Polygon launches open database for blockchain technology use cases

• To expand the Value Prop, Polygon asked users to contribute with more use cases and applications. 
• Ripple also announced its partnership with Colombia’s central bank to explore blockchain technology use cases.

Polygon [MATIC], one of the largest Web3 networks, announced the launch of an open database consisting of use cases for blockchain technology.

Referred to as “The Value Prop”, the database hosts a catalogue of more than 300 applications and a number of use cases spread across different business verticals, blockchain networks, and geographies. To expand the Value Prop, Polygon asked users to contribute with more use cases and applications.

The Value Prop: an open database showcasing the fundamental value & utility of blockchain-based internet applications (on any network), positively impacting people all over the world.https://t.co/ySIzBR4zeb

Mint a free NFT of your favorite use case & share it on Twitter:… https://t.co/4vhcPUzhHH

— Polygon (Labs) (@0xPolygonLabs) June 15, 2023

Read Polygon’s [MATIC] Price Prediction 2023-2024

Leveraging blockchain for real-world utility

The idea of harnessing blockchains to find solutions to real-world problems has been a source of intense discussion.

Polygon’s latest initiative coincides with a period in which blockchain technology has been dealing with a great deal of unfavorable sentiment and negative headlines. This was as a result of U.S. regulators’ clampdown on big market participants like Binance and Coinbase.

Therfore, Web3 experts and big players in the space feel there is a greater need to bring out the positive applications for blockchains. They want to pitch it as a general-purpose technology, rather than only seeing it as a medium for facilitating asset trading.

Apart from Polygon, other big networks have also stepped in. Ripple [XRP] recently announced its partnership with Colombia’s central bank, Banco de la República, to explore blockchain technology use cases.

We are excited to announce that @Peersyst and @Ripple will start working with the 🏦 Central Bank of Colombia @BancoRepublica 🇨🇴 through our partnership with @Ministerio_TIC ✅

👉The objective: Evaluate potential efficiencies of a solution using the Ripple #CBDC Platform based… pic.twitter.com/OmGyLbBdGO

— Peersyst Technology (@Peersyst) June 15, 2023

More Web3 development the way forward?

Polygon has been trying to attract new talent to boost Web3 development to unlock new use cases. It should be recalled that co-founder Sandeep Nailwal launched a grants program – Nailwal Fellowship. It was an initiative aimed at providing financial assistance and resources to early stage Web3 developers. Apart from the money, the developers will receive mentorship and access to top founders and investors.

According to blockchain developer platform Alchemy, Web3 development continued at brisk pace in Q1 2023 despite the contagion from U.S. banking crisis. The number of developer teams building on the Alchemy platform reached all-time highs and developer activity surged year-over-year.

Realistic or not, here’s MATIC’s market cap in BTC terms

At the time of writing, Polygon’s native token MATIC was trading in the red. The coin was down 4.16% in the 24-hour period, exchanging hands at $0.5884 as of press time, per CoinMarketCap.