Meta recently made an announcement that it would enable its users to share NFTs on both Instagram and Facebook. Stripe, a financial technology startup, stated a few months ago that it will begin paying out to its creative community.
Just over a year ago, EY, a multinational provider of professional services and technology, launched a suite of blockchain offerings that quickly became its most prominent offerings. American professional football’s NFL started selling NFT collections in 2017.
In addition to Solana, Polkadot, Fantom, LoopRing, Arbitrum (Offchain Labs), Immutable X, Tezos, and Flow, Polygon is one of the most popular platforms for Ethereum ‘Level 2’ scalability and infrastructure development. It can be used to create games that run on the blockchain, create new forms of currency, and more. It’s changing the way businesses think about Web3, blockchain, DeFi (decentralised finance), and NFTs (non-fungible tokens).
“We partner with companies that make life easier for developers. We are the last man standing, but we want to make sure each and every person in that value chain is successful along with us. The vision of us being the AWS of Web3 is not far-fetched. We are already on that journey. We will probably get there sooner than most of our competitors,” said Dalip Tyagi confidently. He currently heads Polygon as the SVP and head of developer relations.
Tyagi said he joined Polygon eight months ago. Prior to this, he had top leadership positions at companies including Microsoft, Meta (formerly Facebook), Amazon, and others, where he oversaw international marketing teams and developer initiatives.“It was the right time for me to jump into the industry, considering it is pretty nascent and highly fragmented, and best is yet to come,” said Tyagi when asked about his career transition.
He also praised the company’s work environment and the value it brings to the ecosystem as a whole.Tyagi claimed that the team is always motivated because of the enthusiasm, energy, humility, and capacity for making mistakes while learning.
“But, every single day coming out and making new and continuous improvements in the processes, how do we do it better than the previous day? That is what keeps us going. That is what makes us a unique company,” said Tyagi, sharing his personal experience at Polygon.
Tyagi stated that Polygon seeks to invest in cutting-edge technologies.He continued, saying that at their core, they are looking to invest in more secure, quick, and scalable solutions and products. “We invest in them ahead of the curve,” he said.“If you look at the past few months. It has been a golden time for us. However, the best is yet to come,” said Tyagi.
“Our investment in India will continue to grow,” he added, saying that its web3 hackathons (BUIDL IT) conducted by Polygon saw about 300 per cent year-on-year (YoY) growth, and most of it is from India. “We are on track; our hockey stick is going to bend the other way around,” said Tyagi.Polygon is more widely used outside of India in Africa, Latin America, Europe, and the US.
Future of India depends on Web 3
“India is the biggest exporter of technology, and technology services, not necessarily the consumer market. It is growing too. But, a substantial portion is still based on how we export the technology outside of India and how we have a skilled workforce that can build. That is why India has become a country with outsized impact,” said Tyagi.
Tyagi mentioned well-known Web 2 companies like Microsoft, Google, and others when he claimed that some major companies had established research facilities in Gurugram, Bengaluru, and Hyderabad.“Each and every single web company has a presence in India. I expect the same will happen for Web 3,” he added.
highlighting some of the UI/UX, efficiency, data transport, safety and security, and other shortcomings of Web 2, Tyagi said today, large data brokers in the middle are controlling the identity and everything;
with Web 3, you are giving control back to the users. He believes that all of these things are coming together. “You will see this merger that happens globally,” said Tyagi.
He added to AIM that India will continue to have an enormous impact on both the domestic market and the global market because of the many talented person, the quality impact on Web 2, and all the educational institutions that are still producing high-quality engineering graduates.
Polygon Quick Look
Polygon is one of the few blockchain startup to have achieved international success, with offices in Singapore and Bengaluru. The company was co-founded by Anurag Arjun, Jaynti Kanani, and Sandeep Nailwal in 2017. In 2020, software developer Mihailo Bjelic from Serbia joined the company as a second co-founder, and the business changed its name from Matic Network to Polygon.
Over the years, the company has invested in multiple blockchain startups, including thirdweb, Insomnia Labs, Unstoppable Domains, Mighty Bear Games, Optic, Gnosis, Revoland, Sidus Heroes, Thred Apps, and Mech, among others.
Two zero-knowledge (ZK)-based businesses, Mir Protocol ($400 million) and Hermez Network ($250 million), were acquired by Polygon in 2021. These investments followed the company’s announcement of its investment strategy in ZK-focused initiatives and projects, where it had set aside a $1 billion strategic fund, last year.
According to Polygon’s statement to AIM, it presently supports more than 37,000 dApps worldwide. Since its establishment, the company has registered close to 3.4 billion transactions, with more than 160 million unique users and over 3 million daily transactions.
The business employs 450+ individuals, all of whom work remotely.
In the past six months, it has experienced substantial growth. According to the company’s statement to AIM, it plans to hire more than 100 people in the upcoming months across all business units, including positions in business development, marketing, engineering, and other fields.
“There is no way for us to slow down. We will continue to see growth both in bringing new products and launching them (particularly in the areas of DeFi, NFT, and Web 3), supporting them, and going after all the big opportunities we see in the marketplace,” they added.
What’s new?
Polygon is placing a significant wager on ZK technology.
Touted as a “great leap forward,” the business released Polygon zkEVM in July 2022. Using cutting-edge cryptography known as “ZK proofs,” the company claims to have created the first scaling solution on par with Ethereum that is compatible with all existing smart contracts, developer tools, and wallets.
Tyagi is super excited about zero-knowledge technology as well. He said, “It is really fascinating. The things that are possible say, you can be on a blockchain—which is by definition public—but you can also be anonymous at the same time. “That is truly empowering to own how the data is created, distributed, managed, and monetised at the end of the day. It is truly about making a creator-led economy, and zero-knowledge has the potential to change,” he added, expressing his support for a web that is open, decentralised, and fair at all times.
Etherium said last month that it would switch to proof-of-stake (PoS) by the middle of September.
Many people are curious about how this merger would affect “Layer 2” sites like Polygon.“We are kind of okay, more than kind of—we are extremely, unbelievably, falling-out-of-our seats excited by Ethereum’s upcoming transition to PoS,” said the team. Proof-of-stake, or PoS, is a type of consensus mechanism that blockchain uses to get everyone to agree on something.
In proof-of-work (PoW), miners expand energy to show that they have money at risk.
Polygon said Ethereum would be better for the environment. But it won’t make the car go faster or save money on gas.“The network depends on Polygon and other Layer 2 solutions to solve this,” the team added.
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