DamoTalks #46 Recap: AMA With Polygon

Crypto3 View

7 min readMar 4, 2022

Introduction:

DamoTalks #46

Guest: Cora, Head of China for Polygon

Host: Jane — Event Manager of TokenDamo

Live Assistant: Lin Lin

Live time: March 3, 4 P.M. (UTC+8), 2022

Q1: Can you tell us about yourself and what you are responsible for at Polygon?

Hi, everyone, I’m Cora. Polygon Head of China.

Graduated from Monash University majoring in commerce. I started to know Bitcoin in 2017. Afterward, I started to build my own community. I joined Polygon last year, and I would like to introduce our Chinese team.

We are responsible for the developer ecosystem in China, providing technology education, hosting hackathons with some developer ecosystem platforms. Also, we are looking for some good projects for the Polygon ecosystem.

For marketing operations, we have AMAs and online events every month to update the development of Polygon for everyone. Community is also an important part of our job. We have communities in Telegram, Wechat, and Mixin.

Currently, we are more focused on Twitter and Telegram operations.

Can you briefly introduce what Polygon is? What advantages does Polygon have over other Ethereum scaling solutions?

Q2: Can you briefly introduce what Polygon is? What advantages does Polygon have over other Ethereum scaling solutions?

Polygon’s goal is to become the AWS of Web 3, we want to provide solutions to the developers and crypto users.

As we all know, Polygon is one major Layer-2 chain attempting to take the pressure off Ethereum’s heavily congested network. Polygon now hosts more than 7,000 applications and has processed over 1.3 billion transactions between 100 million unique wallets.

So, Polygon has become a very important platform for those who are trying to build and scale low-cost applications and help them to actually get adoption. Probably 70–80% of the new startups in crypto are using Polygon today.

We were Ethereum EVM side chain. Afterward, we became a Layer-2 chain.

Now we focus on the development of zk. We purchased Hermez and Mir to use ZK technology to provide a faster and cheaper transaction fee infrastructure to users.

Q3: In the Journey so far what are the achievements & challenges in terms of partnerships, community, and development for the Polygon?

Cora： As I said, Polygon now hosts more than 7,000 applications and has processed over 1.3 billion transactions between 100 million unique wallets. Polygon main Twitter account’s followers beat 1 million last year.

We’ve spent a lot of effort building this strong infrastructure, attracting the best dapps, partnering with various chains, connecting to browsers and wallets, creating the coolest new trends, all on our blockchain. That’s how we have on average 270k daily active users now.

Q3: In the Journey so far what are the achievements & challenges in terms of partnerships, community, and development for the Polygon?

Q4: Polygon received another $450 million investment from a number of well-known institutions in early February, and intends to use it to attract the developer ecosystem. What are Polygon’s current initiatives in terms of developer incentives? What’s the next plan?

Polygon has been, by far, the most preferred scaling solution, and the number of applications being built on the network has doubled every month over the past few months. This is especially true for applications based on DeFi and NFT and there are a couple of important reasons for that.

Incentive rewards

Polygon has been giving out funds for developers, apps, and hackathons since early last year. Last month, we had 5 hackathons. We are very active in all developer-related communities, events, university courses, Github, etc. So we devote lots of money to it. Many might think we get most of the developers from ETH, but data shows differently. Of all the dApps that have been built on Polygon, 68% have been built only on Polygon while 38% have been built on Ethereum and Polygon as well. This shows that developers are increasingly beginning to use Polygon as a stand-alone network for building their applications rather than just trying to port over the existing applications from Ethereum to Polygon to make use of the scaling solution. This is good in the long term for the network and shows the trust and the reliability that the developers have begun to have in Polygon.

Technology

Polygon wants to deliver the best solution in ZK technology and we’ve acquired some very big names in the field, including Mir, Hermez, etc. We make sure we are pioneering in the ZK knowledge so our developer will be updated with the best technology always.

Another advantage is that the network has presented a simple, easy-to-use suite of APIs for developers to develop their dApps on the network and this has made the process of going to market much easier not only for the Ethereum developers but for any developers.

Community

Polygon builds a strong developer community and is very supportive of all newcomers. Builders can find everything they need in a click and get answers right away. They can find lots of eager and young builders like themselves and it’s very easy for them to feel closely connected with the community.

These are the 3 key accelerators that help make the Polygon’s explosive growth possible.

Q5: We all know that NFT and the game market are strategic areas that Polygon has been focusing on, so what new achievements or discoveries have you made compared to last year?

Cora: Polygon established Polygon studios in May last year. We were planning to get more web2 users through gaming and NFT, especially young people, we expect them to make the efforts and enter the web3 zoom because they are very passionate about games and some creative things. However, the sustainability of gaming projects is a big problem. Currently, we find some gaming projects are trying to use the creative token economy to solve this problem. For NFT, some projects are doing NFT derivatives, some projects are doing music NFT, and some projects can wrap tokens in the NFT. In the future, NFT will be an important part of the Blockchain industry. In this case, web3 storage will be more important. That’s why Filecoin and Polygon Studios Deepen Collaboration in NFTs, Games, and the Metaverse. We can imagine the Web3.0 storage track has a huge space to increase. We can wait for more new coming projects on this track.

Q6:We have learned that there are already many NFT projects in the Polygon ecosystem. How will Polygon support those ecological projects?

Cora：

Early build grants
Marketing&Promotional support
Technical Guidance for Project Development
Connecting with investors and accelerators

Q7: ‘Polygon offers a wide range of secure, fast, affordable and energy-efficient Ethereum scaling solutions for Web 3 developers’ — This is your Twitter introduction, and could you tell us more about Polygon’s specific protection policies in terms of privacy and security?

Cora： The usage of multisig has been addressed many times. Multisigs are used to increase security, not to decrease it. Polygon is responsibly using them, and we are working towards removing them.

Multisigs are used to enable contract upgrades, mainly in two situations:

Bugs/vulnerabilities
Regular upgrades

They are considered the optimal approach to secure user funds in the early phases of development and are used by almost every scaling and bridging project.

We recently published a multisig transparency report which covers the details about signers and how we plan to improve and eventually remove multisigs. IMHO exit scam is not a realistic concern for Polygon, and multisigs are actually used to protect users from hacks. The more signers, the harder is to coordinate them in case an immediate reaction is required. We are trying to find the right balance here; we already have more signers than most of the other scaling projects. They will have to transfer the smart contract admin key to the Matic token holders

This is definitely our goal, as described in the transparency report. However, this will increase the reaction time in case of a bug, so it will be implemented and activated gradually.

Q8: What new technology or business plans do Polygon have in 2022?

Cora: First of all, we believe developer communities will play a key role in Polygon ecosystem. Building a strong consensus and big ecosystem is our goal. We are still focusing on the development of ZK. We will have more products based on ZK technology this year. I can’t wait for it. You guys can pay attention to our ecosystem, we will have some really good projects coming this year and next year. All the breaking news will be announced on our Main twitter and Chinese Twitter.

LIVE Q&A

What projects are you guys emulating?

Currently， we are the biggest project in the Layer2 track. We don’t compare with others. We more care about our products and ecosystem. How to build a better Web3 world? What can we provide for Web3?

2. What Polygon is aiming for?

Polygon’s goal is to become the AWS of Web 3, we want to provide solutions to the developers and crypto users.

3. Why is Polygon getting slower now, one of the contract transactions hasn’t worked in two days?

It is because of the fast-growing ecosystem. That’s why we are studying and developing ZK. ZK technology can contain 300X DAPPS with 1/10 of the current gas fee.

In the future, NFT will become the most significant part of the Blockchain area. In another word, web3.0 storage is getting more indispensable. That’s the reason why Filecoin and Polygon Studios deepen collaboration in NFTs, Games, and the Metaverse. The growth of the Web3.0 storage track can not be estimated, and we are looking for more new upcoming projects as well.

You can also find TokenDamo on ✔

Twitter: https://twitter.com/TokenDamo

Telegram: https://t.me/tokendamo

Website: www.damolabs.com