Polygon

Polygon, a leading platform focused on scaling Ethereum, has <a href="https://wp.decrypt.co/wp-content/uploads/2023/07/pol-whitepaper.pdf" rel="noopener noreferrer nofollow">announced</a> the launch of its new token, POL, as part of its latest network upgrade. Considered a &#34;3rd generation token&#34; following in the footsteps of Bitcoin and Ethereum, POL would play a crucial role in the network&#39;s enhanced architecture.One of the key features of the POL token is its ability to allow holders to become validators within the Polygon network. This means POL holders could validate various chains and networks that Polygon continuously creates. The launch of POL was announced on Twitter by Polygon, as reported by the news outlet.<img src="https://academy-public.coinmarketcap.com/srd-optimized-uploads/23da148a711346e794fae84c5025f208.png" />Notably, the launch of POL marks an upgrade from the previous MATIC token, which would be deprecated as part of this transition. Polygon plans to provide more information on the token&#39;s smart contracts through a forthcoming Polygon Improvement Proposal (PIP), ensuring transparency and community involvement in the upgrade process.The migration process from MATIC to POL is expected to be a straightforward technical action. Polygon stated that users would need to send their MATIC tokens to an upgraded smart contract, which would automatically exchange them for an equivalent amount of POL tokens. To ensure a smooth transition, token holders would be given ample time, possibly four years or more, to complete the upgrade. The migration process could commence within months if the Polygon community reaches a consensus supporting the proposal.-Read full article at <a href="https://cryptotale.org/polygon-introduces-pol-token-expanding-functionality-and-validator-opportunities/" rel="noopener noreferrer nofollow">CryptoTale.</a>

Polygon Introduces POL Token, Expanding Functionality, and Validator Opportunities

CryptoTale

Other articles published on Jul 14, 2023

iTrustCapital Relists XRP Following Judge’s Ruling in Ripple-SEC Lawsuit

Elon Musk Launches xAI: A New Venture to Unravel the Mysteries of the Universe

Synthetix Founder Launches Infinex Perpetuals Exchange $SNX

Ripple News: XRP Short Traders Face Massive Losses Following Ripple’s Win Against SEC

New Whale Amasses 4 Trillion SHIB as Shiba Inu Gains 6%

MultiversX unveils industry-first on-chain 2FA security standard against theft and scam

Join our free newsletter for daily crypto updates!