[NEWS] Polygon upgrades MATIC to new cryptocurrency POL

On the 25th, Polygon Labs announced that it has upgraded its new cryptocurrency "POL" and that it is now operational on the Ethereum main network.

This is part of Polygon Labs' new development plan, the "Polygon 2.0 Roadmap." In July, Polygon's founders and research and development team announced plans to upgrade to replace the current MATIC with POL by October.

Upgrading from MATIC to POL is a simple action. When you send MATIC to the upgrade smart contract, the smart contract will automatically return the same amount of POL.

POL is positioned as the "third generation cryptocurrency" following Bitcoin (BTC) and Ethereum, and is the native token that will support Polygon 2.0. The ultimate goal of Polygon 2.0 is to build the "value layer of the Internet."

Specifically, by using POL, it is possible to simultaneously serve as a validator for multiple chains within the Polygon ecosystem. Another innovative improvement of POL is that it allows all chains in the ecosystem to assign multiple roles and rewards to validators, such as "creating zero-knowledge proofs" and "guaranteeing data availability."

The transition to POL has only just begun. In the July announcement, it was explained that a sufficient period of time, such as four years, would be set aside for this upgrade.

Reference:Announcement
Image: Quoted from the announcement