India’s Polygon
What if I told you India is leading the world of web3 and the token MATIC which has a market cap of over $10 Billion was built by three Indian Engineers in Mumbai.
The story starts in 2017 with developers Jaynti Kanani, Anurag Arjun and Sandeep Nailwal. The infamous NFT project Crypto Kitties had just brought down the entire Ethereum network. The trio realized that the Ethereum blockchain was just not scalable.
This was a huge opportunity for someone to build a scalable solution on top of Ethereum. And this is how Polygon and India’s first Crypto-Billionaires were born.
Polygon is a Layer 2 Blockchain which works on the Proof of Stake consensus mechanism. Staking in Polygon is a great way to earn MATIC tokens.
Today, there are over 7000 Decentralized Applications running on the Polygon Chain.
Advantages of Polygon
Low Transaction Fees — As compared to Ethereum, transactions on Polygon cost a fraction of Gas Fees.
Extremely Fast Speed — The current estimate is around 65k transactions per second. Theoretically, Polygon is capable of millions of transactions per second.
Development — Polygon is proving to be a developer-friendly chain and many new and existing projects are moving to Polygon.
Liquidity — Polygon is in the Top20 Cryptocurrencies by Market Cap and is available in almost all leading Exchanges worldwide.
Impact of Polygon in India
The success of Polygon has created ripple effects around the world including in India. In April 2021, when the entire country was reeling under the Covid Pandemic, Sandeep Nailwal used Polygon to help India financially.
Balaji Srinivasan, former CTO of Coinbase donated $50,000 and Vitalik Buterin, co-founder of Ethereum donated $600,000 worth of ETH among many others.
The Polygon Blockchain was used to issue Caste Certificates in Maharashtra as artefacts on the Blockchain are secure, immutable and publicly verifiable.
Polygon may be the go-to choice of Crypto in the future and it is on its way up to the top.
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