Polygon refined with Polygon 2.0 with the goal of powering endless scalability!!
I heard that change is the only constant and I see that this is true in the world of Blockchain. For instance, Polygon Blockchain is metamorphosing into a completely different Network. Only a few months ago, Zero Knowledge proof technology and Roll ups was completely new, but now that technology is defining the future of Polygon.
Now, Polygon is transforming into a Network of integrated L2 chains that are powered by zk technology. Welcome to this new version of Polygon, the Polygon 2.0!!
Read my article explaining how Zero Knowledge technology works to scale Ethereum here -:
Deciphering how zkEVMs make Ethereum more scalable employing ZK proofs & Rollups
Polygon 2.0, stays true to its original vision of scaling Ethereum, only that it’s now equipped to scale Ethereum to infinity. Yeah, imagine that!!!
Polygon 2.0 will be capable of offering unified Blockspace throughout the spread of interconnected zk-powered L2 chains powered by it. The entire blockchain space of Polygon 2.0 will have seamless interoperability and as explained endless scalability.
(Ah!! Like the vast universe itself, this Polygon 2.0 aims to be!! Reminds me of Beatles song across the universe… yawns, want song break anyone?, there is also a song called Endless love, hmmm)
So, Boom!!! Endless scalability, scaling to the level of the internet. Polygon 2.0, is on the quest to create the value layer of the internet!!
The exciting news is – Polygon 2.0, Phase 0 launch is coming up very soon!!
So, let’s see what are the notable changes that are going to take place now.
Even though, Polygon 2.0 is a big shift from Polygon 1.0, the upgrades will not require existing users and developers of Polygon POS & other EMV chains to do anything from their side. So, there will be no change in the end user and developer experience for them.
These upgrades mainly aim to modify the Polygon 1.0 system smart contracts that are managed on Ethereum Network.
So, ready to dive in and get a glimpse of the main components of Polygon 2.0 ??... Here we go!!
Bye bye, Matic and hello POL!!
Polygon Blockchain, I remember was called Matic initially and it rebranded to Polygon, now Polygon 2.0 will be powered by POL tokens, Matic holders will now be POL holders.
So, your Matic tokens, will automatically become POL tokens. This further implies that Polygon 2.0 will be powered by staking of POL tokens and Network gas fees will obviously be paid using POL tokens now.
(All this is obvious enough, which reminds me of Sherlock Holmes statement “it’s elementary my dear Watson”, ha, ha!!)
Still, it’s worthwhile to understand what would be done to make POL tokens the native token of Polygon 2.0 Network.
Creation of POL tokens, requires a technical upgrade to MATIC.
POL as the new gas token will require a upgrade to the Plasma Bridge where the Matic withdrawal logic will be changed to output just POL.
Also comprehend this that POL token would power the functioning of the entire Network of ZK-powered L2 chains in the Polygon 2.0, that’s mighty big!!
All that happens as POL is the Native token for all these ZK-powered L2 chains that will be used for staking (that secures the Network), besides being the Governance token for these network of ZK powered L2 chains. POL is also an ownership token for POL community.
Brand new Staking framework that expands the scope of validators to service multiple chains of the Polygon 2.0 Ecosystem
All this was easy to digest, but there’s more!!
There is going to be changes in the staking framework with the creation of a Staking Layer.
Staking Layer as the name gives away would comprise of a group of smart contracts that hold validators’ staked POL tokens. The staking layer allows validators to make use of their stake in providing various types of services to chains all throughout the Polygon 2.0 ecosystem like - Validation, Sequencing, Proving, and Data Availability services.
So, you can immediately see that the new staking framework allows validators to earn more rewards offering various kinds of services to other chains, rather than just securing one chain.
Wow for the validators of Polygon 2.0 Network!! Now, they have a lot more opportunities to earn rewards!!
Polygon Pos staking and validation services will migrate and operate from the Staking Layer
Subsequently, validator rewards would migrate from the legacy Polygon POS staking contract to the launched PoS staking Layer service!!
All upgrades to take place on Polygon are outlined in PIPs which is now open to community feedback
As mentioned, modifications have to be made on the Polygon system smart contracts on Ethereum Network to make it compatible with Polygon 2.0 system.
All this would be done systematically according to proposed roadmap.
Polygon 2.0 requires major upgrades of the Polygon POS Network with significant technical modifications. Several new system components are to be integrated to bring out the full functionality of the Polygon 2.0 Network.
Each of the changes would be introduced only after intensive testing, auditing and public scrutiny keeping in mind risks involved that could compromise the emerging Network.
Most importantly, these changes are outlined in PIPs, or Polygon Improvement Proposals, which the Polygon community are encouraged to go through and provide their feedback, also becoming part of the decision making process.
These changes will be introduced incrementally only after the endorsement from the Polygon community through feedback and Governance votes. We can expect these changes to start getting initiated from Q4 of the year itself.
More details about the PIPs in this Blog post -:
https://polygon.technology/blog/polygon-2-0-implementation-officially-begins-the-first-set-of-pips-polygon-improvement-proposals-released
Thankyou for reading!!