Polygon Will Invest $100M In Projects Using Its Supernets Blockchain


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Polygon has launched a new kind of dedicated blockchain network called Supernets and said it will invest $100 million in projects that use it.

The company will fund projects interested in increasing their growth through a dedicated Polygon Supernet chain.

Polygon is an Ethereum-based blockchain that uses various techniques to scale to millions of transactions and lower environmental costs. It has more than 7,000 applications – including many games – and it has processed a billion transactions.

A supernet is an Internet network that is formed by combining multiple networks or subnets into a larger network.
The benefits include conserving address space and efficiency in routers in terms of memory storage and associated processing overhead.

Green plans?

Striving to become more efficient is a never-ending task for blockchain companies. Polygon said earlier this year that one transaction on its network uses as much energy as two Google searches. But this analysis found errors in Polygon’s assessment, and the energy used could be 1000 times more. I asked several times if that assessment was correct, and the company finally replied yesterday by citing an announcement. In April, Polygon announced it would be “CO2 negative” by 2022 by donating $20 million toward planting trees and other ways to offset energy use.

Polygon recently raised $450 million for its blockchain protocol and hired YouTube Gaming chief Ryan Wyatt to build its blockchain gaming platform.

Polygon said the Polygon Supernets are a dedicated network that organizations and projects can run without additional hosting or operational costs. The tool will accelerate blockchain adoption in new private and public blockchain networks for both decentralized apps (dApps) and enterprises, the company said.

With the complete absence of operational and hosting costs, Polygon Supernets lowers the barrier to entry for developers who previously used Polygon Edge (formerly Polygon software development kit, or SDK, announced in 2021) but their own secure, decentralized, and high-performance blockchain network.

Polygon Edge is a customizable blockchain stack that allows developers to build and launch dedicated blockchain networks tailored to their needs. It is a modular framework designed to support a variety of scaling and infrastructure solutions, from sovereign and enterprise Ethereum Virtual Machine (EVM) chains to full-fledged Layer 2 solutions.

Scaling and throughput are the biggest challenges for developers with public networks. Polygon Edge provides solutions that enable fast and smooth scaling even under extreme transaction load, enabling developers to build applications with millions of daily active users and manage tens of millions of transactions per day.

Polygon considers Supernets to be Polygon Edge networks on steroids. Supernets are blockchain networks with several key features that aim to mitigate the above-mentioned challenges and enable the widespread adoption of Polygon and blockchain technology in general. Here are the most important of those features. The Supernet is built and run for a specific application.

Polygon Technology incentivizes the professional validators – those who use their computer network to validate blockchain transactions – by rewarding them with an amount in Matic token, based on their amounts wagered, which is more than enough to cover all operational and hosting costs that created by the validator.

On any supernet, validators verify all transactions. Formed by third-party staking companies, validators stake Matic tokens on the mainnet before validating the network. A high degree of security can be achieved because validators are vetted by Polygon, according to Polygon.

As of the release of Polygon Supernets, developers can request two types of chains: a Polygon Supernet Sovereign Chain or a Polygon Supernet Shared Security Chain. A Polygon Supernet Sovereign Chain is a network managed by a single professional validator to reduce implementation and maintenance costs. A Polygon Supernet shared security chain is the easiest path to decentralization and high security of your network with professional validators deploying Matic tokens to validate the network.

Polygon Supernets uses Polygon Edge as the underlying infrastructure solution. All the functions and features of Polygon Edge are made to work in a highly secure and decentralized environment within supernets.

Polygon Edge is a development tool with configurable options that allows users to create networks tailored to specific needs. Right now, scaling and throughput are the biggest challenges for developers with publicly available networks.

Polygon recently raised $450 million.

As of publication, more than 20 dApp projects and enterprises are using Polygon Edge to achieve higher performance, consistent and predictable throughput for their use cases, and customization by configuring every aspect of their blockchain network, the company said.

To understand the potential of Polygon Edge, the company said it pays to look at how the cloud has transformed website performance. A shared hosting service was the most obvious option for publishing a new website over a decade ago. This resulted in an unpredictable loading speed due to the limited bandwidth of a shared server. The so-called cloud revolution has since made it easier for websites to perform consistently by having their own servers with the same level of security and not being influenced by other parties.

Like the cloud, Polygon Edge allows developers to deploy dApps on a blockchain network without compromising security or performance, the company said.

Sandeep Naliwal, the co-founder of Polygon, said in a statement: “We are proud of the success Polygon Edge has had to date and we are delighted to have built on this success to bring you supernets. The infrastructure tooling empowers users able to achieve the desired results easily and quickly.Polygon’s goal is to bring mass adoption to Web3 as the key to blockchain adoption is to provide a vast array of options for businesses. building what they want has always been in our DNA – and we’re excited to be able to offer a tool that achieves just that.”

The use of Polygon Supernets is in line with other scaling solutions already in Polygon’s offering. As Polygon Edge will continue to pursue the mission of bringing to the public the latest zero-knowledge, privacy, security features and systems developed at Polygon, supernets will allow developers to bring them to life in their own chains.

Supernets can be secured by Polygon’s Matic. For Edge users who want to use Proof of Stake as a security mechanism, we are introducing a “shared security layer” in the form of a Matic-staked validator marketplace. Projects that sign up for this service gain instant access to a decentralized, reliable Proof of Stake validator set and skip the challenges of bootstrapping a validator network. In addition, Polygon validators will deploy Matic and receive rewards in Matic, so no effort is required from application/project teams when it comes to boosting validators and sustainability. With this service, projects can enjoy all the benefits of Proof of Stake security, without wasting bandwidth or resources; they can fully focus on their core product and goals. This service is not mandatory; nevertheless, we expect it to be very popular given the benefits it offers, the company said.

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This post Polygon Will Invest $100M In Projects Using Its Supernets Blockchain

was original published at “https://venturebeat.com/2022/04/22/polygon-will-invest-100m-in-projects-that-use-its-supernets-blockchain/”

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