Polygon proposes upgrading MATIC into a multipurpose token for all chains

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Ethereum layer 2 improvement 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 authorized, MATIC’s improve to a multipurpose token will end in its renaming to POL.

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

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

The utility of POL revolves round validators, with the purpose 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 equivalent 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 can even carry out a number of roles on a single chain, which incorporates zero-knowledge proof era and participation in DACs (Information 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 turn into one of many greatest drivers of mass crypto adoption.

Sandeep Nailwal displaying proof to Reddit that the publish 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 will be very attention-grabbing to see if a few of them are in a position to crack the crypto code. Final yr 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.”