Polygon Labs, the company responsible for Ethereum’s scaling solution Polygon (MATIC), has announced that its founders and researchers have submitted a white paper proposing changes to the platform’s native token.
The technical proposal aims to enhance and rename the MATIC token as POL, as the network transitions to Polygon 2.0, which is designed to make the blockchain the “value layer of the internet”.
“Today, the next technical proposal of Polygon 2.0 is unveiled:
POL, the upgraded token of the Polygon protocol!
POL is the next generation native token, designed to secure, align and grow the Polygon ecosystem.”
POL and MATIC will not co-exist once the proposed technical upgrade gets approved and pushes through.
“If the community reaches consensus to adopt it, MATIC holders will have their tokens upgraded to POL in 1:1 ratio. There will never be two native tokens.”
According to the blockchain developer, the network’s growth can be significantly boosted by the upgraded token. Polygon has stated that POL is comparable to other productive tokens, but it will introduce two groundbreaking enhancements.
“POL is the 3rd generation of native assets – a hyperproductive token.
Holders can become validators and receive rewards, but with two major improvements:
Validators can validate MULTIPLE CHAINS
Chain can offer MULTIPLE ROLES (and corresponding rewards) to validators.”
Bitcoin latest news
JPMorgan just said that the upcoming BTC halving will be a stress test for miners. Check out the latest reports below.
The upcoming Bitcoin halving event will form a crucial test for miners as they navigate reduced rewards and increased production costs, according to JPMorgan.
“Miners with lower electricity costs would find it easier to cope after the halving event, while miners with higher electricity costs could struggle post halving event,” JPMorgan strategists led by Nikolaos Panigirtzoglou wrote in a report on Thursday. Put simply, the halving event will determine miners’ ability to adapt and remain profitable in a changing environment.
Every four years, the Bitcoin halving event takes place. This event cuts the reward for mining new Bitcoin blocks in half, which results in a slower rate of new Bitcoins being created.
