Billionaire Mark Cuban Invests In Indian Blockchain Start-up Polygon
A US-based entrepreneur and tech billionaire Mark Cuban invested an unrevealed amount in the Indian Cryptocurrency platform, Polygon.
What is polygon?
Polygon, an Indian cryptocurrency platform that aims to supply faster and cheaper transactions on the Ethereum blockchain.
It is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem.
Polygon combines the best of Ethereum and sovereign blockchains into a full-fledged multi-chain system and also solves pain points associated with Blockchains.
In a recent development in the cryptocurrency community, a US-based entrepreneur and tech billionaire Mark Cuban invested an unrevealed amount in the Indian Cryptocurrency platform, Polygon which is a blockchain startup. Mumbai-based blockchain project Polygon was previously referred to as Matic may be a protocol and a framework for assembling Ethereum-compatible blockchain networks. The startup maps accessible resolutions on Ethereum aiding a multi-chain Ethereum ecosystem.
Until a few years ago, supposedly, the crypto community was viewed as an obscure medium linked with notorious individuals utilising crypto capital for illicit activities whereas its popularity has fostered the development of a whole crypto ecosystem.
Top 20 Crypto Coins Globally
Polygon was created by Jayanti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic in 2017 with an intention to make an alternate to Ethereum’s Blockchains or ‘sidechains’ to tackle its network issues. getting to provide speedy transactions and costs along side existing congested blockchains, Polygon has crossed the market capitalization of over USD 10 Billion and is among the highest 20 crypto coins worldwide.
What Is The Need For Such a Sidechain?
Cuban is the owner of the Dallas Mavericks basketball team and is one of the main “shark” investors on the American startup reality show “Shark Tank”.
Unlike decreed currencies regulated by a central government, cryptocurrencies are decentralised — meaning, a central authority does not control its demand, supply or track transactions.
For example, a decentralised system requires that each computer running Bitcoin’s program (called “node”) manages a ledger of details regarding every Bitcoin transaction made anywhere.
Since every user has a copy of the ledger, no one user can alter the records of Bitcoin transactions. However, if several ledgers were out of sync, it might make the whole system and its records unreliable. To ensure that each one users keep their ledgers up-to-date, Bitcoin uses a mixture of cryptography and economic incentives.
Login to Guvi to know more about Blockchain.
Introduction to Blockchain and Cryptocurrency by Guvi
