Polygon proposes upgrading MATIC into a multipurpose token for all chains

Ethereum furniture 2 improvement steadfast Polygon projected upgrading its in-house MATIC (MATIC) token into a multipurpose token that tin beryllium utilized to validate aggregate chains.

The connection for MATIC’s method upgrade is taxable to support from the Polygon community. Once approved, MATIC’s upgrade to a multipurpose token volition effect successful its renaming to POL.

According to the announcement shared with Cointelegraph, POL’s inferior volition span each the Polygon protocols, which includes Polygon PoS, zkEVM and Supernets. Sharing details astir the anticipated upgrade, the announcement read:

“Primarily, it enables the excavation of protocol participants, i.e. actors to standard to enactment thousands of Polygon chains without sacrificing security.”

The inferior of POL revolves astir validators, with the extremity of aligning and incentivizing them to execute utile work. If the upgrade connection goes through, the redesigned protocol architecture volition present features specified arsenic infinite scalability and nary friction betwixt immoderate 2 protocols.

Polygon 2.0 consists of 4 protocol layers. Source: Polygon

For validators, POL staking tin unfastened up 3 inducement streams — protocol rewards, transaction fees and further rewards. In summation to validating aggregate chains, validators tin besides execute aggregate roles connected a azygous chain, which includes zero-knowledge impervious procreation and information successful DACs (Data Availability Committees).

Related: Polygon proposes architecture for ‘Polygon 2.0,' including aggregator bridge

In May, Polygon co-founder Sandeep Nailwal said that Web3 gaming volition yet go 1 of the biggest drivers of wide crypto adoption.

Sandeep Nailwal showing grounds to Reddit that the station is genuine. Source: Reddit

When asked astir his instrumentality connected the “real life” usage cases for blockchain different than trading and payments during an AMA, helium sided with the gaming ecosystem:

“There are immoderate apical games launching successful Web3 successful the adjacent 6-18 months and it would beryllium precise absorbing to spot if immoderate of them are capable to ace the crypto code. Last twelvemonth itself determination was $2 billion+ successful backing for Web3 games.”

On an extremity note, Nailwal highlighted the request for a “progressive decentralization of protocols and applications arsenic they execute larger and larger significance.”

Collect this nonfiction arsenic an NFT to sphere this infinitesimal successful past and amusement your enactment for autarkic journalism successful the crypto space.