Polygon (MATIC), a layer-two community designed for scaling and utility infrastructure growth on Ethereum (ETH), has been making the rounds amongst blockchain fans as of late. From its $1 billion investment into zero-knowledge technology to co-launching a $200 million Web 3.0 social media initiative as much as integrating with Opera’s internet browser to make its decentralized apps accessible to 80 million Android mobile users, the community’s momentum goes sturdy.
However partnerships and enterprise apart, the technological capacities of the community, particularly when in comparison with Ethereum, are additionally attracting the eye of many blockchain builders. In an unique interview with Cointelegraph, Polygon co-founder Sandeep Nailwal talked in regards to the extent of the community’s adoption.
Cointelegraph: What are the present fuel costs and transaction speeds for Polygon? And the way does that examine to Ethereum?
Sandeep Nailwal (SN): From the Polygon Scan Explorer, you may see that the typical block time is round 2.3 seconds. As for Ethereum, that’s 15 seconds. After which the fuel charges, you may see 0.001 MATIC tokens; it is a level fraction of a penny.
CT: Have there been any notable nonfungible token (NFT) drops on the Polygon community lately?
SN: None of them have develop into like CryptoPunks or something, however I believe Polygon’s greatest type of assist is from the gaming firms […] All of them added to NFT. When you go to market, speak to any random 10 totally different gaming groups, they may inform you six to seven are constructing on Polygon.
However the notable drops on NFT, the most important, have been Dolce and Gabbana, the model. They made a $7 million sale lately. There are different large luxurious premium watch manufacturers, and these guys are coming in. Other than that […] Elon Musk minted an NFT. Jack Dorsey minted NFT of his first-ever tweet, and […] Mark Cuban — all these have been on Polygon networks solely.
#NFT gross sales have seen astronomical progress since 2020.
2020 complete gross sales: $340 million
2021 complete gross sales: $9 billion (to date)
— Waz (@DaveWaslen) November 30, 2021
CT: What are some fashionable decentralized apps constructed on the Polygon blockchain? And what does their complete worth locked (TVL) seem like?
SN: Polygon is now utilized by all of the decentralized finance purposes in Ethereum. The one one remaining was Uniswap. And the neighborhood signaled every week again that also they are launching on Polygon now. In order for the favored DApps, I’d say Uniswap, Aave, Decentraland, and so on. I believe the TVL throughout the bridges is round $5 billion or $6 billion.
CT: What’s your goal for investing in zero-knowledge know-how?
SN: We had dedicated $1 billion for zero-knowledge know-how, which we imagine is the holy grail of blockchain scaling. And privateness is the second component — that is one factor the place everyone will get confused. So you employ ZK to confirm computations again on Ethereum with out sending again your complete information. As an alternative, you merely present proof that the whole lot was accurately computed on layer two and put a […] succinct proof again to Ethereum.
CT: In your opinion, would additional Ethereum upgrades empower the community’s capability to match that of layer-two options?
SN: Even when 2.0 is available in right here, that won’t present sufficient scalability. Subsequent 12 months, the proof-of-stake [PoS] improve will hold the whole lot the identical; like Ethereum has 13 transactions per second [TPS] proper now, possibly it can go to twenty TPS [after PoS], however no more than that. So that doesn’t add something to scalability. And as an example in three to 5 years, even when the sharding comes, we’ll have a projection of 64 shards. And with every appearing at 20 transactions per second, however that is nonetheless 1,280 transactions per second general, proper? That is nonetheless not sufficient for your complete world.
CT: What does Polygon’s adoption presently seem like?
SN: There are 3,000 plus lively growth groups on it. This was posted by Alchemy a while again. It ought to really be as much as 5,000. The daily active users on Polygon have develop into 50% greater than Ethereum, and with gaming NFTs, we’re seeing a lot taking place on Polygon.