Polygon developers have submitted 3 Improvement Proposals (PIPs) to build Polygon 2.0, the new version of the blockchain focused on unlocking the value layer of the Internet.
Three months after first unveiling Polygon 2.0, developers at Polygon Labs have released three Polygon Improvement Proposals (PIPs) to advance the construction of the new blockchain.
This new set of PIPs contains technical details and outlines the specific changes that will be implemented in the protocol to kick off Phase 0 of Polygon 2.0.
The improvement proposals presented by the Polygon team will be considered by the crypto community and, if approved, will begin to be implemented in the fourth quarter of this year.
On social network X, Polygon co-founder Sandeep Nailwal invited the community to the feedback and decision-making, in order to build together “this new chapter in Polygon’s history.”
Polygon 2.0 implementation begins
Polygon 0 Phase 2.0 includes four major upgrades to the protocol, the Polygon Labs team noted. The first of these upgrades is the Restructuring of MATIC token to POL.
As reported by this media, Polygon Labs introduced POL in July of this year as a hyper-productive third-generation token, which will allow its holders to simultaneously become validators in the multiple blockchain networks that make up the Polygon ecosystem.
The second proposed upgrade in the Polygon 2.0 roadmap is to make POL the native utility token of Polygon PoS. Next, the developers indicate the need to implement POL as the governance token of Polygon PoS, which will be the basis for building Polygon 2.0 due to its strength and utility in the ecosystem.
Finally, the fourth update that Polygon Labs developers mention to build Polygon 2.0 is the launch of the staking layer, which will allow POL holders to become validators to support and secure Polygon-based blockchains.
Decentralized governance as a pillar of the new network
Polygon 2.0 is built as a blockchain optimized to unlock and democratize access to the global economy via the Internet.
Polygon developers explained that this new blockchain will function as a network of interconnected L2 chains that will scale Ethereum to the size of the Internet. Polygon 2.0 is based on Zero Knowledge (ZK) technology in order to massively scale Ethereum without fragmenting liquidity or risking the security of the ecosystem.
In late July, Polygon Labs indicated the need to restructure Polygon’s governance model to ensure the open and inclusive spirit of Ethereum on the new blockchain.
Continue reading: zkEVM Validium, Polygon's new L2 secured by ZK technology
