In 2017, three software engineers — Jaynti Kanani, Sandeep Nailwal and Anurag Arjun — realised Ethereum, the decentralised, open-source blockchain with smart contract functionality, was dealing with scalability issues and high gas fees (transaction fees).
To improve the infrastructure for Ethereum, whose native cryptocurrency Ether (ETH) is the second-largest cryptocurrency by market capitalisation, the trio launched Matic Network.
Co-founder and CEO Jaynti Kanan tells YourStory,
“When CryptoKitties, a blockchain game on Ethereum, became popular, it jammed the network. So for us, it became a question of solving this problem. We knew blockchain technology was still in its early stages, and so we weren’t looking to onboard millions of users in a short span of time. Rather, we just wanted to be a top blockchain project in terms of usage.”
In May, Matic Network, which recently rebranded itself as Polygon, raised funding from US-based tech billionaire and serial startup investor Mark Cuban.
The startup’s cryptocurrency — MATIC tokens — also entered the list of top 20 cryptocurrencies worldwide in market capitalisation, turning its co-founders into India’s first crypto billionaires.
So far, over 250 decentralised applications, 76 million transactions, and 7,90,000 unique users have adopted Polygon’s solutions.
Read all about how the Indian startup ecosystem is battling the second wave of COVID-19 here.
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In the crypto space, the narrative has been largely around the fact that India needs cryptocurrencies. However, many stakeholders point towards areas of concern.
Rameesh Kailasam, CEO, IndiaTech.org talks about the five-point framework created by IndiaTech.org to regulate India’s crypto industry while mitigating risks and fostering innovation.
Editor’s Pick: Product Roadmap
According to state road transport undertakings, more than 68 million Indians travelled by bus, city and intercity in 2018. While many Indians use public transport for their daily commute, these systems can get a little chaotic.
This led Vinayak Bhavnani, Mohit Dubey, Priya Singh Dubey, and Dhruv Chopra to start Chalo — a public transport management startup that uses its Passenger Information System (PIS) and mobile ticketing platform to send real-time updates. Read more.
Founding team of Chalo
Due to the COVID-19 pandemic, more people have switched to ecommerce, leading to a rise in the demand to have a strong supply chain infrastructure.
Delhi-based Holisol Logistics offers tech-enabled end-to-end supply chain logistics platform for clients from fashion, lifestyle, and ecommerce, among others. Read more.
Illustration: YS Design
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Before you go, stay inspired with…
American businessman and investor Mark Cuban
“Right now, Bitcoin is a more established store of value and there is no reason to think it won’t continue to be for a long time. Ethereum, on the other hand, is booming with development that I think will create so many new applications.”