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.
