- To expand the Value Prop, Polygon asked users to contribute with more use cases and applications.
- Ripple also announced its partnership with the Central Bank of Colombia to explore blockchain technology use cases.
Polygon [MATIC]one of the largest Web3 networks, has announced the launch of an open database of blockchain technology use cases.
Dubbed “The Value Prop,” the database contains a catalog of more than 300 applications and a number of use cases spanning a variety of business verticals, blockchain networks, and geographies. To expand the Value Prop, Polygon asked users to contribute with more use cases and applications.
The Value Prop: An open database that demonstrates the fundamental value and usability of blockchain-based internet applications (on any network), positively impacting people around the world.https://t.co/ySIzBR4zeb
Mint a free NFT of your favorite use case and share it on Twitter:… https://t.co/4vhcPUzhHH
— Polygon (Labs) (@0xPolygonLabs) June 15, 2023
Read Polygons [MATIC] Price forecast 2023-2024
Leveraging blockchain for real-world utility
The idea of using blockchains to find solutions to real-world problems has been a source of intense debate.
Polygon’s latest initiative coincides with a period when blockchain technology has faced a lot of unfavorable sentiment and negative headlines. This was due to the repression by US regulators of major market participants such as Binance and Coinbase.
Therefore, Web3 experts and major players in the space feel there is a greater need to bring out the positive applications for blockchains. They want to present it as a general purpose technology, rather than just seeing it as a medium to facilitate asset trading.
In addition to Polygon, other large networks have also been added. Ripple [XRP] recently announced its partnership with Colombia’s central bank, Banco de la República, to explore blockchain technology use cases.
We are pleased to announce that @Peersyst And @Ripple will collaborate with the 🏦 Central Bank of Colombia @BancoRepublica 🇨🇴 through our partnership with @Ministerio_TIC ✅
👉The goal: evaluate potential efficiency of a solution using the Ripple #CBDC Platform based… pic.twitter.com/OmGyLbBdGO
— Peersyst Technology (@Peersyst) June 15, 2023
More Web3 development the way forward?
Polygon has been trying to attract new talent to drive Web3 development to unlock new use cases. It should be remembered that co-founder Sandeep Nailwal has launched a scholarship program – Nailwal Fellowship. It was an initiative aimed at providing financial help and resources to budding Web3 developers. Aside from the money, the developers get mentorship and access to top founders and investors.
According to the blockchain developer platform Alchemy, Web3 development continued at a brisk pace in the first quarter of 2023 despite the contagion from the US banking crisis. The number of developer teams building on the Alchemy platform reached an all-time high and developer activity increased year over year.
Realistic or not, here is MATIC’s market cap in BTC terms
At the time of writing, Polygon’s native token MATIC was trading in the red. The coin is down 4.16% in the 24-hour period, exchanging hands at $0.5884 as of writing, according to CoinMarketCap.