Polygon has pledged $100 million to encourage the development and deployment of Supernets blockchain system
Polygon Supernets Blockchain
Polygon, a well-known Ethereum scaling platform, has been expanding its ecosystem. The protocol announced today a $100 million commitment to support the creation and use of Supernets, its application-specific blockchains with greater performance. It now supports over 7,000 apps and has processed over 1 billion transactions.
Blockchain technology is the foundation for Web3, also known as the decentralized web, which is made up of distributed peer-to-peer programs that run without the requirement of dedicated servers or centralisation. Web3 applications are self-executing programmable smart contracts that govern network-based activities and logic. This component may pose challenges for developers since large-scale public blockchains, like as Ethereum, may encounter severe congestion and load, leading in slower transactions and higher costs.
Polygon’s $100 million fund is far from the company’s first. The project has set aside funds to support a variety of activities, including DeFi. The initiative is committed to promoting ecosystem development as well as fundamental infrastructural development. It has also been growing its workforce, bringing on new employees from major internet companies such as Google, Meta (Facebook), Electronic Arts, and YouTube. Some are to help it with its gaming endeavor. Polygon is also quite interested in the blockchain game industry.
Even in 2021, Polygon Network’s daily transactions surpassed Ethereum’s. This is mostly due to the fact that Polygon provides transactions at a substantially cheaper cost. However, with Ethereum preparing to release its own updates in the coming years, this might change. Perhaps this is why Polygon is broadening its scope, becoming more than just a project that provides Ethereum scaling solutions.
Sandeep Nailwal, co-founder of Polygon, remarked about the project’s objective to facilitate Web3 adoption, saying: “We’re happy to have built a successful solution for the project, giving you supernets. The infrastructure tooling enables users to achieve desired goals easily and quickly. Polygons goal is to bring mass adoption to Web3. A key to blockchain adoption is to provide a whole lot of options to businesses. The opportunity for developers to build what they want has always been in our DNA. And we were excited to have the potential to offer a tool which achieves anything.”
“We envision Polygon as a massively scalable, interconnected multi-chain system, and we are announcing a $100M fund to ignite this vision,” the Team added.