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With a newly redesigned system’s structure, the group behind Polygon is now trying to launch a contemporary new token to christen the improve.
Known as POL, Polygon has dubbed the token a “third technology token” after Bitcoin and Ethereum. When it comes to perform, the brand new Polygon token will let POL holders additionally change into validators throughout the community, permitting them to validate any variety of chains and networks that Polygon is seemingly spawning on daily basis.
Importantly, this token is an improve from the MATIC token, which shall be deprecated as a part of the transfer.
The Polygon group will share extra particulars of the token’s good contracts in a yet-to-be-posted Polygon Enchancment Proposal (PIP).
“The improve from MATIC to POL would require a easy technical motion – sending MATIC to the improve good contract, which is able to routinely return the equal quantity of POL,” Polygon mentioned in an announcement shared with Decrypt. “Token holders could be given ample time to improve, e.g. 4 years or extra. If the group consensus is gathered in assist of this proposal, the migration might begin inside months.”
Polygon is pivoting to change into a form of community of networks constructed to assist scale Ethereum.
The imaginative and prescient, first laid out final month, has been termed Polygon 2.0 and paints an image of a number of Polygon-based chains, bridges, and the combination of privacy-enhancing zero-knowledge (ZK) proofs.
“The imaginative and prescient for Polygon 2.0 is to create the Worth Layer of the Web,” Polygon co-founder Mihailo Bjelic mentioned at the moment. “In the identical approach that the Web permits anybody to create and alternate data, the Worth Layer will permit anybody to create, alternate, and program worth.”
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