Polygon 2.0 enters a new phase with the launch of its token, POL on the Goerli testnet. This marks a crucial step in the platform’s evolution. Additionally, Polygon has revealed the first steps of its new governance proposal for Polygon 2.0, which is set to transform the ecosystem.
Polygon is a Layer 2 scaling solution for Ethereum that aims to create a multi-chain blockchain system compatible with Ethereum.
Polygon addresses the challenges of the Ethereum network by handling transactions on a separate blockchain, lowering the load on Ethereum and speeds up transactions at lesser cost.
From Polygon to Polygon 2.0
Recently, it started undergoing a series of upgrades captured as Polygon 2.0. Polygon said that this is aimed at building the Value Layer of the Internet.
It is a network of ZK-powered L2 chains, unified via a novel cross-chain coordination protocol.
The upgrade includes a redesigned Polygon protocol architecture, a new token called POL, and a proposed framework for the decentralized governance of Polygon 2.0.
Polygon 2.0 is expected to offer unlimited scalability and unified liquidity via ZK technology.
Goerli is a cross-client proof-of-authority testing network for Ethereum. It is a testnet for Ethereum smart contract development, mirroring qmainnet features in a safe environment for development and testing.
Next phase of Polygon
According to Polygon, the deployment of POL contracts on the Goerli testnet is a testament to community consensus and a pivotal move towards realizing the Polygon 2.0 vision.
This upgrade, set to commence this quarter, will reimagine various facets of the Polygon ecosystem, aligning it with the goal of Ethereum scaling.
While there are already existing let proposals such as PIP-17, which outlines POL and its associated contracts responsible for emission and token migration; and PIP-19, which advocates for the adoption of POL as the Polygon PoS native gas token and its role as the staking token, as defined in PIP-19, the Polygon community has added PIP-24, for change in token burn system, to the list.
Concerns for developers and users
Responding to concerns by developers and users, Polygon said that the testnet release adheres to standard security practices, and the newly introduced PIPs are open for community feedback.
Node operators, stakers, and developers do not need to take immediate actions. Nonetheless, Polygon invites all community members to actively participate in various activities, including monitoring GitHub and the forum for updates on node software versions, interacting with POL integrations on the testnet, examining the PIPs, offering feedback on proposed modifications, and evaluating their impact on smart contracts.
