Here's Why Polygon Thrives In The Bear Market
Here's Why Polygon Thrives In The Bear Market
Polygon (MATIC) has been hitting a lot of headlines lately. Just recently they announced partnership with Disney as the first and only blockchain tech to ever be a part of the Disney Accelerator Program and other partnerships now and coming down the pipeline.
Polygon (Matic) Is being developed by former developers of Ethereum who left on good terms and still interact with developers on Ethereum. That's why if any 2nd layer chain is going to do well it's going to be Polygon first in most cases.
I wrote a long time ago about what Zero-Knowledge proofs where and how powerful they would be for the next phase of what many are coining as web3.
Well Polygon is now introducing what is known as zkEVM. This is going to revolutionize Polygin and remove the legacy name (MATIC) for good. Polygon (MATIC) chain was simply a side chain layer 2 network that functioned in the same way. However this newest update Polygon zkEVM will be compatible with all existing Ethereum applications. This is HUGE because so many people try to reinvent the wheel instead of using what is working so this is a very smart move by the team.
The chain will use Zero-Knowledge Rollups.
What Is Zero-Knowledge Rollups
I'll be honest that when I say I never thought we would see a real working zero-knowledge rollup release any time soon I meant that. This is why this news is blowing me away as it's coming much sooner than later (a often coined term here on LeoFinance lol) The current testnet is slated to release in 2-3 months while the mainnet will launch sometime in 2023.
Zero-Knowledge Rollups otherwise know as KZ-rollups work by bundling hundreds o transfers off-chain and generating a cryptographic proof. The proof is then submitted to the Ethereum blockchain which offers the possibility for massive scaling without changing anything of Ethereum itself. What you have is the perfect storm for one of the largest rallies ever. You have Ethereum going to Proof of Stake here in a few months with a test net scaling solution that should be implemented within a year along with the Bitcoin halving. These are MASSIVE bullish signs for crypto and Polygon is offering up one of those three solid options to get hyped about.
Polygon has always been named as the scaling solution for Ethereum. However it really hasn't provided that. While yes fees are lower and some platforms have adopted it it's fallen way short of what it was or should be. This new layer of development should finally give the real scalability to masses while providing faster, secure and low fee transactions of Ethereum. The future actully looks very bright for Polygon rolling into 2023.
What are you thoughts on ZK-Rollups on Polygon?
Posted Using LeoFinance Beta
