We are excited to announce that the Bytom blockchain will collaborate with Polygon, a protocol and framework for creating and connecting Ethereum-enabled blockchain networks. Polygon and Bytom will jointly develop the cross-chain initiative, which can fundamentally benefit both parties.
Extension of the cross-chain interaction between Bytom and Polygon
Bytom and Polygon had both developed cross-chain infrastructures in their own ecosystem, Bytom developed its own inter-chain gateway which allows Bitcoin, Polkadot, Ethereum, Litecoin and many other networks to cross-chain with the Bytom network. . Polygon has developed its own cross bridge which can greatly improve the performance of the blockchain compared to Ethereum (The Layer 1). Thanks to the inter-chain initiative, it will allow inter-chain interaction between the Polygon network and the Bytom network.
In addition, DeFi applications on the Bytom and Polygon networks will also take over the assets of both networks once the cross-chain between Bytom and Polygon is completed.
Empower DeFi applications with the interaction between Bytom and Polygon
Polygon and Bytom both have their own DeFi applications based on their blockchains.
Bytom and Polygon will also collaborate in DeFi applications on each blockchain.
Bytom’s DeFi MOV (mov.network) platform will allow Polygon network assets to MOV. And by providing all kinds of DeFi features (AMM, backlog and loans etc), Polygon users can have so many choices to use their Matic token in Bytom’s DeFi MOV (mov.network) platform.
Likewise, DeFi applications on Polygon will also support Bytom’s asset, allowing Bytom users to use Bytom’s assets to participate in Polygon’s DeFi products.
Bytom is an open source blockchain-based value exchange protocol. It aims to symbolize real world assets, such as warrants, securities, dividends, and bonds. Users can use the Bytom blockchain to create limitless assets and move those assets freely.
Bytom has built a comprehensive product ecosystem that covers “
1. Bytom Blockchain
2. DeFi Protocol (MOV)
3. Inter-chain gateway (OFMF)
4. Enterprise blockchain (Bystack)
5. And also lead a working group on IEEE standards
Polygon is the first well-structured and easy-to-use platform for Ethereum scaling and infrastructure development. Its main component is Polygon SDK, a modular and flexible framework that supports building and connecting secure chains such as Plasma, Optimistic Rollups, zkRollups, Validium, etc. and stand-alone chains like Polygon POS, designed for flexibility and independence. Polygon Layer 2 strings have been widely adopted with over 150 Dapps, ~ 20 million txns, and ~ 345K unique users.
If you are an Ethereum developer, you are already a Polygon developer! Take advantage of Polygon’s fast and secure txns for your Dapp, get started here.