Polygon (MATIC), a layer 2 network designed for scaling and application infrastructure development on Ethereum (ETH), has recently been touring among blockchain enthusiasts. From a $ 1 billion investment in zero knowledge technology to a $ 200 million Web 3.0 social media initiative co-launched and integrated with Opera’s web browser, decentralized apps will be available to 80 million Android mobile users Until then, the momentum of the network is getting stronger.
But partnerships and businesses aside, the technical capabilities of the network, especially when compared to Ethereum, have also attracted the attention of many blockchain developers. In an exclusive interview with Cointelegraph, Polygon co-founder Sandeep Nailwal talked about the scope of network adoption.
Coin Telegraph: What are Polygon’s current petrol prices and trading speeds? And how is it compared to Ethereum?
Sandeep Nailwal (SN): From the Polygon Scan Explorer, you can see that the average block time is about 2.3 seconds. For Ethereum, that’s 15 seconds. And gas charges, you can see 0.001MATIC tokens. This is a penny point.
CT: CT: Have you recently had a notable non-fungible token (NFT) drop on your Polygon network?
SN: There’s no such thing as CryptoPunks, but I think Polygon’s biggest support comes from game companies. […] They have all been added to the NFT. When you hit the market and talk to 10 different random game teams, you’ll see that 6-7 are built on Polygon.
But the biggest drop in NFTs is the brand Dolce & Gabbana. They recently made $ 7 million in sales. There are other big luxury watch brands, and these people are coming.Apart from that […] Elon Musk created an NFT. Jack Dorsey created an NFT for his first tweet, […] Mark Cuban — All of these only existed on the Polygon network.
#NFT Since 2020, sales have grown astronomically.
Total sales in 2020: $ 340 million
Total sales in 2021: $ 9 billion (so far)
— Waz (@DaveWaslen) November 30, 2021
CT: CT: What are the popular decentralized apps built on the Polygon blockchain? And what does their total locked value (TVL) look like?
SN: Polygons are currently used in all Ethereum decentralized finance applications. All that was left was Uniswap. And the community announced a week ago that it was also launched on Polygon. Therefore, popular DApps are called Uniswap, Aave, Decentraland, and so on. I think the TVL across the bridge is about $ 5 billion or $ 6 billion.
CT: CT: What is the purpose of investing in zero-knowledge technology?
SN: We have invested $ 1 billion in zero-knowledge technology. We believe this is the Holy Grail of blockchain scaling. And privacy is the second factor — it’s one thing that confuses everyone. Therefore, use ZK to validate the calculation in Ethereum without returning the entire data. Instead, just prove that everything was calculated correctly in layer 2 […] Concise proof to Ethereum.
CT: CT: In your opinion, can you upgrade Ethereum further to match the capacity of your network with the capacity of your Layer 2 solution?
SN: Even if 2.0 comes here, it doesn’t provide enough scalability.Next year, Proof of Stake [PoS] The upgrade keeps everything the same.There are 13 transactions per second like Ethereum [TPS] Now maybe it goes to 20 TPS [after PoS], But no more. Therefore, nothing is added to the scalability. And suppose that in 3-5 years, 64 shards are expected, even if sharding occurs. And each works at 20 transactions per second, but overall it’s still 1,280 transactions per second, right? That’s not enough for the whole world yet.
Related: Uniswap v3 contracts for deployment in Polygon approved with 99.3% consensus
CT: CT: What is the current adoption of Polygon?
SN: We have over 3,000 active development teams. This was posted by Alchemy some time ago. It should actually be up to 5,000. Polygon has 50% more daily active users than Ethereum, and with gaming NFTs, so much is happening with Polygon.