• Wed. Feb 28th, 2024

MATIC Takes Significant Step To Improve Polygon 2.0

Maria Bartiromo

ByMaria Bartiromo

Oct 26, 2023

With the introduction of POL, Polygon, the popular Ethereum scaling solution, has greatly advanced toward Polygon 2.0. This debut is seen to represent a significant advancement. Polygon cofounder Mihailo Bjelic, in his recent post on his official X handle, said that it is only the first in a succession of enhancements that will determine the platform’s destiny.

It was gathered that the next phase of Polygon 2.0 development is made possible by introducing POL (Proof of Liquidity). Introducing a new staking layer, which will enable Polygon Layer 2 solutions, is one of the significant improvements. This change is expected to make the network more efficient and scalable, allowing users to transact more quickly and affordably.

Polygon also intends to replace its Proof-of-Stake (PoS) consensus method with zk-rollup, a layer two scaling approach that provides more scalability and anonymity. Bjelic also revealed that this update will make their platform more entrenched as the industry leader in decentralized apps (dApps) and smart contract solutions.

Polygon Team Works Innovative Expansion Technology, Blockchain Community Shows Concern

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The Polygon team also develops a cutting-edge infrastructure to facilitate the platform’s expansion and uptake. In his X post, the Polygon co-founder believes the upcoming year will see significant advancements made to the Polygon protocols, with POL as the basis. Polygon says they are giving developers and consumers a smooth and practical experience by resolving Ethereum’s scaling issues.

However, the blockchain community has taken notice of and shown support for Polygon’s dedication to innovation and ongoing development. The launch of POL and the ensuing improvements slated for Polygon 2.0 show the team’s commitment to expanding the potential domicile in the blockchain technology sector.

The report also claimed that the said Polygon’s PoS network needs the execution of the Polygon 2.0 Phase 0, which is expected to be based on PIP-18. PIP-25 is also said to be working on a method that ensures all the formerly burned MATIC is 1:1 with POL, maintaining its consistency in the proposed mechanism.

PIP-24, PIP-17, PIP-25, EIP-1559, Other  POL upgrade Explained

An official statement published on Polygon’s blog on October 4th says that there has been a change in the  EIP-1559 Policy – and extra (Personal Independence Payment (PIP): PIP-24 and PIP-25 will be added to its platform. This is an addition to the previously released PIPs like 17, 18, and 19 launched in mid-September.

Investigation shows that the company will start with the PIP-17 upgrade and the Proof Of Liquidity (POL) that should be used as part of Polygon PoS gas and staking token;  this will be obtained from the PIP-19 outline.

An analytical report from the Crypto News platform says that PIP-24 has stipulated that the update will happen on the EIP-1559 burn system and will involve some changes to the burns recipient address, on the Polygon Prove of Stake (PoS) network.

While explaining the workings, a published article on the Crypto News platform says that the EIP-1559 is a mechanism the Polygon PoS network uses to burn MATIC – it is gotten from the base fee raised from the payments by Polygon network users. It was also obtained that more than 20 million units of native MATIC tokens have been burned so far from January 2022, the day the latest update happened on Polygon PoS.

Maria Bartiromo

Maria Bartiromo

Maria Bartiromo is a renowned news writer and journalist, celebrated for her insightful reporting and authoritative voice. With a career spanning years, she has established herself as a trusted source of accurate and comprehensive news analysis, keeping readers informed on vital global developments.

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