Polygon proposes upgrading MATIC right into a multipurpose token for all chains


Ethereum layer 2 growth agency Polygon proposed upgrading its in-house MATIC (MATIC) token right into a multipurpose token that can be utilized to validate a number of chains.

The proposal for MATIC’s technical improve is topic to approval from the Polygon group. As soon as permitted, MATIC’s improve to a multipurpose token will end in its renaming to POL.

In keeping with the announcement shared with Cointelegraph, POL’s utility will span all of the Polygon protocols, which incorporates Polygon PoS, zkEVM and Supernets. Sharing particulars concerning the anticipated improve, the announcement learn:

“Primarily, it permits the pool of protocol individuals, i.e. actors to scale to assist hundreds of Polygon chains with out sacrificing safety.”

The utility of POL revolves round validators, with the objective of aligning and incentivizing them to carry out helpful work. If the improve proposal goes by way of, the redesigned protocol structure will introduce options comparable to infinite scalability and no friction between any two protocols.

Polygon 2.0 consists of 4 protocol layers. Supply: Polygon

For validators, POL staking can open up three incentive streams — protocol rewards, transaction charges and extra rewards. Along with validating a number of chains, validators also can carry out a number of roles on a single chain, which incorporates zero-knowledge proof era and participation in DACs (Knowledge Availability Committees).

Associated: Polygon proposes structure for ‘Polygon 2.0,’ together with aggregator bridge

In Could, Polygon co-founder Sandeep Nailwal stated that Web3 gaming will finally grow to be one of many largest drivers of mass crypto adoption.

Sandeep Nailwal displaying proof to Reddit that the put up is real. Supply: Reddit

When requested about his tackle the “actual life” use circumstances for blockchain aside from buying and selling and funds throughout an AMA, he sided with the gaming ecosystem:

“There are some prime video games launching in Web3 within the subsequent 6-18 months and it could be very fascinating to see if a few of them are in a position to crack the crypto code. Final 12 months itself there was $2 billion+ in funding for Web3 video games.”

On an finish be aware, Nailwal highlighted the necessity for a “progressive decentralization of protocols and functions as they obtain bigger and bigger significance.”

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