SEP 22, 2023
Here’s how Polygon co-founder is busting blockchain myths
OCT 16, 2022
The group behind Polygon established it in October 2017. Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun make up the project’s team. The group contributed significantly to the Ethereum ecosystem before deciding to use its network in 2019. The team worked hard to port the widely-used WalletConnect protocol, the Plasma MVP, and the Dagger event notification engine to Ethereum.
Ethereum developers can use Polygon as a decentralized scaling solution while developing dApps. At a fair price, Polygon provides a faster network and additional security. The endeavor from 2017 has turned out to be one of the most fascinating and successful in business.
It is a layer 2 proof-of-stake system that aids in offering Ethereum scaling options. Off-chain transactions are verified using Plasma technology before being pushed to the mainnet network. The blockchain provides developers with the tools they need to create a decentralized network based on Ethereum.
Undoubtedly, Polygon is working on a variety of innovations and ideas. The ecosystem’s ultimate goal is to draw one million or more developers. In terms of product development, it will give developers more sway, notably in the zK sector. It also plans to host a number of events in the next months.
Polygon has seen an increase in IRL usage cases. Recently, Polygon co-founder Sandeep Nailwal revealed on Twitter that the Firozabad police in the Indian state of Uttar Pradesh are now using the Polygon blockchain to combat local corruption and crime. He said,
“With an FIR (first information report) going on blockchain, specifically if people can get online platform to file these with their identity, no lower level officers can deny the FIR. This could be a game-changer in ensuring right to justice.”
Nailwal, on the other hand, disproved one of the most poisonous myths propagated by ardent blockchain sceptics: the Web3 revolution is not solely intended to address “new” problems.
Nailwal used Twitter to express his opinions on how blockchain systems ought to handle issues with money, society, and other issues.
Criticism of blockchains : “Imaginary use cases” Ans: Blockchains are (mostly) NOT solving any new problems, they improve how we have solved those problems previously. Money, finance, assets et al are not new problems being solved, they are just being solved better
He contends that industry speakers shouldn’t disparage blockchain teams’ use cases as being “imaginary” or unreal. The vast majority of blockchains, if not all of them, are concentrated on enhancing how current technical mechanisms meet “old” difficulties within and outside of the financial industry. Because of this, “creating” new applications for blockchain-based technologies makes little sense in terms of promoting blockchain adoption around the world and addressing pressing global issues.