Polygon (MATIC), a layer 2 (L2) scaling answer for Ethereum (ETH), will proceed to deal with zero-knowledge (ZK) applied sciences because the staff believes it’s “the last word holy grail for blockchain scaling,” Polygon’s Co-founder and Chief Operations Officer (COO) Sandeep Nailwal stated in an unique interview with Cryptonews.com in the course of the Blockchain Economic system Expo 2021 convention in Dubai this week.
Nailwal revealed that Polygon is able to launch a quantity of new initiatives quickly and they may proceed to deal with ZK know-how as they see it as a cornerstone for blockchain scaling.
“We have now a number of different initiatives additionally on that entrance to be launched very quickly and we’ll be very very closely targeted on zero-knowledge within the subsequent six to eight months and we consider that zero-knowledge is the last word holy grail for the blockchain scaling and that’s the place we’re going,” he stated.
When requested in regards to the upcoming Ethereum merge, Nailwal stated that it’s a very optimistic growth for all L2 applied sciences growing on Ethereum since all tasks should anchor some knowledge again to the bottom chain and it’s presently very expensive.
Talking of Polygon and non-fungible tokens (NFTs), he, referring to an unnamed analytics agency, acknowledged that 80% of NFTs are on Ethereum and 15% are on Polygon.
“We have now most likely 500 plus video games deployed on Polygon and rising day-by-day,” he added.
Additionally, Sandeep famous that he believes within the multichain world however not in a standard sense. In his view, the multichain world will exist on high of Ethereum.
“We consider that Ethereum goes to be the last word settlement layer and on high of it there might be loads of layer two’s that might be constructed and linked with it,” he stated.
When requested to call Polygon’s key rivals, he talked about StarkWare, a competing Ethereum L2 developer, which just lately closed a USD 50m Collection C funding spherical led by Sequoia Capital.
He additionally stated that Polygon goes to deploy an more and more aggressive acquisition technique transferring ahead.
“I imply, we need to grow to be the transaction layer of Ethereum and we’ll consistently carry on doing that,” he stated.
Watch the complete interview and hear what Sandeep Nailwal has to say about Polygon’s targets, the upcoming Ethereum merge, NFTs, multichain future, rivals, their M&A technique, and extra.
The transcript of the interview:
How has 2021 been for Polygon up to now?
It’s been actually nice, it has been a very rewarding journey. On the identical aspect, it has been very very taxing – like you recognize I feel all of us aged like 5 or possibly ten years within the final two or three years. So undoubtedly I’ve picked up weight, misplaced hair – the identical with my staff – so it’s been rewarding in addition to hard-working time for us.
What are your strategic growth targets for 2022?
The strategic growth plan from our aspect could be very closely targeted in direction of the zero-knowledge know-how. We just lately introduced a billion-dollar fund on zero-knowledge and then out of that we’ve performed a number of acquisitions, we’ve introduced Polygon Hermez, which was the primary zero-knowledge product that we launched. Then we additionally did Polygon Dusk which is with the Ernst & Younger, one of the large 4 firms on the earth in phrases of auditing consultancy. After which we now have a number of different initiatives additionally on that entrance to be launched very quickly and we’ll be very very closely targeted on zero-knowledge within the subsequent six to eight months and we consider that zero-knowledge is the last word holy grail for the blockchain scaling and that’s the place we’re going.
How would possibly Polygon be affected by the upcoming Ethereum merge? Any plans to fight this?
No no, it’s really very optimistic for any layer 2. See, all layer 2 tasks should put some knowledge or some proofs again to Ethereum, and proper now that prices loads. So when the merge comes and Ethereum turns into like, let’s say from 13 transactions to 30 transactions per second with this a lot proof of stake merge – I’m not speaking in regards to the sharding, like 64 shards factor, which is not less than like 3 to five years away if in any respect it’s coming, we’re solely speaking in regards to the merge that’s occurring which is proof-of-stake, and many individuals suppose that okay, the entire sharding ETH 2.0 is coming – it’s not. It’s merely the merge from proof-of-work to proof-of-stake, and then Ethereum goes to have like most likely thirty transactions per second from there. It’s good for us, it’s good for all of the layer 2 tasks total.
What developments do you see in Polygon and how is Polygon going for use within the NFT house extra particularly?
So NFT, already like, I imply once more, this isn’t a really widespread information one way or the other however NFTs Polygon is the most important venture. Like we just lately spoke with anyone, I imply I can’t identify however one of the most important analytics platforms and they had been doing analytics on Instagram for instance so you recognize 80% of the Instagram NFTs are on Ethereum, 15% are on Polygon and the remainder 5% is on others… So Ethereum plus Polygon kind like 95% of the NFT market. So you recognize Polygon doesn’t have these massive like you recognize 100 million greenback NFTs however the smaller NFTs which is what Polygon is constructed for – video games and metaverses – Polygon has the main place in that and we’re the most important NFT platform in that sense. We have now most likely 500 plus video games deployed on Polygon and rising day-by-day.
How is the multichain blockchain panorama wanting transferring ahead?
I imply we’ve been very clear that [the] world goes to be multichain however we really feel that multichain shouldn’t be on the layer 1 however on layer 2. So we consider that the world might be multichain however the multichain world will exist on high of Ethereum as an alternative of a number of layer 1’s present – we don’t consider in that thesis. We consider that Ethereum goes to be the last word settlement layer and on high of it there might be loads of layer two’s that might be constructed and linked with it.
Who do you see as your most important competitor proper now and how are you going to fight them?
StarkWare. I feel that on the zero-knowledge aspect, I feel that StarkWare is essentially the most formidable staff, and with our a number of zero-knowledge efforts, we consider that, you recognize, we might be capable to edge forward on that however StarkWare is a really formidable staff.
With how rapidly you and your staff are rising proper now would you ever take into account a contemporary capital elevate?
We really, sure, we might be doing one thing sooner or later, and, you recognize, planning for one thing we would do a small capital elevate.
Your M&A technique transferring ahead?
It’s going to be extra and extra aggressive, you recognize, I imply, we need to grow to be the transaction layer of Ethereum and we’ll consistently carry on doing that.
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