Skip to main content

Polygon pledges $100 million to build out blockchain “supernets”

 


Polygon has unveiled a $100 million budget for a new blockchain network dedicated to Web3 development. Dubbed Supernets -- application-specific blockchains with improved efficiency -- the network aims to foster an ecosystem of activities focused on innovation in the Polygon network and Web3 in general. Sandeep Naliwal, co-founder of Polygon, announced in a statement:


“The infrastructure tooling allows users to easily and quickly achieve the results they want… Polygon's mission is to accelerate Web3 adoption by offering businesses a full suite of blockchain solutions.”


Over a billion transactions

Polygon is an Ethereum-based blockchain that scales to millions of transactions while minimizing environmental impact. Polygon currently supports over 7,000 applications and has processed more than 1 billion transactions. Blockchain technology serves as the foundation for Web3, or the decentralized web, which consists of distributed peer-to-peer applications that function without dedicated servers or central authority.


Web3 applications consist of self-executing, programmable smart contracts that regulate network-based processes and logic. This aspect can pose difficulties for developers, as large public blockchains like Ethereum can experience significant congestion and stress, resulting in slower transactions and high fees.


Polygon is expanding into DeFi and gaming

Polygon has quickly grown into a hive of activity over the past two years, with applications spanning DeFi and a range of games. MATIC, the token of the project, has grown significantly in parallel.


"We envision Polygon as a massively scalable, interconnected, multi-chain system, and today we are establishing a $100 million fund to help us achieve that goal," the team said.


The funds are immediately available for development, research, third-party integration, project onboarding and acquisitions, the company said. Polygon just raised $450 million for its blockchain protocol and hired Ryan Wyatt, former head of YouTube Gaming, to develop its blockchain gaming platform. Avalanche pledged $290 million to a Multiverse fund in March, with a portion of the proceeds going towards the development of "subnets," a concept similar to Polygon's supernets.


Employees of tech giants

Polygon has also expanded its workforce, hiring employees from tech giants like Amazon, Google, YouTube, and Electronic Arts. Some of them are designed to reinforce the company's gaming focus. Meanwhile, MATIC, the native token of the Ethereum-compatible blockchain ecosystem, is trading in lockstep with the rest of the cryptocurrency market.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

The 5 largest platforms for non-fungible token (NFT) collectibles

  Since the beginning of 2021, non-fungible tokens (NFT) have had no holding back and the sector is setting new records almost every day.  More and more artists, stars and brands are realizing the potential - NFT are well on their way to catapulting the crypto space into the mainstream.  But which collectibles are currently the most popular? What are NFT? NFT are unique tokens that cannot be exchanged one-for-one for an equivalent token.  Any asset that is tokenizable can be an NFT.  This includes, for example, (digital) works of art, trading cards, game items and crypto domains.  Theoretically, however, real estate or securities can also be mapped as NFT. NFTs can be used to transparently map ownership structures on a public blockchain.  This allows them to store value just like real objects, even if additional copies are easy to make.  For example, the original picture of the Mona Lisa is significantly more valuable than a photo, as everyone kno...
11 comments
Read more

CARDALONIA: THE CARDANO METAVERSE OPENS THE GATES!

  Have you ever been to Cardalonia? With these words, the Cardano Metaverse called Cardalonia starts the gates. In this 3D world, developers and users can interact with each other. First of all, users have to create an individual character with which they can move online. After that you can enter one of the worlds built by developers with this character. You can also purchase your own land in the Cardano Metaverse via the marketplaces in Cardalonia . This is secured by Cardano's blockchain technology and therefore offers a relatively secure transfer of ownership. Since these are only digital plots of land, it is not yet entirely clear when the plots of land are purchased whether they can also be sold again in the future. A possible profit cannot be estimated at the moment. In Cardalonia, the cryptocurrency Lonia is used. The maximum amount of tokens in circulation is 100,000,000. The team consists of Alice Sand (Co-Founder), Vasil Air (CTO) and Dustan Water (Fullstack Developer). T...
Post a Comment
Read more

Cardano: This is the vision that founder Charles Hoskinson has

  The Altcoin Cardano has tended to decline in recent weeks.  The Alonzo upgrade was supposed to bring improvements, but it soon turned out to be a disappointment.  Cardano founder Charles Hoskinson presented his vision for the cyber motto in a live Twitter video. • Cardano in the last few months under pressure • Charles Hoskinson explains his Cardano vision via Twitter • Security and privacy at the center The cryptocurrency  Cardano  has had a difficult few months.  While founder Charles Hoskinson's cyber motto has had a strong run in 2021, it has been steadily downhill in recent months.  Cardano is faced with some difficulties.  The so-called Alonzo upgrade went live in mid-September, for which crypto fans had high hopes, but which soon turned out to be a disappointment.  The upgrade should make it possible to use smart contracts on the cryptocurrency as well.  It soon turned out, however, that although these were entered into Cardano,...
Post a Comment
Read more