As we know, Blockchain and Smart Contracts can replace the role of a central trusted authority in the collaborative execution of processes. Yes, #smartcontracts represent business process logic in blockchain which can not be tampered with or altered because of the immutability characteristics of Blockchain systems. However, with the help of advanced technical upgradeability concepts, upgrading contracts, therefore enabling versioning of processes on a Blockchain is possible.
On the 4th of September 2024, Polygon Blockchain crossed another milestone after a year of discussion within the community, MATIC the utility token of the network, was upgraded to POL to become the network token of Polygon Blockchain.
A #SocialMining tool introduced by #DaoLabs contributed to the #PolygonGrowth as we have seen in sharing information by the miners to earn rewards ($MATIC ) and the upgrade to $POL will usher in new tokens to be earned.
Now, let's talk about MATIC to POL....... #PolygonPOL
Overview of Upgrade From MATIC TO POL
MATIC been the initial utility/governance token activates an upgrade to POL which happens to be the next-generation hyperproductive token. This token technology is to power a vast ecosystem of zero knowledge-based Layer 2 chains through a native re-staking protocol that allows POL holders to validate multiple chains thereby receive rewards from every chain which offers them different roles and rewards.
Additionally, POL upgrade comes with:
1. A New Staking Layer
2. Upgrade from Polygon POS to zkRollup
3. ZK-powered interoperability
4. Shared liquidity protocol for all L2s.
Importantly, the migration from MATIC to POL not only affects the native token for the Polygon PoS network but is set to expand the utility power of Polygon’s native token ensuring the stability of the token economy and optimizing the treasury’s resources as a Value Layer of the Internet.
MATIC What's Next?
All holders of MATIC have the opportunity to migrate their token to POL within a few seconds on the platform as the Polygon team considers the best way of easy migration.
A Self Sustaining Fuel Modelling
When considering the effect of this upgrade upon the validators, POL functionality reveals a self-sustaining fuel with characteristics to propel the network forward. It is also deduced that POL is set to experience an annual emissions rate of 2% coupled with the ability to be adjusted by the community in the future.
Self-sustaining fuel for Polygon is divided into 2 categories:
First Category speaks to the Validator Rewards: Security is important when considering the functionality of blockchain and ensuring network security, 1% of POL total supply is allocated as a staking reward for validators to encourage onboarding and retention. Here the validator's participation in securing the network is hereby rewarded.
The second Category speaks to the Community Treasury: The growth and development of the network are important therefore, 1% of POL emissions is allocated which is set to be governed by the community and used for various initiatives like grants, research, protocol development, and many more.......
In conclusion, this upgrade in the camp of the Polygon network shows that the network can adapt to any future challenges. Additionally, the network through its self-sustaining fuel initiatives is a sustainable economic framework for the long haul, hence, mainstream adoption by ensuring the network remains secure, scalable, and innovative.
You can learn more about the Polygon upgrade by visiting the official article about the migration.
https://polygon.technology/blog/matic-to-pol-migration-is-now-live-everything-you-need-to-know
