HomeNewsOnwards and Upwards: Polygon's POL Ignites a New Era for Multi-Chain Validators

Onwards and Upwards: Polygon’s POL Ignites a New Era for Multi-Chain Validators

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  • Polygon has introduced POL, a groundbreaking third-generation native token aimed at becoming the major driver for the network’s ecosystem.
  • With POL, validators can now validate multiple chains simultaneously, enhancing the ecosystem’s security, scalability, and support.

In the realm of open-source protocols, blockchain’s self-sustaining capability and native tokens have been instrumental in ensuring value and contribution alignment. Ethereum, with its native token, has fostered a thriving ecosystem that incentivizes protocol participants while maintaining network security.

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Similarly, Polygon network, since its inception in 2020, has used its native token, MATIC. However, to metamorphose Polygon into the Internet’s Value Layer, there has been a need for a protocol architectural overhaul. The outcome of this necessary evolution is POL, the next-generation native asset of the Polygon network.

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Introducing POL: The Upgraded Native Asset

Published recently by a consortium of Polygon researchers and founders, a white paper details the proposal of POL. This novel token aims to bolster the coordination, growth, and overall vision of the Polygon ecosystem, transforming it into the Internet’s Value Layer.

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The white paper elucidates all essential aspects of POL, including its economic model, intended to analyze and simulate POL’s effect on the Polygon network and ecosystem. Further technical details regarding POL smart contracts and migration processes will be part of an impending PIP (Polygon Improvement Proposal).

Unlike the first-generation native token BTC and second-generation token ETH, POL pushes the envelope further, becoming the third-generation hyperproductive token. This significant step forward allows POL holders to validate as many chains as they wish and undertake numerous roles in each chain, offering virtually unlimited opportunities to them.

Unveiling the Major Benefits of POL

Accompanying the protocol redesign, POL introduces several benefits to the Polygon ecosystem. It assures ecosystem security through a decentralized pool of PoS (Proof-of-Stake) validators who can secure multiple chains. Furthermore, POL offers infinite scalability, allowing the validator pool to support thousands of Polygon chains without compromising security. It can also provide support to the budding Polygon ecosystem, without introducing any friction for users and developers, and ensuring community ownership through governance rights.

Incentives for validators are multiple, including protocol rewards, transaction fees, and additional rewards from some Polygon chains. POL also broadens the concept of validation, where validators can perform multiple roles on a single chain, enhancing the value proposition of the validator role.

To ensure the ecosystem’s future robustness, a continuous POL emission is proposed to fund a Community Treasury, supporting protocol development, research, ecosystem grants, and adoption incentives. The Polygon community will govern this Treasury.

To transition from MATIC to POL, token holders need to send their MATIC to the upgrade smart contract, which will return the equivalent amount of POL. This process should start within months, given community consensus, with a proposed transition period of over four years.

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Brian Johnson
Brian Johnson
A dedicated Bitcoin journalist passionate about uncovering the latest trends, developments, and innovations in the world of cryptocurrency, while delivering engaging and well-researched articles to inform and educate readers on the dynamic digital finance landscape.
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