BTCS Inc., a blockchain technology-focused company, announces the addition of Polygon to its blockchain infrastructure operations. Formerly known as MATIC Network, Polygon is an $11 billion layer-2 scaling solution on the Ethereum blockchain.
What is MATIC?
Founded in 2017, Polygon’s mission is to augment Ethereum by improving gas costs and making transaction speeds faster. Polygon provides a variety of tools to help scale the Ethereum blockchain as Ethereum embraces a widening range of use cases and the associated transaction volume across non-fungible tokens, the metaverse, and decentralized finance.
At its core, Polygon is a layer-2 network serving as an add-on layer for Ethereum. In other words, Polygon enhances Ethereum’s functionality by integrating on top of the Ethereum blockchain to help it become a better version of itself. In addition to Polygon, the Company is securing Ethereum’s consensus layer by running 240 validator nodes (similar to bitcoin mining) and has staked 8,206 ETH.
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Scalable Transactions for Ethereum’s Real-World Use Cases
Transactions on Polygon are less than $0.01 and nearly instantaneous. Real-world use cases of Polygon include payments, lending, and gaming.
“While Polygon is focused on Ethereum at the moment, it plans to support other blockchains with its scalable technology and provide cross-chain interoperability between different protocols,” Michael Prevoznik, Chief Financial Officer of BTCS, said.
In total, scaling solutions on Polygon have accounted for over $5B of secured assets, 7,000 applications, 1B+ transactions, and 100M unique user addresses.
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Technical Work Completed to Run a Polygon Validator Node
BTCS has completed the technical work to run a Polygon validator node and included it in its planned Staking-as-a-Service platform. The process of blockchain validation includes special intellectual property (IP), technical know-how, and regular maintenance to ensure efficiency. BTCS has staked 456,445 MATIC, in turn, BTCS is generating compounding rewards. Staking allows users to generate an annual percentage yield (“APY”) on their staked assets whereas validator node operators charge a fee on users’ staked asset rewards in addition to earning an APY on staked crypto. The highly scalable nature of both staking MATIC as well as allowing users to stake MATIC to earn token rewards is the premise behind BTCS’ Staking-as-a-Service platform that is currently being developed.
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