Polygon, the eco-friendly blockchain ecosystem that was co-founded by three Indian know-how lovers in Mumbai in 2017, was valued at $20 billion (roughly Rs. 1,69,744 crore) in 2022. Sandeep Nailwal is without doubt one of the co-founders and the COO of the blockchain agency, that competes with the likes of Ethereum and Cardano. He has been working with Web3 know-how since 2016. Right this moment, India-made Polygon Labs is licenced in the EU, collaborating on tasks in South Korea, whereas additionally increasing presence in different nations. Nailwal spoke to Gadgets360 on an array of topics, on the lately concluded India Blockchain Week 2024 in Bengaluru.
In a latest TV interview, Polygon Labs CEO Marc Boiron mentioned that the blockchain model has struggled in broader adoption attributable to racial prejudice in opposition to Nailwal and Polygon’s roots in India. On this interview with Devices 360, the corporate’s founder addresses the alleged racial bias prevalent in the worldwide Web3 area whereas additionally voicing his opinion on India’s Web3 market, Polygon’s future, and the pressing want for Web3 regulation.
Gadgets360: Are you involved about Marc’s assertion that that the Polygon’s PoS chain is struggling in broader adoption attributable to racial prejudice in opposition to you, and the way does this influence builders in India?
Nailwal: I recognize Marc highlighting this problem however let me be clear about how I view this. Early in our journey, sure, we confronted skepticism and bias. What I’ve discovered is that no person is doing this intentionally or systematically. The universe does not owe us respect – we have now to earn it. I used to get pained by this, however now I perceive that worrying about prejudice is simply losing power we might use for constructing.
When Polygon began, folks doubted whether or not an Indian staff might construct important blockchain infrastructure. Right this moment, Polygon PoS powers hundreds of dApps and world manufacturers deploy on the community. This did not occur by complaining. It occurred by way of relentless execution.
The one strategy to change these perceptions is thru sustained success. Hold constructing, hold successful. Web3 is inherently borderless – it does not care the place you come from. What issues is what you construct and the way nicely it really works.
Gadgets360: What are the important thing elements which have pushed Polygon’s progress to date?
Nailwal: A number of elements have contributed to the success of the Polygon community. Firstly is the neighborhood. From the builders grinding away at DeFi protocols to enterprises taking their first Web3 steps, from NFT creators to dApp builders – they’re those driving actual innovation. With a powerful, engaged developer neighborhood, adoption follows naturally.
We made a acutely aware option to construct a community that simply works – the PoS chain. It is easy, quick, and safe. We aren’t constructing for only one phase of Web3. That is why we went all-in on ZK know-how. It isn’t about following traits; ZK is prime to blockchain scaling.
Now, with AggLayer, we’re tackling chain connectivity and shared liquidity. Once more, not as a result of it is fashionable, however as a result of it’s a necessity — blockchain’s future hinges on overcoming its inherent fragmentation. For mass adoption, the person expertise should rival the seamlessness of right this moment’s web. Agglayer’s mission is to allow liquidity to circulation throughout the ecosystem, effortlessly.
Gadgets360: How will Polygon handle the problem of blockchain scalability?
Nailwal: Other than fragmentation, scalability is blockchain’s greatest problem. ZK know-how is the place we’re making the largest breakthrough. That is the last word reply to scaling blockchain with out compromising safety. zkEVM and different rollups are pushing the boundaries of what is doable with transaction throughput whereas staying appropriate with Ethereum. The ultimate piece is aggregation by way of AggLayer.
All these chains might be related into one unified ecosystem. Give it some thought – shared liquidity, seamless motion between chains, and a person expertise that simply works. That is how aggregated networks will help the following billion customers.
Once you mix modular and monolithic approaches like this, you are fixing the problem for good past non permanent patchwork fixes. This ecosystem will permit each chain to be related, quick, and accessible. No compromises on safety, decentralisation, or efficiency. That is the way forward for Web3.
Gadgets360: How does Polygon Labs view the Indian market?
Nailwal: What excites me is how Indian corporations are innovating with blockchain. Take Flipkart – they’ve already created over 3.6 million person wallets on Polygon PoS, and so they’re simply getting began. This reveals how enterprise adoption can carry hundreds of thousands of customers into Web3 seamlessly.
Trying past Polygon, by way of my Blockchain for Influence (BFI) venture, we have dedicated $200 million (roughly Rs. 1,697 crore) in the direction of constructing India’s biomedical capabilities as a result of we consider in long-term influence.
Gadgets360: Are you able to touch upon the worldwide and Indian regulatory panorama across the crypto and Web3 sectors?
Nailwal: The regulatory panorama round Web3 is complicated, however actual progress is going down. Globally, nations are beginning to perceive that blockchain is not nearly crypto – it is about constructing higher infrastructure for the digital financial system.
In India, we have had our ups and downs, however I am optimistic. The federal government is taking time to grasp the know-how. Positive, there’s uncertainty, however let’s take a look at the expertise pool we have now. Indian builders are constructing unimaginable issues in Web3, and with the proper coverage framework, we might turn out to be a worldwide hub for innovation.
Here is what actually issues – we’d like laws that make sense. Not so free that unhealthy actors can exploit customers, however not so strict that we kill innovation. The way forward for Web3 is dependent upon discovering this stability between innovation and safety. Good regulation truly helps adoption.
Some responses have been condensed and barely edited for readability.
