IoTeX is a decentralized bodily infrastructure community that has now partnered with Polygon Labs to combine its 2.0 blockchain with AggLayer.
The collaboration was introduced by addax CEO and co-founder Raullen Chai, collectively with Polygon co-founder Sandeep Nailwal, on the occasion R3al World in Singapore on Tuesday.
IoTeX, Polygon Partner to Enhance DePIN Adoption with AggLayer
The integration will leverage AggLayer’s cross-chain communication and liquidity-sharing features to permit IoTeX-based tasks to subject rewards and to give customers extra decisions to settle a transaction on their most popular blockchain.
The firm is integrating with AggLayer to lengthen cross-chain capabilities, unlocking new liquidity and scaling alternatives for DePIN tasks. This partnership offers the connecting layer throughout varied ecosystems, empowering DePIN tasks to thrive in a multichain setting.
AggLayer is an interoperability layer at the moment underneath improvement by Polygon Labs and others, providing unified liquidity and safety throughout blockchains. Polygon was recently chosen as one of many prime Ethereum L2 tasks for 2024, identified for its strong and scalable options for Ethereum transactions.
AggLayer makes use of zero-knowledge proofs in order that issues in a single chain don’t bleed into the funds or operations of different chains. Zero-knowledge is the idea whereby a celebration can show to one other get together that one thing is certainly the case with out essentially exhibiting them the information behind that reality. This will increase privateness and safety for blockchain transactions.
The vital factor to underline is that every one the above-mentioned attainable utilities depend on neighborhood consensus. In each second, Polygon ensured that this enlargement of POL’s performance, particularly contained in the AggLayer, is made in accordance to the need and consent of the neighborhood.
In July, the corporate launched an IoTeX 2.0 white paper, stating the tech stack can be composed of composable modules and a unified belief layer to take DePIN adoption one notch greater. Such a stack shall be underpinned by a token economic system linking DePIN dApps, Layer 2 chains, and gadgets. Infrastructure shall permit builders to simply combine with AggLayer, which can allow customers to interact with DePIN purposes constructed on totally different blockchains.
Fueling DePIN Growth
Polygon Labs introduced the blockchain aggregation layer in January this 12 months for aggregating a number of chains into one to supply aggregated liquidity throughout chains.
Among tasks using or set to make the most of the Polygon Content Deployment Kit, commonly known as the Polygon CDK, to construct their Layer 2s and bridge into AggLayer, are OKX’s X Layer, Immutable, Astar, Canto, Palm Network, Aavegotchi, IDEX, Nubank, and Manta Network, as well as to Polygon’s personal PoS chain.
In July, Movement grew to become the primary Move-based community to be admitted into AggLayer on its quest to fill the interoperability hole between the Move and EVM ecosystems.
Just final week alone, crypto {hardware} maker Fabric Cryptography introduced a deal with Polygon Labs to deliver its bespoke ZK chips into the AggLayer ecosystem.
A lot of tasks within the Polygon ecosystem have already been leveraging IoTeX’s infrastructure, such because the geospatial information community Geodnet, and automobile information monetization platform Dimo.
Teuta
Teuta is a seasoned author and editor with over 15 years of expertise in macroeconomics, expertise, and the cryptocurrency and blockchain industries. Starting her profession in 2005 as a way of life author for Cosmopolitan in Croatia, she expanded into protecting enterprise and economic system for a number of esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be considered one of humanity’s most important innovations. Her fintech involvement started in 2014, specializing in crypto, blockchain, NFTs, and Web3. Known for her glorious teamwork and communication abilities, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a ardour for sneakers.
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