Web3’s Two Big Sticking Points (According to Polygon Co-Founder)

TL;DR

• In response to Polygon cofounder Sandeep Nailwal, if we would like Web3 to succeed, we want two issues:

  1. Infinite, limitless, unbounded scalability. (Translation: blockchain tech that gained’t break if too many individuals use it).

  2. Unified liquidity for worth to be transferred.

• What Sandeep and the Polygon workforce are engaged on is an answer that primarily cuts Ethereum out of this conversion course of, so the congestion can ease.

• The tip outcome? The power to swap between any Ethereum primarily based token in a matter of seconds, at scale..

Full Story

In response to Polygon cofounder Sandeep Nailwal, if we would like Web3 to succeed, we want two issues:

1. Infinite, limitless, unbounded scalability. (Translation: blockchain tech that gained’t break if too many individuals use it).

2. Unified liquidity for worth to be transferred.

What does that final bit imply?

Consider these Ethereum-based chains like totally different world currencies.

In the actual world, if you happen to needed to swap Zimbabwean {Dollars} (ZWL) for Swedish Krona (SEK) you would possibly open up your foreign money trade app, press a number of buttons – and growth! It’s carried out.

However what you miss is what occurs within the background.

You’d be exhausting pressed to discover a Swedish financial institution that accepts Zimbabwean {Dollars} – so what the foreign money trade does is it swaps your ZWL for US {dollars} (which is accepted all over the place) and makes use of that USD to purchase Swedish Krona.

One thing comparable occurs if you trade Ethereum-based tokens.

For instance:

If you trade one small/much less standard Ethereum-based token for an additional, what is going to occur is ‘Small Token 1’ is traded for Ethereum (ETH), that ETH is then used to purchase ‘Small Token 2,’ which is then dropped in your pockets.

Okay, okay, it’s not an ideal analogy – however the level is:

This places a variety of strain on Ethereum.

What Sandeep and the Polygon workforce are engaged on is an answer that primarily cuts Ethereum out of this conversion course of, so the congestion can ease.

The tip outcome?

The power to swap between any Ethereum primarily based token in a matter of seconds, at scale.

Let’s hope the Polygon workforce can pull it off!