The Polygon community must approve the plan for the technological improvement of MATIC. Once authorized, MATIC will change its name to POL and become a versatile token.
Leading Ethereum layer-2 developer Polygon has proposed transforming its Polygon token, MATIC into a flexible token that can validate various chains. The plan, which depends on the Polygon community’s approval, aims to turn MATIC into POL, a versatile token that will play a significant part in the ecosystem.
If accepted, POL will replace all other Polygon protocols, such as Polygon PoS, zkEVM, and Supernets, as the universal utility token. This upgrade will include a new protocol architecture that allows for scalability, security, and smooth chain interoperability. The main objective is to handle thousands of Polygon chains while maintaining security.
![Polygon to Upgrade MATIC into Multipurpose Token for All Chains, Aiming to Boost Adoption image 117](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/07/image-117.png?resize=939%2C468&ssl=1)
![Polygon to Upgrade MATIC into Multipurpose Token for All Chains, Aiming to Boost Adoption image 117](https://i0.wp.com/nosisnews.com/wp-content/uploads/2023/07/image-117.png?resize=939%2C468&ssl=1)
The implementation of POL will align and motivate validators to carry out worthwhile work. The improved protocol will have limitless scalability and remove incompatibility issues. Three incentive streams—
- protocol awards,
- transaction fees, and
- additional benefits—will be available to validators. Additionally, validators will be able to take on a variety of tasks on a single chain, including creating zero-knowledge proofs and taking part in data availability committees.
Related: Polygon Spinoff Avail Launches Testnet Bridge for Layer 2s
Polygon Co-Founder Highlights Web3 Gaming as Catalyst for Crypto Adoption
The co-founder of Polygon, Sandeep Nailwal, expressed his opinion that Web3 gaming will be crucial in promoting widespread acceptance of cryptocurrencies. During a Q&A session, Nailwal discussed real-world blockchain use cases outside of payments and trade, highlighting the gaming industry’s potential.
In order to demonstrate how top Web3 games would utilize blockchain technology to its fullest potential over the next 6 to 18 months, Nailwal called attention to their impending release. With nearly $2 billion allocated to Web3 games in the previous year alone, the gaming industry has received considerable financing.
Nailwal is passionate about the market because he thinks that a successful integration of cryptographic components into games could open the door to more widespread acceptance and adoption.
Related: Polygon Co-Founder Launches Web3 Fellowship Program
Nailwal stressed the significance of progressive decentralization as the blockchain sector develops. He emphasized the need for protocols and applications to gradually decentralize as they rise in popularity in order to ensure a long-lasting and strong ecosystem.