Polkamarkets, a platform planning to launch a Polkadot compatible game prediction market, has partnered with Polygon
Polkamarkets: Ethereum Compatibility
Polygon, formerly called Matic, is compatible with Ethereum. It offers scalability for protocols that want to operate in a low-fee environment, processing more transactions than the underlying Ethereum tier.
The partnership is also strategic in nature. Before launching on Polkamarkets, it will first activate on the Ethereum mainnet and then move to a compatible network.
Following this partnership, Polygon will help Polkamarkets realize its vision of interoperability for a “blockchain-based” platform. In addition to interoperability, the prediction platform also wants to improve interoperability with other blockchains.
At the heart of this goal will be the launch of a highly available and blockchain-compatible platform that can support the density of any network other than Polkadot.
Polygon offers an outlet for dApps running on Ethereum. The main problem for Ethereum-based decentralized applications is the payment issue. This is due to the implementation of smart contracts and the architecture of the public network.
The combination of redundancy for unreliability and low transaction processing power means that users of the Ethereum network must pay more and wait longer for their transactions to be confirmed.
Solving the problem of gas and scalability with a polygon
The surge in gas prices over the past few months due to the explosive growth of DeFi means that it is impractical for some subsectors to thrive on Ethereum, despite its well-developed ecosystem and relatively high adoption rate.
Ricardo Marquez, Founder of Polkamarkets, said that scalability and low fees matter, predicting that their platform will be the leader:
“One of the key issues with the on-chain prediction markets is scalability and fees, and this partnership will give us options to tackle these two issues. Our goal is to create a market-based forecasting platform for high volume, low commission and low latency. This partnership with Polygon will give us even more tools in our toolbox to bring our vision to life. “