Ethereum layer-2 growth agency Polygon proposed upgrading its Polygon (MATIC) token to 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 accredited, MATIC’s improve to a multipurpose token will end in its renaming to POL.
In keeping with the announcement shared with Cointelegraph, POL’s utility will span all of the Polygon protocols, which incorporates Polygon PoS, zkEVM and Supernets. Sharing particulars concerning the anticipated improve, the announcement learn:
“Primarily, it permits the pool of protocol individuals, i.e. actors to scale to assist 1000’s of Polygon chains with out sacrificing safety.”
The utility of POL revolves round aligning and incentivizing validators to carry out helpful work. If the improve proposal goes by, the redesigned protocol structure will introduce options equivalent to infinite scalability and no friction between any two protocols.
POL staking can open up three incentive streams for validators: protocol rewards, transaction charges and extra rewards. Along with validating a number of chains, validators can carry out a number of roles on a single chain, together with zero-knowledge proof era and participation in information availability committees.
Associated: Polygon proposes structure for ‘Polygon 2.0,’ together with aggregator bridge
In Might, Polygon co-founder Sandeep Nailwal stated that Web3 gaming would finally change into one of many largest drivers of mass crypto adoption.
When requested about his tackle real-life use instances for blockchain apart from buying and selling and funds throughout an ask me something session, he sided with the gaming ecosystem:
“There are some high video games launching in Web3 within the subsequent 6-18 months and it will be very fascinating to see if a few of them are in a position to crack the crypto code. Final 12 months 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 purposes as they obtain bigger and bigger significance.”
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