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Hereโ€™s how Polygon is challenging the limitations of Ethereum, as told by co-founder Sandeep Nailwal

December 24, 2021No Comments


Polygon (MATIC), a layer two network designed to scale and develop the application infrastructure on Ethereum (ETH), has been circulating among blockchain enthusiasts as of late. From his $ 1 billion investment in zero knowledge technology to co-launch a $ 200 million Web 3.0 Social Media Initiative to integrate with Opera's web browser to make your applications decentralized accessible to 80 million Android mobile device users, the momentum of the network is strong.

But partnerships and business aside, the network's technological capabilities, especially compared to Ethereum, are also attracting the attention of many blockchain developers. In an exclusive interview with Cointelegraph, Polygon co-founder Sandeep Nailwal discussed the extent of the network's adoption.

Cointelegraph: What are Polygon's current gas prices and transaction speeds? And how does that compare to Ethereum?

Sandeep Nailwal (SN): From the Polygon Scan Explorer, you can see that the average lock time is around 2.3 seconds. As for Ethereum, it's 15 seconds. And then the gasoline fees, you can see 0.001 MATIC tokens; this is a fraction of a penny.

CONNECTICUT: Have there been any notable non-fungible token (NFT) drops on the Polygon network recently?

SN: None of them have become CryptoPunks or anything like that, but I think the biggest support for Polygon comes from the gaming companies. [...] They were all added to NFT. If you go to the market, talk to 10 different gaming teams at random, they will tell you that six to seven are being built on Polygon.

But the notable drops in NFT, the biggest, have been Dolce and Gabbana, the brand. They made a $ 7 million sale recently. There are other great premium luxury watch brands, and these guys are getting in on it. Other than that [...] Elon Musk coined an NFT. Jack Dorsey coined NFT from his first tweet, and [...] Mark Cuban: Everyone was only on Polygon networks.

CONNECTICUT: What are some of the popular decentralized applications built on the Polygon blockchain? And what does your total locked value (TVL) look like?

SN: Polygon is now used by all decentralized financial applications on Ethereum. The only one left was Uniswap. And the community pointed out a week ago that they are now launching on Polygon as well. So as for popular DApps, I would say Uniswap, Aave, Decentraland, etc. I think the TVL across the bridges is around $ 5 billion or $ 6 billion.

CONNECTICUT: What is your goal of investing in zero-knowledge technology?

SN: We had committed $ 1 billion to zero-knowledge technology, which we believe is the holy grail of blockchain scale. And privacy is the second element, that's something everyone gets confused about. So you use ZK to verify the calculations in Ethereum without returning all the data. Instead, just provide proof that everything was calculated correctly on layer two and put a [...] succinct test back to Ethereum.

CONNECTICUT: In your opinion, would more Ethereum updates boost the network's ability to match that of layer two solutions?

SN: Even if 2.0 comes in here, that won't provide enough scalability. Next year, proof of stake [PoS] the update will keep everything the same; how Ethereum has 13 transactions per second [TPS] right now maybe 20 TPS [after PoS], But no more than that. So that doesn't add anything to scalability. And let's say that in three to five years, even if the snippet comes, we will have a projection of 64 snippets. And with each one performing at 20 transactions per second, but that's still 1,280 transactions per second overall, right? That is still not enough for everyone.

Related: Uniswap v3 contract implementation on Polygon was approved with 99.3% consensus

CONNECTICUT: How is the adoption of Polygon today?

SN: There are more than 3,000 active development teams in it. This was posted by Alchemy some time ago. Actually, it should be up to 5000. The daily active users on Polygon They have become 50% more than Ethereum, and with gaming NFTs, we see a lot happening on Polygon.