Knowledge

Polygon, BSC and more: Adoption and the Future of Blockchains

Blockchain is swiftly becoming one of the most in-demand technologies in the world.

88% of respondents in a Deloitte survey indicated that blockchain would become mainstream, and 83% believe that if their organization doesn’t adopt it, they will lose a competitive advantage.

As more organizations adopt blockchain technology, the global market for it is expected to grow from $1.2 billion in 2018 to roughly $40 billion in 2025.

Furthermore, as technology advances, we’re seeing a slew of new blockchains emerge that are solving challenges that others can’t.

So we invited some industry experts to dig deep into the technology and see how they look at the technology going forward.

Meet Our Speakers

SpeakersProjects
Pavel BainsBluezelle
Pankaj ShuklaFerrum Network
Shantanu SharmaEasyFi Network
Alex MomotPeanut
Mohit MadanUniFarm

Topic of Discussion

“Polygon, BSC and more: Adoption and the Future of Blockchains”

Let’s go deep into the discussion.

Q&A Session

Q1. Which chain will lead the path as the cross-chain interoperability - Do you think competition will rule the next phase or collaboration?

Alex Momot – Peanut

First of all, I think that it’s great to have quite a big list of options in a particular blockchain. The problem lies in the high fees in Ethereum, which was the beginning of all the migration projects from Ethereum to Azure networks based on the situation with a network.

It’s great to see the other networks competing with Ethereum. This competition has given us a whole set of new innovations.

You must’ve heard a joke about users in crypto that “have the attention of 5 years child”. It means that marketing of all projects should be very fast, including that part of the migration to other networks.

I believe that projects should spend more time in creating bridges

Mohit Madan – UniFarm

I completely agree with what Alex mentioned. I’d like to add a couple of points here. One thing is that even when the internet was just taking off, there were private companies creating their own internet, for example, Microsoft. All of these had their own distinguishing features. At that point in time, we thought that some of them would scale and the others would die down at a point. That’s exactly what happened!

Today, some of them have turned into intranets, some of them are still operating and, of course, the others have died down. Now, there are two important things to take into consideration on a macro level include –

  • Gas
  • Space

For example, Bluezelle is currently trying to solve the space problem there while making data immutable. Also, they’re deploying on multiple chains.

The other thing is the gas part of it.

You can’t expect a user to always have ethereum or whatever with their wallet in order to spend it. It’s not a scalable way. For example, after 5 years from now, that’s not how we’d be operating. We will have to find a solution to this problem. So these side chains provide us that solution. With the help of providers such as Biconomy and other meta transaction providers, we’re now able to do a gasless transaction on Polygon, BSC, etc.

The fact of the matter here is that users would be able to do things without having to worry about the gas part of it.

On the other hand, I do see that in the next couple of years, the space is going to be a huge opportunity.

Shantanu Sharma – EasyFi Network

You know one of the most fun, or you can say a difficult part of the blockchain technology is that once you get to a point where you think that you’ve known enough, something new comes up and you’re back to square one.

For the major part of my professional life, I’ve been thinking only about Bitcoin, then Ethereum came up. And, when I shifted my attention towards Ethereum, then we had BSC. Now, we have Polygon. We have Avalanche, and what not.

All I wanna say here is that a chain has to have a plan to evolve or drive a culture of collaboration. Hence, I believe that the competition will not rule. I think of it as there’s going to be more collaboration, composability, etc. In my opinion, this is what is going to happen. People will find their way out. Even, the projects will find their way out.

Watch the Full Session


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