Unveiling Polygon 2.0
In a determined step towards creating an interconnected layer-2 Ethereum ecosystem powered by zero-knowledge cryptography, Polygon Labs has introduced three preliminary improvement proposals. These proposals are set to pave the way for the anticipated Polygon 2.0 transition.
A Four-Layer Ecosystem
Unveiled in June 2023, the Polygon 2.0 blueprint envisages a quadrilateral protocol environment constituting of staking, interop, execution, and proving layers. This ambitious setup aims to foster fast value transfer and facilitate seamless information sharing across chains.
Polygon’s co-founder, Sandeep Nailwal, elucidated the aspiration of establishing an internet value layer fortified with zero-knowledge (ZK) technology, which promises a high-throughput performance at low fees to the broader Ethereum ecosystem.
Polygon Improvement Proposals (PIPs)
On September 14, Polygon released three PIPs for community deliberation and voting, with the final say expected in the last quarter of 2023. These proposals detail the technical aspects pertaining to the initiation of “Phase 0” — an inaugural phase spearheading the creation of ZK-powered layer-2 chains aimed at scaling Ethereum.
- PIP-17: This pivotal proposal delineates the MATIC to POL conversion procedure, including the transition of POL to become the native gas and staking token in the Polygon ecosystem. It further highlights the onset of the staking layer and the migration of Polygon public chains.
- PIP-18: Details the technical nuances of POL tokens and the underlying contracts that would govern the emission and token migrations. It emphasizes a one-to-one MATIC to POL token migration ratio, with an inaugural supply pegged at 10 billion and a consistent annual emission rate of 2%.
- PIP-19: Focuses on updating the native gas token on Polygon PoS from MATIC to POL, ensuring a seamless transition with maximum backward compatibility.
Implications of the Transition
While PIP-19 guarantees unchanged contracts on Polygon PoS, it forewarns a potential impact on Ethereum contracts that are dependent on MATIC from the native MATIC bridge due to the upgrade.
The transition marks a monumental shift in the Polygon ecosystem, setting the stage for an interoperable, efficient, and robust network, steering the blockchain space to unprecedented heights.
Looking Ahead
As Polygon embarks on this groundbreaking journey, it stands on the cusp of revolutionizing the Ethereum layer-2 landscape, turning its visionary Polygon 2.0 blueprint into reality. The crypto community watches with bated breath as Polygon prepares to become a powerhouse in the Ethereum ecosystem, fostering innovation, and ushering in a new era of blockchain technology.
