Coinbase set for updates as plans to merge with Polygon

Coinbase exchange hopes to use the Polygon blockchain in its operations. Ethereum’s layer two protocol will act as the exchange’s scaling solution. According to Coinbase, the application of the Polygon blockchain also benefits the Ethereum network. merger can solve various problems on Ethereum, such as high fees.

Polygon partners with Coinbase

Ethereum network continues to face scalability issues as it moves into a PoS ecosystem. refore, these problems led to the development of a scale solution known as Polygon.

Today, the Polygon system houses more than 500 decentralized applications. Due to the success of the network, Coinbase now has plans to make Polygon PoS its scaling partner.

refore, Coinbase clients can make cheaper withdrawals using L2 technology. Using Polygon also encourages faster transactions.

That way, retail investors can take full advantage of a growing industry. In the future, the exchange also plans to apply Polygon on the Coinbase Wallet.

Coinbase Protocol Team

Coinbase has a vision to create global economic freedom. By joining hands, the financial industry can grow and serve everyone. As such, it led to the formation of the Coinbase Protocol Team.

group is made up of qualified engineers who work in the support of scaling networks. Coinbase hopes to expand its support by combining various technologies with its products. team hopes to hire developers who can help innovative scaling blockchains.

Venturing into the Ethereum network is one of the group’s goals of supporting open source projects. Rosetta is among the few projects supported by the protocol team.

Rosetta works as a middleware tool to help users develop on a blockchain. project makes blockchain integrations faster, simpler, and more secure.

Crypto Community Fund

exchange platform is also focused on developer funding in the crypto space. Driven by its passion for support, Coinbase initially made a 1% engagement plan as part of its initiatives. promise cuts 1% of Coinbase’s earnings to help power various charitable activities.

In 2020, Coinbase introduced a community fund to finance Bitcoin developers. platform was ready to sponsor developers promoting Bitcoin-related projects. Rosetta’s Grant Program is the other funding initiative.

Here, the trading platform was intended to drive the growth of the Rosetta ecosystem. In 2021, Coinbase made an announcement seeking to seek blockchain developers. As a result, the company plans to incorporate blockchain builders that can address issues like scalability on board.

Additionally, the grant looks at developer expertise, protocol security, and auditing procedures. In the end, the exchange can invest in major contributors to the crypto ecosystem.

Read Also AMD Doesn’t Prioritize Mining Cards Over Gaming GPUs, Says CFO

Source link


Related Posts

© 2024 Cryptocoin