The Crypto Mile: Polygon rise, crypto carbon emissions and non-transferable NFTs

·4 min read

Watch: The Crypto Mile weekly update from EthCC in Paris

The Polygon blockchain has attracted the eye of both retail investors and the world's largest corporations, but what explains its recent leap in value? The Crypto Mile speaks to its founder.

The side-chain's native cryptocurrency, MATIC (MATIC-USD) has surged by 40% in a week, touching $0.87, although it still has ground to cover to regain its all-time high of $2.88 seen in December 2021.

The Crypto Mile weekly update sees Polygon co-founder Mihailo Bjelic explain why the cryptocurrency has surged in value and is vying to become the favoured platform for deploying NFT output from the world's largest companies.

The Crypto Mile: Polygon logo displayed on a phone screen and representation of cryptocurrency are seen in this illustration photo taken in Krakow, Poland on November 6, 2021. (Photo by Jakub Porzycki/NurPhoto via Getty Images)
The Crypto Mile: The Polygon blockchain has attracted the eye of both retail investors and the world's largest corporations, but what explains its recent leap in value? Photo: Jakub Porzycki/NurPhoto via Getty

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Checking in from Ethereum's Community Conference (EThCC) in Paris, we also hear from Alan Chiu, the founder of Boba Network, about an exciting NFT development involving one of the world's leading universities.

And finally, after Europe baked in a record-breaking heat wave, we talk to Filecoin's Alan Ransil about how the blockchain can track carbon emissions.

NEW YORK, NEW YORK - JUNE 23: People walk by a Polygon Studios billboard in Times Square during the 4th annual NFT.NYC conference on June 23, 2022 in New York City. The four-day event featured 1,500 speakers from the crypto and NFT space with over 14,000 guests in attendance. (Photo by Noam Galai/Getty Images)
Mihailo Bjelic, the co-founder of Polygon, said: 'In the last couple of weeks things are accelerating on the polygon side, which is quite interesting amid a bear market.' Photo: Noam Galai/Getty

The rise of Polygon

Mihailo Bjelic, the co-founder of Polygon, told Yahoo Finance UK: "In the last couple of weeks things are accelerating on the polygon side, which is quite interesting amid a bear market.

"On the adoption side, we have onboarded major projects from the biggest traditional companies.

"From Disney (DIS) to Instagram, from Stripe to Adobe (ADBE).

"We are excited to announce ZkEVM, which many people consider the 'Holy Grail' of Ethereum scaling and infrastructure in general.

Read more: Celsius bankruptcy, The Crypto Mile Weekly Update

"Full Ethereum compatibility, ZkEVM fully leverages Ethereum's security as the most highly secure blockchain in the world.

"Apart from the Ethereum (USD-ETH) merge we believe this to be the most significant tech milestone this year and will usher in a new era of mass adoption."

Polygon has been able to build some of the biggest Web3 projects and attract corporate giants such as Meta (META) and Disney.

In July, Facebook owner Meta announced it is rolling out Polygon-based NFTs for its users and Disney said it has chosen Polygon for its accelerator program.

The mass media and entertainment giant will aim to develop new technologies with Polygon, related to NFTs, as well as AI and augmented reality for its planned metaverse content.

Young Asian businesswoman using smartphone in downtown city street at night, working with blockchain technologies, investing or trading NFT (Non-Fungible Token) on cryptocurrency, digital asset, art work and digital ledger
Polygon has surged in value and is vying to become the favoured platform for deploying NFT output from the world's largest companies. Photo: Getty

Boba Network and non-transferable NFTs

The Boba Network (BOBA-USD) allows web2 data to become interoperable with web3 blockchains.

Web2 data such as university qualifications will become updated on decentralised blockchains, so that a verified NFT of a certificate of a qualification can be carried with a user as they journey through the metaverse.

Alan Chui, CEO of Boba Finance, said: "We are working with one of the top universities in the world to create NFTs that represent degrees granted by that university.

"These NFTs are non-transferable, so you cannot sell them, which makes sense, but more importantly, the NFT will verify that the holder actually graduated from that university."

This will become in important during future metaverse interactions, "where people will want to see verification of degrees, licences and certifications".

Horizontal view of cryptocurrency tokens, including Filecoin, Bitcoin, dogecoin, and ethererum seen from above on a black background. High quality photo
Filecoin Green is an initiative connecting the Filecoin Network to renewable energy. Photo: Getty

Filecoin Green and crypto carbon emissions

The Crypto Mile also spoke to Alan Ransil, the team lead for Filecoin Green, an initiative connecting the Filecoin Network (FIL-USD) to renewable energy.

Using Filecoin Green's dashboard, anyone storing data on the network can see how much energy it takes to store their data, where that energy comes from, and what renewable energy sources are used.

As a record heat wave sweeps Europe, Filecoin Green is hosting the Sustainable Blockchain Summit in Paris to work towards Web3 native tools for tracking carbon emissions like those recently announced for nodes on the Filecoin network itself.

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These tools will increase the transparency of ESG data and the velocity of emissions data throughout supply chains, accelerating decarbonisation efforts.

But, can the blockchain issue in more efficient transfers of ESG data and especially environmental accounting, or is this a contradiction due to the energy-intensive "proof of work" consensus mechanism?

Watch: The Crypto Mile: Episode 3 How blockchain technology could usher in Web3

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