Polygon and Magic Labs Partnership: A New Milestone
As the cryptocurrency market constantly evolves with new developments, partnerships and collaborations are becoming one of the most important parts of these changes. Finally, popular altcoin Polygon announced that it has teamed up with Blockchain onboarding startup Magic Labs to launch an innovative cross-chain network called Newton. This development has the potential to significantly improve the user experience and accessibility of Blockchain technology, while creating great excitement in the crypto world.
Newton: A Platform That Simplified User Experience
The main goal of Polygon’s new platform, called Newton, is to make it as easy for users to use decentralized applications (dapps) on different blockchains as browsing the internet. Developers are provided with an infrastructure that allows them to create applications that run on various Blockchains without the need for users to maintain separate wallets. This will greatly improve users’ experience and increase interest in the world of cryptocurrency.
Innovations to be Brought by the Partnership
This strategic partnership marks a transformation process similar to the standardization processes we see in traditional financial systems such as ACH and SWIFT. While Magic Labs describes this situation as “Blockchain consolidation”, experts emphasize that if this technology is successful, it could solve the problem of “Blockchain silos” that complicate the crypto user experience and fragment liquidity. This is considered an important step in overcoming many problems in the sector.
Magic Labs and Wallet Abstraction
Magic Labs gained an important place in the market by introducing the concept of “wallet abstraction” in 2018. Now, together with Newton, it is integrating the Passport wallet, which will allow users to make transactions with a single interface, independent of Blockchain technology. This allows users to appear to have a single balance across all Ethereum-compatible networks, significantly improving the user experience.
Onboarding Technology and Developer Experience
Jaemin Jin, co-founder and chief product officer of Magic Labs, emphasized that user experience is always at the forefront and stated that they will take this experience even further with Newton. Offering new possibilities for developers, this platform aims to eliminate the complexity of Blockchain while allowing users to focus only on transaction costs and speed.
Large Investments and Number of Users
Magic Labs has received at least 82.9 million dollars of investment from important investors such as PayPal, Placeholder and Lightspeed, as well as famous angel investors Naval and Balaji. The company claims to have added more than 35 million users so far. Onboarding technology is also used in dapps such as Polymarket and Helium, demonstrating Newton’s potential in the industry.
Conclusion: The Crypto World of the Future
The collaboration between Polygon and Magic Labs is considered an important step towards making the cryptocurrency ecosystem more accessible and user-friendly. If this technology becomes standard, there could be a revolutionary change in the Blockchain world. The ability of users to make transactions faster and at lower costs, regardless of which blockchain they use, will increase cryptocurrency adoption and bring the industry to a wider audience.
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