Crypto.information – Polygon has introduced plans to switch its native MATIC token with POL as a part of the Polygon 2.0 improve.
POL will function an instrument for the coordination and development of the Polygon 2.0 ecosystem and the principle driver of the venture’s imaginative and prescient to turn out to be the worth layer of the Web.
Polygon unveils POL
After just lately saying the phased rollout of its community improve dubbed Polygon 2.0, the Layer 2 scaling community led by Sandeep Nailwal is now set to switch its native MATIC token with POL as a part of his transition course of.
In line with a white paper revealed by the crew, POL might be on the coronary heart of Polygon 2.0, functioning as an engine for development and coordination.
The crew says the creation of POL was impressed by their imaginative and prescient to turn out to be a “worth layer of the web,” the place worth will be created and exchanged seamlessly throughout the globe in a lot the identical means as data. is traded right now.
POL will provide a number of utility
Because the engine for the coordination and development of Polygon 2.0, POL will provide a number of utility, together with validator staking, the place members of the Polygon neighborhood might want to stake POL to hitch the pool of validators.
Similar to different proof-of-stake (PoS)-based cryptocurrencies, validator staking enhances community safety and protects towards Sybil assaults.
POL can even present holders with governance rights within the Polygon 2.0 ecosystem, permitting them to take part in key venture decision-making processes, amongst different advantages. Moreover, POL will include an preliminary provide of 10 billion, as will MATIC.
Nevertheless, the crew has made it clear that 2% of the whole POL provide might be put aside annually for validator rewards (1%) and neighborhood treasury (1%). MATIC holders will be capable to improve their tokens to POL by means of official hyperlinks that might be supplied by the Polygon crew.
This text initially appeared on Crypto.information
