Polygon co-founder on ambition to take over Ethereum
See: Polygon to ‘overtake Ethereum in terms of economic activity,’ claims co-founder | Crypto Mile
Polygon is set to “overtake Ethereum in terms of economic activity”, claimed co-founder Mihailo Bjelic, after the layer two blockchain announced its zkEVM upgrade earlier this week.
Polygon, which issues the matic (MATIC-USD) cryptocurrency, said zkEVM (Zero-Knowledge Ethereum Virtual Machine) technology will now be used on its blockchain, which is built on top of the underlying Ethereum mainnet (ETH-USD).
The Ethereum blockchain becomes congested and users face high transaction fees when the network becomes too busy and high transaction volumes need to be processed in short periods of time. Ethereum is known for its security and level of decentralization, but it becomes slow and expensive when used on a large scale.
Polygon’s upgrade seeks to allow the processing of high transaction volumes at speed and at a low cost, without sacrificing privacy and network security.
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It may see a shift in transaction volume from Ethereum to the Polygon network.
In this week’s episode of The Crypto Mile, Mihailo Bjelic, co-founder of Polygon, told Yahoo Finance UK: “Polygon is going to overtake Ethereum in terms of economic activity.
“One of the previous implementations on Polygon already has higher transaction activity than Ethereum.”
But he said there is no competition: “Ethereum and Polygon as its layer two blockchain have this symbiotic relationship, with Ethereum acting as the fundamental security layer”.
“The roadmap that Vitalik Buterin, as the founder of Ethereum, recently communicated said that the intention of Ethereum is not to cause these end-user transactions, but to become the security layer that will only verify activity from layer two blockchains, like Polygon.
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“So it’s a mutually beneficial relationship where it’s already agreed that Polygon will host this end-user activity.”,
He said the new upgrade was “the beginning of a new chapter for blockchain technology, fulfilling Ethereum’s original promise to become a true ‘world computer’ and create a fairer, more egalitarian internet for all”.
How far is Polygon from being adopted by business, business and industry?
Bjelic said the zkEVM upgrade was a critical step to see mass adoption of this web3 technology by the global technology, e-commerce, fashion and entertainment industries.
A number of large companies and enterprises have started using Polygon and that companies including Telefónica (TEF) have said they will build applications using Polygon zkEVM, according to Bjelic.
“Reddit, being one of the largest and most popular social networks, has introduced their Collectible Avatars program at Polygon,” he said.
“And it’s been a huge success with millions of people onboarding to Polygon and to web3 in a matter of weeks.
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“Starbucks (SBUX) is also introducing a loyalty program that runs on Polygon, and Instagram (META) has started experimenting with its creator economy and NFTs on Polygon.
“We are seeing very clear signs of mainstream adoption with a number of major popular games now distributing their game assets on Polygon.
“So, from several industries, such as the fashion and automotive industries, with brands such as Dolce & Gabbana and Mercedes ( MBG.DE ), we see them using Polygon and exploring more uses for the technology.”
Polygon has committed $1 billion (was £807.5 million) and raised $450 million to build zkEVM.
On Friday, Polygon’s native cryptocurrency, matic, fell 2.7% to $1.08, according to data from Coinmarketcap.
See: ‘Dressing digitally’ pins hope on blockchain to clean up fashion’s carbon footprint | Crypto Mile
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