Polygon 2.0 is a major upgrade to the Polygon network that is designed to improve its scalability, security, and decentralization. The upgrade will be implemented in two phases:
Phase 1, which is currently underway, will introduce a new proof-of-stake consensus mechanism called ZK Rollups. ZK Rollups are a type of Layer 2 scaling solution that uses zero-knowledge proofs to batch and verify transactions off-chain, resulting in much faster and cheaper transactions than on the Ethereum mainnet.
Phase 2, which is scheduled to be completed in 2023, will introduce a new security mechanism called Miden. Miden is a layer of zkSNARKs that will provide additional security for the Polygon network.
The upgrade to Polygon 2.0 will also see the MATIC token being replaced by the POL token. The POL token will be a native token of the Polygon network and will be used to pay for gas fees, staking, and governance.
The upgrade to Polygon 2.0 is a significant step forward for the network and is designed to make it more competitive with other Layer 2 scaling solutions. The new features and functionality of Polygon 2.0 are expected to make it a more attractive option for developers and users, and are likely to lead to increased adoption of the network.
Here are some of the key benefits of Polygon 2.0:
Increased scalability: Polygon 2.0 will be able to process significantly more transactions per second than the current network. This will make it more suitable for applications that require high throughput, such as DeFi and gaming.
Improved security: The new security mechanism, Miden, will make the Polygon network more secure against attack.
Greater decentralization: The move to proof-of-stake will make the Polygon network more decentralized, as it will no longer rely on miners for security.
Enhanced user experience: The faster and cheaper transactions of Polygon 2.0 will make it a more user-friendly experience for developers and users.
Overall, Polygon 2.0 is a major upgrade that is designed to make the network more scalable, secure, decentralized, and user-friendly. The new features and functionality of Polygon 2.0 are expected to make it a more attractive option for developers and users, and are likely to lead to increased adoption of the network.
Here are some additional details about the Polygon 2.0 upgrade:
The ZK Rollups that will be used in Phase 1 of the upgrade are already being used by some projects on the Polygon network, such as Aave and SushiSwap.
The Miden security mechanism is still under development, but it is expected to be completed in 2023.
The POL token will be airdropped to MATIC token holders at a rate of 1 POL per 100 MATIC.
The Polygon 2.0 upgrade is expected to be completed in 2023.
