Future of Polygon, MATIC & Crypto in 2024 With Sandeep Nailwal!

"we have a lot of Matic holders that are coin buau fans audience members and they are very curious to know kind of Matic and the migration to Paul what the road map is and what it means for the Matic holders out there yeah so the road map is very clear like the Matic we were originally called Matic Network right like in 201 uh 17 18 when we started in 20120 in 2020 we rebranded to polygon why because previously Matic was a single blockchain ecosystem and we wanted to always go into this multichain environment because that's where we saw that if we want to scale the web3 to a planetary level where this becomes the protocol if you want to build the protocol where all the people are building their applications needs to be multi-chain and that's why the name polygon it's like multifaceted multichain multi VM multi validator profile privacy profile all those things that's why like you know we reband to polygon but we also had to migrate our token which is the Matic Network token Matic token to uh you know pole token and uh because you know that reflect like this is the old token so this upgrade is happening this year we already like the pole token is already live and all that the validators are getting their will get their rewards and poll tokens and all that but uh for for the average individual for everyone who to migrate their tokens from Matic to pole we will uh you know announce a proper like guideline roadmap and all that where people will be able to migrate and by the this is not like a new token this is just a Migra not even migration this is like a technical upgrade actually of the same token because Matic token is a immutable token right if you could actually go and just change the name and all those things it'll be much easier to not you know have a change over there um but because it's a immutable it cannot be changed the token the token cannot be changed so it has to be a technical upgrade where users will on their own will they can upgrade to the pole token and this new pole token is actually why it is relevant is that is is like fully built to be a multi-chain token right so the token economics and everything that has built there there is a 1% inflation added per year which is used to incentivize the validators to keep validating and provide security into the system and uh then uh it also has the ecosystem treasury 1% to which could be used to grow the ecosystem heavily uh because all the like as you said like computer protocols they are all like freshly new tokens and all that and they have large ecosystem treasuries and all that so that polygon remains competitive uh over the over the years also and so that's also one thing and then uh this poll is basically with our reaking mechanism that is coming up uh this poll becomes like as we say third generation hyperproductive token right when we say hyperproductive token like Bitcoin as a Bitcoin holder you cannot participate in bitcoin's validation and security system right you have to be have you have to run physical miners but uh in case of let's say ethereum like now especially with proof of stake if you hold ethereum you can use that ethereum to stake in the ethereum security and Pro provide uh you know security uh provide security to ethereum so you can uh technically uh you know participate in the network in case of poll you will be able to participate in the network but we why we call it hyper productive token is you don't only participate in running the chain but you can participate in running multiple chains actually because of the multichain environment you can also participate use the same token to provide maybe data availability services to some chains or provide proving services and different different kind of things that you can do with that token so that's why we call it like a hyper productive token Bitcoin started with that with no utility no uh you know utility into the network then ethereum with stake earn yield this one you not only earn the base amount of yield but you can also earn from the transaction fees across the Chain by providing different kind of services"

"then in terms of the virtual machine then application or these Chains can have different decentralization profiles some chains might have 100 validators some chains might have a single sequencer it's up to but all of them are all secured by ZK the decentral just offers you censorship resistance but otherwise users have same level of security everywhere um and you know like we want to all we need to enable is the fast interoperability so the V1 that will launch it will have so slow interoperability then the next version V2 of that uh you know interoperability layer launches uh we call it aggregation layer the aggregation layer launches it makes uh the the chains very fast interoperable so that is the narrative like infinite TPS ever growing blockchain Network that's all is the core level thing everything comes as a sub narrative to that"

"2024 might be a year but I definitely feel that this is 200% this is the second last year where bitco where blockchain scaling is still the biggest problem but with a high degree of certainty like I think I can say more than 50% chance that this year we say that blockchain scalability is truly solved"

"and from there it's all about like few big games or applications going really mainstream and crypto will start getting that respect from the mainstream that's what that's what I believe like they it will become a mainstream technology after that like once it becomes a mainstream technology there'll be a Mania cycle but after that people realize that okay this is one just one computation technology right now we have cloud computing and other kind of like server system which are trustful Computing this is trustless Computing people will build applications which will have aspects of both in them and I think that's where you know where value is involved where there is trust is involved in doing any kind of computation where there you'll need trustless compute but everywhere else you don't need like if you are doing a you know a chat application you don't need every you know small and even the most stupidest of chats to be saved in a in a in a blockchain right like forever all you need is especially when there's a value involved or there is something where a history or auditability of something is important or you need a trustless compute on some particular smart contracts there you will use this trustless computation technology otherwise you'll just simply use the web to technology and I think I hope that with this 24 to 28 4E cycle or you know 24 to 26 actually this cycle yeah maybe three to two to three four year cycle crypto becomes a mainstream mature technology and beyond that is not considered the a technology to just speculate on but it rather becomes a mainstream technology which is just meaningfully used um across the verticles"

"we are doing zero knowledge technology right and uh we are like generally now widely considered the best uh zero knowledge in terms of technology and research company alongside like you know other heavy weight like starkware and so we think that the key differentiator is the technology"

"posting data on ethereum is very costly so this 4844 actually is coming up uh with ethereum they will provide an external space apart from the block space where you can post the data which is like which makes layer tws cheaper like especially the layer two rollups cheaper so that's definitely good for all the layer tws Layer Two rollups especially like polygon ZK evm is also rollup SO gas fees will become super more affordable and all that"

"however I also feel that with all this you know influx of inscriptions and all that I think a lot of other different kind of use cases will start consuming that uh bandwidth of 4844 and it will not be as like you know cost effective that we it will be still huge cost Effectiveness but it will not people are expecting 10x cost reduction I I am like less I'm a little bit skeptical that it will bring in 10x cost reduction it will definitely bring from 2 to 5x cost reduction"

"that's why like you know we still strongly believe in the ZK validium where you keep the data elsewhere and you put the ZK proofs because with the ZK the biggest benefit is that you are not relying on a socioeconomic security optimistic rollups rely on socio Economic Security ZK relies on mathematical security cryptographical security so the sequencers cannot steal money and all that even if the data is somewhere else all you need the data is for exits so there are very Corner kind of extremely rare kind of attack factors which would be there like Ransom attack and all that even then like you know it's not like users lose all of their money and all that that's just not possible"

"the real polygon is just getting born as you said so what kind of narratives are going to come out from this maybe they're already here but this is just kind of acceleration level I think one of the on the narrative side like I myself uh and then recently like some people posted on Twitter also uh that you know oh like because parallel VMS like polygon also has parallel VM so we talked about it people are like oh now parallel VM polygon is talking about parall VM previously layer to ZK the thing is that polygon you know in the last two years has been like 3 to 400 500 people team and we are working on so many things because our end game is to reach the place or reach the infrastructure which can actually play an important role in creating this trustless interplanetary ecosystem right"

"I think one of the on the narrative side like I myself uh and then recently like some people posted on Twitter also uh that you know oh like because parallel VMS like polygon also has parallel VM so we talked about it people are like oh now parallel VM polygon is talking about parall VM previously layer to ZK the thing is that polygon you know in the last two years has been like 3 to 400 500 people team and we are working on so many things because our end game is to reach the place or reach the infrastructure which can actually play an important role in creating this trustless interplanetary ecosystem right and uh I think because of that we have so many things to talk about but the problem is that you know like in terms of banding and we have done a bad job at that that we have had like multiple different things like okay first month you know people are talking about like Brands launching on this and then people are talking about games and then people are talking about D5 people are talking about ZK so it keeps on moving and I think the one thing that we need to definitely solve for polygon is is is basically uh this uh this piece where we need to have like one clear sucing story of polygon which is like the high level story everything else are the sub narratives this is what we need to fix for polygon I think this year"

"I I think this has to be the like you know but next year like polygon is once the polygon as I saying polygon is being born this is basically people will be able to realize that this is a infinite TPS like ever growing infinite TPS uh blockchain Network which provides like you know with those multi-chain environment which also provides interconnectivity but as a simple story it is like an infinite TPS Network right because this community likes TPS"

"how do you solve for interconnectivity interoperability between these chains that is the aggregator lay and then what are the benefit of multi chain ecos system the benefits are that you can have different kinds of VMS yeah we keep talking about like virtual machines like like you have evm but we are like people know about miden blockchain people know near protocol is working with us on launching a ZK wasm so we can have wasam VM there are multiple others big products that are being worked in the polygon ecosystem so that's there in terms of the virtual machine then application or These Chains can have different decentralization profiles some chains might have 100 validators some chains might have a single sequencer it's up to but all of them are all secured by ZK the decentral just offers you censorship resistance but otherwise users have same level of security everywhere um and you know like we want to all we need to enable is the fast interoperability so the V1 that will launch it will have so slow interoperability then the next version V2 of that uh you know interoperability layer launches uh we call it aggregation layer the aggregation layer launches it makes uh the the chains very fast interoperable"

"but I think for me the Highlight for the of the year is the the chains that are launching like Manta network is doing really great uh similarly okx X1 chain comes in soon uh similarly you have immutable like absolutely like the Juggernaut in gaming in the making uh we also have uh you know idex like you know exchanges launching like a completely self- custodial exchanges with the you centralized exchange kind of experience but still uh self custodial uh you know for the users so many many these things but I think the cdk chains is the Highlight for me"