Analysts at the consulting giant Fool are prioritizing an altcoin project collaborating with giants like Coca-Cola and Disney amid many other Ethereum competitors.
Here is that altcoin that analysts call opportunity
Polygon works with Ethereum as a side chain. It manages this collaboration through its own Blockchain. Where it is unique is that these processes eventually add to the Ethereum network. In this way, both users and developers can make low-cost processes with high speeds.
Polygon is touted as one of the strongest Ethereum competitors. However, in a larger picture, the situation is not quite like this. Ethereum developers are of the opinion that networks like Polygon support Ethereum on a digital scale. Ethereum already has a number of upgrade plans to become more scalable. However, they aim to establish a faster and more efficient ecosystem by integrating Layer 2 Blockchains such as Polygon.
The future of scalability
On the tech side, Polygon developers have announced the next step to scaling Ethereum. Known as the zero-knowledge Ethereum Virtual Machine or zkEVM, this technology was expected to be years away. However, according to a statement made in July, zkEVM will go live on Polygon in early 2023. In fact, they have already started the testing stages.
In addition to scaling Ethereum, ZkEVM technology allows smart contracts or arbitrary code to migrate to Polygon without having to rewrite it. This was a problem that forced Polygon into limited development before.
Growing partnerships of the altcoin project
The usefulness and potential of Polygon is becoming clearer. Over the past year, Polygon has partnered with numerous companies that even the crypto-diverse investor might know. In May, Meta announced that the company would integrate NFTs into its social media platforms Facebook and Instagram. One of the four networks selected was Polygon. Also, Coca-Cola chose Polygon to celebrate International Friendship Day in early August.
Polygon’s most exciting partnership this year was with Disney, one of the world’s most recognizable entertainment companies. The firm selected Polygon as one of six candidates for 2022. This is a sign that Disney wants to get involved in Web3 and Blockchain technologies. Koindeks.comIn this article, we discussed their plans for the future.
A valuable opportunity
Despite being in the midst of a harsh crypto winter, Polygon has had a year filled with impressive technological breakthroughs, new affiliates, and recognition as a key player in Ethereum’s development. Blockchain is on its way to becoming the primary player in the digital age.
Polygon’s price is down this year like many other altcoins. It cannot get out of this trend, probably due to widespread sales and adverse economic conditions. But if the economic picture changes, we will see Polygon in the midst of president cryptocurrencies, according to Fool analysts. The MATIC price is seeing an unrealistically discounted process today.