Coinbase has sought the help of Polygon’s team in helping it improve its user experience by integrating Oxpolygon, Polygon’s proof of stake mechanism in its Coinbase wallet, and its extension as earlier announced.
In an official statement on August 27th, Coinbase said that it had established the Coinbase Protocol Team, a devoted and skilled group of engineers at the company which would among other duties be entrusted with “Integrating cutting edge technologies with Coinbase products”.
The company is currently focused on scaling its Ethereum network through integration with L2 and other scaling solutions. In particular, it disclosed its choice of the Polygon POS network which at press time already has the support of many leading crypto exchanges and digital wallets including Huobi Wallet, Okex, and Binance Exchange Wallet among others.
Lowering High Prices And Settlement Time
In announcing the move, Manish Gupta, EVP of Engineering at Coinbase stated that the Polygon POS network will help Coinbase in addressing some of its major challenges such as lowering the high prices and settlement times. Its customers will thus be able to transact fast and cheaply when on the Exchange directly to supported layer 2 solutions.
“We hope that we can help level the playing field and ensure retail users don’t get priced out of being able to participate in this burgeoning ecosystem- Our goal is to explore similar scaling initiatives with L2s such as Optimism, Arbitrum, and Starkware over time.”
On Friday, in confirming Sandeep Nailwal, Co-Founder of Polygon also applauding the planned scaling said:
“We are happy to be of good help to the Coinbase protocol team by offering scaling solutions to Ethereum. Polygon PoS is the fastest-growing Ethereum scaling solution with high speed and low gas infrastructure. This will certainly help to improve the Coinbase user experience”.
Polygon’s POS Mechanism
Polygon has become a highly rated platform for many developers seeking to scale up their blockchain platforms through its Ethereum scaling solution and its highly interoperable infrastructure development solution. It boasts of a core component designed for flexibility and independence, which it calls the Polygon SDK. This component allows developers to build Ethereum-compatible Blockchain Networks, connect secured chains such as Validium and Standalone chains such as Polygon POS.
Polygon’s team claims the networks scaling solutions have seen widespread adoption with over 567 million transactions being performed in over 500 DApps daily. Stats from Polygon Network Dashboard Deflab also show that the Polygon PoS network is 2500 times economical than Ethereum and hence will save a significant amount of fees for Coinbase’s customers.
The company hopes to attract more Ethereum developers planning to integrate a high reliable POS system into their projects via its POS system.