In addition to Bitcoin, the most popular assets in the crypto markets are those with a robust ecosystem that supports several other essential sectors in the industry, such as DeFi or NFTs.
The innovative Ethereum Layer 2 scaling solution Polygon – formerly Matic – is one of the most popular and has recently partnered with Trace Networks and Infosys Consulting to bring several revolutionary new features to the platform.
This is what Trace Networks is all about and why the partnership with Polygon will drive adoption of the technology.
Polygon Layer 2 Solution Get a powerful upgrade with Trace Network
Besides Bitcoin, Ethereum was the crypto world’s other superstar. However, high gas costs and a struggle to tackle scalability quickly have made Layer 2 solutions such as Polygon even more important. These technologies address the major issues plaguing Ethereum throughput and help drive interchain connections.
The Polygon and Trace Network partnership will specifically focus on these cross-chain links to remove clunky blockchain data silos. Trace will adopt Polygon’s highly scalable and efficient Layer 2 infrastructure, solving several current critical blockchain challenges and enabling non-replaceable tokens and DeFi capabilities.
Cross-chain links help each blockchain unlock its full potential by capitalizing on the platform’s strengths and eliminating any critical weaknesses. Trace Network even helps projects access funding from traditional financial institutions.
Trace Network, Infosys Consulting and Polygon join forces with M-Setu and Insurechain
The other piece of the puzzle here is Infosys Consulting – a publicly traded company connecting customers with disruptive technologies. Together with Polygon, Infosys created M-setu – a hybrid blockchain that aims to make communication between insurers easier.
In the traditional insurance industry, there has long been a communication bottleneck that hinders efficiency. M-setu is a proof of concept with the main benefits of both public and private blockchains. The hybrid blockchain also supports Insurechain – an innovative app that transfers data securely and directly between insurance companies, anywhere, anytime.
Insurechain also uses advanced solutions such as Polygon’s Plasma and Rollups, which serve as the link between blockchains and insurance companies on a large scale.
Unprecedented traceability and more possible thanks to Trace Network
Trace Network makes it possible to generate NFTs from different products, creating a unique digital on-chain identity. The platform’s linking capabilities allow easy transfer of NFTs and ownership across multiple dApps.
When retail brands make the inevitable shift to NFTs for luxury goods ownership, Trace Network is poised to bring unprecedented traceability, transparency and visibility to business operations worldwide.
Customers of these world-renowned brands will reap the benefits of blockchain ownership, eliminate the fear of counterfeit goods and much more – all thanks to Trace Network.
To learn more about this breakthrough technology, visit the Trace Network official site.