Vitalik Buterin and Polygon co-founder to help send $100M toward COVID-19 research
Research into “Long COVID” and furthering medical infrastructure development will be the two main focus areas for Buterin.
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Značka: Sandeep Nailwal
Polygon powers India police complaint portal, battling corruption
The 2.8 million citizens of India’s Firozabad district may now be able to sleep a little tighter after the launch of a new police complaint portal that uses blockchain technology to prevent manipulation.On Oct. 12, Polygon co-founder Sandeep Nailwal announced in a series of tweets that the Polygon blockchain protocolo is now being used by Firozabad police in Uttar Pradesh to fight against local police corruption and crime. Called the First Information Report (FIR), the portal allows victims of crimes to register complaints against local police officers without the complaints either being dismissed or manipulated by potentially corrupt officers. Nailwal shared that the project was very close to his heart because he grew up hearing stories of victims not getting justice due to local police corruption, many of who were victims of rape.Police Complaints(FIR) on blockchain powered by @0xPolygon This is very close to my heart. We grow up hearing about so many of such cases wherein due to some corruption in a local police department, victims(mostly of rapes) are not even able to register complaint or…1/2 https://t.co/k9gRMD6r08— Sandeep | Polygon 3️⃣ (@sandeepnailwal) October 12, 2022The video shared by Nailwal was posted by the Firozabad police, featuring a snippet from the senior superintendent of Firozabad police, Ashish Tiwari.Nailwal said the FIR going on the blockchain ensures that the reports can not be manipulated or denied by lower-level officers and “could be a game-changer in ensuring right to justice.”In the announcement, Nailwal also thanked the police commissioner for going beyond the call of duty to implement and innovate with technology to ensure equitable justice.The announcement from the Firozabad police has also been picked up by others in the crypto community, with many seeing it as great news for Polygon, blockchain technology and the citizens of Firozabad. Twitter user srinigoes, a veteran of the Indian navy, commented to their 15,200 followers it was “an amazing initiative” to get complaints registered on the blockchain, which would ensure transparency.“The biggest problem in the interiors of India was whoever registered the FIR (First Information Report) first, had first mover advantage,” he said. 1/2This is an amazing initiative. To get the complaints registered on blockchain. At least the blockchain will ensure transparency. The biggest problem in the interiors of India was whoever registered the FIR (First Information Report) first, had first mover advantage. https://t.co/vMbEWRG4Rr— Srini ~ Akash the Ape (@srinigoes) October 12, 2022
Kashif Raza, founder of crypto education startup Bitinning, noted on Twitter that the first complaint portal on Polygon has now been launched, meaning:“1) Complaints are now immutable. 2) Verifiable. 3) Easy to file.”Related: Australian state police sets up crypto division to trace transactionsOn Oct 6, Cointelegraph reported that Polygon announced a partnership with the Ocean Conservation Exploration and Education Foundation (OCEEF) to promote ocean literacy through new creative, entertaining and engaging ways to give people exposure to deep underwater missions.
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Polygon network activity spikes as NFT sales reach new height
The number of nonfungible tokens (NFT’s) sold on the layer-two protocol Polygon reached an all-time high last month at just short of 2 million. According to Dune Analytics, this marks a near 60% rise in comparison to November and the third consecutive monthly increase for the network.An Ethereum-based scaling solution seeking to construct, distribute and manage securities on blockchain technology, Polygon’s ecosystem has grown exponentially over the past twelve months, registering in excess of 3,000 decentralized applications on its network, in addition to a total value locked figure of $3.86 billion.Alongside this, the number of unique daily active proof-of-stake chain addresses on the network is also expecting a new all-time high, aiming to surpass the record of 566,516 printed on Oct. 2, 2021, with the most recent data from Jan. 5, 2022, calculating 554,163.Related: Here’s how Polygon is challenging the limitations of Ethereum, as told by co-founder Sandeep NailwalIn an interview with Cointelegraph last month, co-founder Sandeep Nailwal revealed that Polygon has found a niche in attracting a high proportion of gaming companies and platforms to build NFT’s on their network, as opposed to the collectibles and art often witnessed on Ethereum.Polygon’s native token, MATIC, reached a peak price of $2.92 on Dec. 27, 2021, and has subsequently fallen to $2.11 at the time of writing in line with a wider market decline.
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Here's how Polygon is challenging the limitations of Ethereum, as told by co-founder Sandeep Nailwal
Polygon (MATIC), a layer-two network designed for scaling and application infrastructure development on Ethereum (ETH), has been making the rounds among blockchain enthusiasts as of late. From its $1 billion investment into zero-knowledge technology to co-launching a $200 million Web 3.0 social media initiative up to integrating with Opera’s web browser to make its decentralized apps accessible to 80 million Android mobile users, the network’s momentum is going strong. But partnerships and business aside, the technological capacities of the network, especially when compared to Ethereum, are also attracting the attention of many blockchain developers. In an exclusive interview with Cointelegraph, Polygon co-founder Sandeep Nailwal talked about the extent of the network’s adoption.Cointelegraph: What are the current gas prices and transaction speeds for Polygon? And how does that compare to Ethereum?Sandeep Nailwal (SN): From the Polygon Scan Explorer, you can see that the average block time is around 2.3 seconds. As for Ethereum, that is 15 seconds. And then the gas fees, you can see 0.001 MATIC tokens; this is a point fraction of a penny.CT: Have there been any notable nonfungible token (NFT) drops on the Polygon network recently?SN: None of them have become like CryptoPunks or anything, but I think Polygon’s biggest kind of support is from the gaming companies […] They all added to NFT. If you go to market, talk to any random 10 different gaming teams, they will tell you six to seven are building on Polygon.But the notable drops on NFT, the biggest, have been Dolce and Gabbana, the brand. They made a $7 million sale recently. There are other big luxury premium watch brands, and these guys are coming in. Apart from that […] Elon Musk minted an NFT. Jack Dorsey minted NFT of his first-ever tweet, and […] Mark Cuban — all those were on Polygon networks only.#NFT sales have seen astronomical growth since 2020.2020 total sales: $340 million2021 total sales: $9 billion (so far)Let’s see what happens in 2022, with NFTs in sports, gaming, and #metaverses now gaining traction. https://t.co/VDD8v2YwVo via @cointelegraph— Waz (@DaveWaslen) November 30, 2021CT: What are some popular decentralized apps built on the Polygon blockchain? And what does their total value locked (TVL) look like?SN: Polygon is now used by all the decentralized finance applications in Ethereum. The only one remaining was Uniswap. And the community signaled a week back that they are also launching on Polygon now. So as for the popular DApps, I would say Uniswap, Aave, Decentraland, etc. I think the TVL across the bridges is around $5 billion or $6 billion.CT: What is your objective for investing in zero-knowledge technology?SN: We had committed $1 billion for zero-knowledge technology, which we believe is the holy grail of blockchain scaling. And privacy is the second element — that’s one thing where everybody gets confused. So you use ZK to verify computations back on Ethereum without sending back the entire data. Instead, you simply provide proof that everything was correctly computed on layer two and put a […] succinct proof back to Ethereum.CT: In your opinion, would further Ethereum upgrades empower the network’s capacity to match that of layer-two solutions?SN: Even if 2.0 comes in here, that will not provide enough scalability. Next year, the proof-of-stake [PoS] upgrade will keep everything the same; like Ethereum has 13 transactions per second [TPS] right now, maybe it will go to 20 TPS [after PoS], but not more than that. So that does not add anything to scalability. And let’s say in three to five years, even if the sharding comes, we’ll have a projection of 64 shards. And with each acting at 20 transactions per second, but that’s still 1,280 transactions per second overall, right? That’s still not enough for the entire world.Related: Uniswap v3 contracts deployment on Polygon approved with 99.3% consensusCT: What does Polygon’s adoption currently look like?SN: There are 3,000 plus active development teams on it. This was posted by Alchemy some time back. It should actually be up to 5,000. The daily active users on Polygon have become 50% more than Ethereum, and with gaming NFTs, we are seeing so much happening on Polygon.
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