On the way to Web3! Polygon and Reddit join forces

Buds 3.0Facebook, Twitter, LinkedIn, will they also reign on web 3.0? Polygon (MATIC) and Reddit could bring out new players aligning or even surpassing these 2.0 giants with its new financing solution.

On December 17, 2021, the Polygon team announced in a communicated, the start a $ 200 million initiative with venture capital firm Seven Seven Six. The latter was co-founded by Alexis Ohanian, who is also the co-founder of Reddit.

These $ 200 million will be used to fund social media and gaming projects using web3 and which are built on top of Polygon, which is an Ethereum (ETH) scaling solution. The project website describes Polygon as “a protocol and framework for building and connecting blockchain networks compatible with Ethereum”.

Polygon aims to provide developers with the advantages of Ethereum, without the disadvantages of the latter, such as high gas costs, or network congestion.

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Rapid Polygon Development: Is Ethereum 2.0 Scalability a Threat?

Polygon’s ecosystem is growing rapidly. Over 3,000 decentralized applications were built there. The project announced on December 9, 2021, the takeover of the startup MirProtocol for $ 400 million. This investment will allow Polygon to develop Polygon Zero, its zk-Rollup solution on Ethereum.

The zk-Rollup is a technique that performs the calculations off-chain, and then sends them by batch or block for validation on Ethereum. A single validation thus allows several transactions to be carried out.. This procedure reduces the costs and speed of transactions, and thus provides a scalability solution to Ethereum.

The current version of Ethereum certainly has scalability concerns, but what is the future of projects like Polygon if the network upgrade, Ethereum 2.0, manages to resolve these issues?

Polygon is attracting more and more organizations, such asEnegra Group which took up residence there after leaving Ethereum. These $ 200 million constitute an additional weighty argument for social media and gaming projects looking for an ecosystem favorable to their development.

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