Poloniex and Polygon have joined hands to work on Web3. Through the collaboration, Poloniex and Polygon will work to boost the development and adoption of Web3 applications while also working on various other fields.
Polygon brings to the table its cutting-edge technology and insights to support the collaboration. Poloniex carries the success that it has achieved over eight years of functioning in the industry with a commitment to provide users with the best trading experience.
Shaun Scovil, the General Manager of Poloniex, stated that the team was incredibly thrilled about the collaboration’s potential in the future.
Both will now strive to support the development of the Web3 ecosystem to make the applications widely accessible to the users.
Poloniex has been in the industry for more than eight years. It was founded in January 2014, and the global cryptocurrency trading platform has come a long way since then. It achieved a successful funding round in 2019 that witnessed the participation of greats like H.E. Justin Sun, the Founder of TRON.
Known for its security, Poloniex focuses on offering spot trading, margin trading, and leveraged tokens. The services of Poloniex are available in nearly 100 regions with support for languages like Turkish, English, and Russian, to mention a few. Newer traders interested in learning more about the trading platform should look at a review of Poloniex before taking a deep dive.
Polygon makes it easier for Ethereum developers to come on board and work on their respective projects. Polygon is a platform that now leads Ethereum scaling and infrastructure development solutions.
Polygon’s suites grant developers access to solutions including sidechains, L2 Solutions, stand-alone & enterprise chains, Hybrid Solutions, and data availability solutions, among many others.
Polygon secures more than $5 billion in assets and has approximately 142 million unique user addresses registered on the platform. It has processed more than 3.4 billion total transactions and has hosted at least 19,000 decentralized applications.
Developers on the Ethereum network can easily migrate to Polygon to leverage the fast and secure transactions for their decentralized applications.
Web3 is an idea originally coined by a co-founder of Ethereum, Gavin Wood, in response to the problems faced by the early adopters of cryptocurrency. Web3 is based on grounds to support the rising popularity of blockchain technology, non-fungible tokens, and cryptocurrencies.
Experts said that Web1 was read-only, Web2 was read-write, and Web3 will be read-write-own. The core principles of Web3 are that Web3 is completely decentralized, permissionless, trustless, and has native payments.
Web3 aims to allow equal participation for all with a digital currency in hand to operate on incentives and unique economic mechanisms.