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Polygon Might Replace MATIC Tokens with POL

ByLouis Adams

Sep 15, 2023 #Altcoins
Reading time: < 1 minute

The Polygon project team has proposed an extensive overhaul of the network, proposing three PIPs to facilitate the transition to Polygon 2.0.

The PIP-17 suggests the introduction of a new token, POL, to be used as a Proof-of-Stake consensus mechanism.

This new currency has been designed for greater scalability and flexibility within the network’s ecosystem, allowing for staking, ownership, and community governance via zero-knowledge proofs.

PIP-18 provides the technical specifications of the token, as well as protocols and contracts to enable conversion from MATIC to POL at a 1:1 ratio.