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Mark Cuban Reveals Stake in Ethereum Layer 2 Scaling Solution Polygon

Cryptocurrency
27.05.2021
124
Mark Cuban Reveals Stake in Ethereum Layer 2 Scaling Solution Polygon

Famed American entrepreneur and investor Mark Cuban has divulged a strategic investment in Polygon, highlighting his own use and embrace of the protocol’s multi-chain approach to Ethereum.

Investment Accompanies Release of the Polygon SDK

As major names line up behind Ethereum, notably Goldman Sachs, which presented a thesis highlighting the network’s potential to overtake Bitcoin in terms of crypto dominance, Mark Cuban is among the latest high-profile figures to throw his support behind the network via an investment in Polygon.

Polygon, formerly known as Matic, aims to help tackle the scaling constraints that have plagued Ethereum by delivering the interoperability needed to construct and connect Ethereum-compatible chains.

The layer 2 scaling solution pioneered by the company will effectively benefit from Ethereum’s core features while building upon the network’s existing capacity. For projects like decentralized finance (defi) that want to avoid the throughput bottlenecks and high fees that currently impact the Ethereum mainnet, this new solution is designed to overcome these obstacles.

Cuban withheld the terms and size of his investment in Polygon but did note, “I was a Polygon user and find myself using it more and more.” Already, he plans to integrate Polygon into Lazy.com, another blockchain business in his portfolio, to help users seamlessly display NFTs.

This investment dovetails important advances for Polygon, namely the rollout of the Polygon SDK. The SDK will empower developers to build customized standalone chains that will be compatible with Ethereum with its growing set of modules. Besides helping deliver on its promise to cultivate a multi-chain ecosystem, Polygon’s high throughput and PoS consensus model support “zero-gas” transactions and near-instant confirmations.

Future iterations of the Polygon SDK, set for eventual implementation, will support more layer 2 platforms, including Rollups and Plasma, each of which will also promote greater scalability and throughput over time.

Are the billionaires lining up behind their favorite blockchains – Musk vs Cuban? Let us know what you think in the comments section below.

Author:bitcoin

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