- Polygon is putting a lot of money on nil cryptography, which would be widely regarded as the best method for growing blockchains. In the Zero-Knowledge Thesis, published in August, the core development team made it a centrepiece of its strategic vision. Under part of such a goal, the club has pledged $1 billion towards zk-related projects, representing a significant portion of the budget.
- DraftKings, a digital sports entertainment and gambling company with a market capitalization of $23 billion, has joined the Polygon ecosystem as a validator and node operator, marking the first time A publically traded corporation has been involved in cryptocurrency management.
- As per the press statement, Polygon auditors had committed almost 2.67 billion MATIC tokens valued almost $4 billion, collecting up to $770 million in rewards. DraftKings will join existing validators as an equal community member, demonstrating our commitment to a decentralised, community-run consensus network, stated Polygon co-founder Sandeep Nailwal.
Scalability for Ethereum On the Polygon network, DraftKings, a NASDAQ-listed sports betting company, is included as a network validator. It’s the first time a large publicly-traded company has gotten involved in blockchain governance.
Validators Of Polygons Had Received $770 Million As Prizes
DraftKings, a digital sports entertainment and gambling company with a market capitalization of $23 billion, has joined the Polygon ecosystem as a validator and node operator, marking the first time A large internationally listed corporation has been involved in cryptocurrency management. Polygon validators are in charge of verifying the authenticity and legality of network transactions in exchange for rewards using the Proof of Stake (PoS) mechanism on the blockchain. All validators stake Polygon’s native MATIC tokens as collateral for the privilege to run nodes, which is a critical component of the PoS blockchain’s functionality.
DraftKings had partnered alongside Zero Hash, a supplier of virtual currency infrastructure, to be among Polygon’s 100 verifiers, whose responsibilities include creating a block, verifying agreement, as well as adding checkpoints to the blockchain Ethereum (ETH) mainnet as part of the agreement to become one of the network’s validators. As per the news release, Polygon auditors have committed over 2.67 billion MATIC tokens valued almost $4 billion, collecting up to $770 million in rewards. DraftKings will join existing validators as equal community members, demonstrating our commitment to a decentralized, community-run consensus network, stated Polygon co-founder Sandeep Nailwal.
Polygon has become a crucial piece of Web3’s infrastructure for some years, providing an Ethereum Virtual Machine (EVM) suitable sidechain and scalability solutions that can handle massive trading volumes. As contrasted towards the Ethereum foundation layer, it has faster internet and lower prices. According to the news announcement, Polygon is home to some of the most important projects in this field, including decentralised banking protocols like Aave and luxury goods business Dolce Non-fungible token (NFT) platforms including OpenSea and Mark Cuban’s Lazy.com, along with Dolce & Gabbana. Polygon is a popular destination for Web3 projects, with over 7,000 decentralised apps currently in development.
While large corporations have become more engaged in the Web3 market, their participation has thus far been limited to investment and marketing. The decision by DraftKings to participate in the daily functioning of the best cryptocurrency platform is a huge step forward into the blockchain sector. In the last year, DraftKings has announced a number of Web3 projects, including the introduction of its general accessible NFT marketplace with Autograph collections, a strategic partnership with the NFL Player’s Union, and Polygon Ethereum are collaborating on a potential NFT-based videogame.
In The Web3 Era, They Need To Future Proof Some Components Of Our Company
Gaining exposure to staking technology is part of DraftKings’ larger plan of building out a solid, sustainable, and decentralized infrastructure to help futureproof portions of the company in the Web3 age, according to Paul Liberman, co-founder and president of global product and technology.
Layer-2 solutions including zk rollups and optimistic rollups, sidechains, hybrid solutions, and more are available through Polygon’s range of products. Polygon is investing heavily on zero-knowledge cryptography, which is largely seen as the end-all solution for blockchain scaling. In the Zero-Knowledge Thesis, published in August, the core development team made it a centrepiece of its strategic vision. Under part of such a goal, the club has pledged $1 billion towards zk-related projects, representing a significant portion of the budget.
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Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2022/03/12/draftkings-a-23-billion-sports-gambling-business-serves-as-a-networking-verifier-for-polygon/