates are important for the projects to stay alive. Receiving approval from the altcoin community also indicates a certain democratic situation. On the other hand, developments in the next phase of the project will also be important. Let’s see what the network will look like with the new token.
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