Everyone loves Ethereum, right? It’s widely used and has a ton of code already out there for developers to slot into their projects.
But there’s one problem.
Ethereum can only process about 15 transactions per second. And the huge amount of computing power needed has gotten expensive. Some transactions can cost over $100 each.
What if there were a way to take the developer-friendly world of Ethereum and make it much, much faster?
But developers can still use Ethereum-compatible blockchains and take advantage of the huge amount of code already available on Ethereum.
Similar to an API company like Plaid, the success of a smart contract platform like Polygon is all about developer adoption. The more widely it’s used, the more valuable it becomes.
Given that developers can write code on a platform they’re used to, I think Polygon will have a big advantage over most. It shows in the numbers: daily active users have gone from 750 at the beginning of the year to 192,000 in August.
Polygon is being used for a lot more than price speculation. The most popular project is QuickSwap, which lets you trade 100 cryptocurrency pairs quickly and easily.
My favorite project is Polymarket, where you can bet on real world events like elections or court cases. This could be useful for predicting the weather, a major need of agriculture businesses.
So will I be buying Polygon?
Despite its impressive technology, in a high risk investment like this, I’m looking for the possibility of a 100x return. I’d look for the same in a tech startup.
At a fully diluted market cap of $18 billion, Polygon may have already become so successful that it doesn’t make an ideal investment for me.
But I’ll be watching this awesome team to see what they come up with next!
More on tech:
Photo: “File:Raspberry Pi Bitcoin Mining (14673305874).jpg” by Gareth Halfacree from Bradford, UK is licensed under CC BY-SA 2.0
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