Antoni Martin, the co-founder of Polygon, joins Raoul to dig into how and why Polygon is moving so quickly, how they are innovating, and why they’re so open to embracing other partners in the space.
Read our notes below to learn more.
Antoni’s Journey into Crypto
He worked at Deutsche Bank for 17 years.
He spent a couple of years in investment banking.
In 2011 he finished his MBA.
He studied a course on basic blockchain development.
The Polygon Team's first objective in 2019 was to create a solution based on zero-knowledge proof.
When they arrived at Polygon, they realized in order to vote they need to scale.
The second application of the zero-knowledge proof is identity and related to scalability.
Jordi created a ZK rollup that is compatible with the Ethereum Virtual Machine (zkEVM).
Web 4.0 is the identity factor.
The Vision of Polygon
Polygon is a layer-two solution that will help to scale Ethereum.
The only team who was able to scale in a minimal way in Ethereum, and implemented a solution was the $MATIC team.
Proof of Stake (PoS) was a good solution maybe for gaming.
ZK Roll-ups
The team is gathering thousands of transactions, and through computation or with ZK technology they are able to ensure that all these transactions are correct.
Sending this hash to Ethereum.
A Supernet is a network that can be connected with other networks or with other supernets when it is interconnected you have ownership in your company somehow of this data and then you don't need to share the data with third parties.
Supernets are the most centralized but less secure.
The scaling method that is more decentralized and more secure, but also more expensive is the ZK rollup.
They expect that in the future major part of the transactions will run on top of the ZK rollups.
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Value Accrual for Layer 2s
Token economics is one of their challenges.
Each user in Layer-two 004 will pay for transactions.
There is more demand because there are more transactions.
At the same time, more people want to become a validator and want to stake tokens.
Polygon will use Ether in ZK roll-ups and they will try to increase the value of Ethereum.
They have had more than 220 million smart contracts deployed on top of Ethereum.
They have 180 million users.
They are the most used scaling platform, thanks mainly to NFTs and DeFi.
Institutional Adoption & Global Regulation
This technology, if used in a good way could be very helpful.
Legislators and regulators need to be more clear.
Antoni is positive about the UK.
Saudi Arabia is calling them and is interested in the projects they want to implement.
India’s developer base is so powerful but the government is reluctant.
Polygon, Identity, and Web3
One of the reasons why institutions can't use DeFi is because of KYC and AML.
Polygon wants to be the entry door for Web3.
People should be able to vote on what they want in a responsible way, with respect, being able to argue and explain their reasons.
The fact that they can create this kind of privacy, he thinks it's something almost mandatory in the current world.
2023 will be the year of the implementation of the scalability, it should be the year of the implementation of the rollups.
Antoni thinks that's something critical because without the rollups there is no option also to expand any entity solution.
Polygon is the execution layer.
Final Thoughts
Through blockchain, they can create traceability and add more value to those who are undervalued.
To have adoption they need to onboard gaming, onboard DeFi, onboard companies, asset tokenization, and payments
If somehow they can bring this technology to these people or the financial repression they are able to solve problems for real people without infrastructure.
He hopes that the world of ZK rollups is already deployed and creating a lot of use cases.
He thinks 2023 is the year of scalability and rollups.
Raoul’s Takeaway
He loves Antoni's broader vision of how he can really help people.
This space gets financialized really fast, but there's a real societal critical mission.
Identity conversation is a really important conversation.
They need adoption at scale, as opposed to trying to find some small use cases.
They need Polygon to solve those problems because if not society can break apart.
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