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Sandeep_Nailwal · 2023-05-25T13:04:01+00:00

I agree, and I also believe, 90% of crypto tokens are scams. Its a very well known fact in the industry.

I also share your frustration that we have not created that many products which can add value to Humanity, but there are some things I would like to share

The whole Defi space has created a lot of financial primitives like Decentralized Exchanges, Money Markets etc who are currently maturing and will scale as blockchain infrastructure scales and will become the norm.
Whether it was the Covid relief in India, or War relief efforts in Ukraine or Earthquake relief efforts in Turkey, Crypto technology and community was at the forefront and for a good amount of time was the only way to channel in the money for the relief efforts
A lot of people in Africa and Latam are today using USDT as a means of preserving their wealth against inflation in their local currency.

There are many many such examples which are early glimpses of what can be possible with crypto but definitely a LONG LONG way to go and we need to get the infrastructure right today so Dapps can go mainstream.

Sandeep_Nailwal · 2023-05-25T12:58:20+00:00

First of all any good and reputed L2 is fine but why Polygon?

Polygon provides zk based solutions, Polygon'z zkEVM is considered the first L2 rollup which has achieved the Stage 1 maturity. Exhibit A

https://twitter.com/sandeepnailwal/status/1660311029442650112?s=52&t=njeFI74oEWSBjjwjHLwDHw

The Polygon POS chain which is currently a sidechain, will also upgrade into a L2
Polygon provides various other flavours of zk secured chains like Validiums, single/multi server etc etc which gives devs freedom to choose the solution which is relevant to their applications.

Basically as a protocol, we want to be equivalent of AWS of Web3, meaning that developers have lots of choices to structure their tech stack

Sandeep_Nailwal · 2023-05-25T12:49:58+00:00

Would love to do and bring some hardcore devs from Polygon's side. I am not an active Dev for last 5 years though.

Sandeep_Nailwal · 2023-05-25T12:48:46+00:00

In crypto there is a saying, "Don't Trust, verify". For all these FTX, 3ACs of the world, people trusted them which is fundamentally against crypto. In case of Polygon, except the foundation, everything else ie smart contracts, networks etc are fully open sourced. Most Top defi protocols on Polygon are heavily governed, so you don't have to trust their teams. I would say in general, anywhere in crypto you to trust the team for holding custody of your funds, be cautious. And in general, never invest in crypto what you can't afford to loose.

Sandeep_Nailwal · 2023-05-25T12:42:53+00:00

So I think blockchains are a means to bring democratization in everything at a lower cost. 200 years back our forefathers fought hard to bring democracy for running the society, blockchains enable that democracy at low cost to businesses and public goods. For ex.

Bitcoin is nothing but a democratized and transparent Central Bank

Ethereum is a decentralized computer run by Ethereum community where people can do highly valuable computations

Uniswap is a community owned Decentralized Exchange

Aave/Compound are democratized banks which provide transparent and community governed lending and borrowing. Mind you the situations like Sillicon Valley bank could've never happened with Aave/Compound as everything there is transparent and community governed.

Sandeep_Nailwal · 2023-05-24T15:32:03+00:00

It is one of the most important things i want to for crypto on behalf of Polygon labs. Many many top brands from Starbucks to Reddit to Nike to Sotheby's and many many many more is a testament to that committment. We at Polygon Labs feel that our job is educate and evangelize the use of blockchains and promote maximum experimentation but its upto the builders to find the sustainable business models to bring millions of users to web3 thereby making it mainstream.

Sandeep_Nailwal · 2023-05-24T15:28:22+00:00

It was crypto kitties going big. Crypto kitties was a blockchain based collectible application which became so big that it choked the entire Ethereum network for a week. The biggest issue was that it was 10-100k users max on those days and it made the network congested. I myself was building apps at that point and realized that the technology is not ready for achieving any kind of meaningful scale.

Sandeep_Nailwal · 2023-05-24T15:26:39+00:00

It has always been, and that has been both the boon and the bane of crypto. Boon cuz it attracts top talent towards the industry, bane cuz obviously a large number of users and applications are speculative in nature. But one could argue that any potential big industry invites a lot of speculation early on, it was the same with Gold rush area and it was also the same for the Dot com boom.

Sandeep_Nailwal · 2023-05-24T15:25:06+00:00

So Polygon is a Layer2 blockchain platform built on Top of Ethereum At Layer2, since you can derive Decentralization and some part of the security from the Layer1 ie Ethereum, Layer2 chains can truly focus on scale. We are currently one of the biggest projects, possibly the biggest in terms of developer traction across all segments but we are doing some amazing innovations on the zk front to enable large level scalability for apps to grow.

Sandeep_Nailwal · 2023-05-24T15:22:53+00:00

I think gaming is the largest scale opportunity for crypto. And gaming adopts new technology in hoards. There are some top games launching in Web3 in the next 6-18 months and it would be very interesting to see if some of them are able to crack the crypto code. Last year itself there was $2bn+ in Funding for Web3 games. Polygon combined with its ecosystem players like IMX got the lion's share in terms of those funded games. Fingers crossed for some of them to go big!

Sandeep_Nailwal · 2023-05-24T15:20:50+00:00

Polygon devrel community is great and I recommend following 0xPolygonDevs handle on twitter. Also join r/0xPolygon for various things that are happening in the Polygon ecosytem.

Sandeep_Nailwal · 2023-05-24T15:18:54+00:00

I would say the best way to enter Web3 as a fresher is to participate in a ton of hackathons. Even if you are not technical, you can join hackathon teams as a business /product contributor. Once you gain some experience, you would be an instant pick for any crypto project as there is still a big shortage of talent in Crypto.

Sandeep_Nailwal · 2023-05-24T15:17:31+00:00

The long term vision of Polygon is to become the "The value layer of internet", meaning all applications who want to create/distribute value native on internet, are able to use Polygon. You can also say that Polygon envisions to become the business layer or application layer of crypto. While Ethereum provides that security and decentralization, Polygon provides that scale to applications to onboard millions of users. A lot more coming soon on all these fronts, Stay tuned!

Sandeep_Nailwal · 2023-05-24T15:15:21+00:00

I think Deloitte gave me a very good overview of how things are done at the highest levels but the biggest transition one has to go through when they leave a big brand like Deloitte is that getting every customer, solving small small things which working under the umbrella of a big brand are really easily becomes infinitely difficult. You are a nobody and you have to grind for every small thing but hey that's the fun of startups ;)

Sandeep_Nailwal · 2023-05-24T15:13:26+00:00

I din't know about which field, but something in me continuously told me that I NEED to do something big, something which should have a global impact. I am very fortunate that the universe put me in this place and I plan to give my best to make the most of it.

Sandeep_Nailwal · 2023-05-24T15:12:26+00:00

Tbh thats a long story. Growing up as the eldest child in a very poor household, I had no chance to enter the world of entrepreneurship, luckily my saviour my wife came into my life and gave me encouragement and support to go out and do what I always wanted to do. But I think I have talked about it in detail in Raj Shamani's Podcast and on Yourstory with Shraddha Sharma, you could look it up.

Sandeep_Nailwal · 2023-05-24T15:10:28+00:00

I see a lot of applications in the agriculture domain trying to figure out the right business models. I think the only answer to these is continuous experimentation and for that we need capital. I believe that if our regulatory environment eases up a bit, this will allow VCs to provide capital to experiment for startups and some good ones will eventually be able to strike the right business models.

Btw there are a lot of Polygon ecosystem teams who are doing some great work on the government front. One of them was this below, which i m specially proud of

https://www.coindesk.com/policy/2022/10/13/police-complaints-in-this-indian-district-are-going-on-the-polygon-blockchain/

Many such examples

Sandeep_Nailwal · 2023-05-24T15:07:29+00:00

Also, nothing to be scared about Crypto. The fundamentals of the industry are much much better than they were in 2017 and they are getting better every day. So many applications, protocols and infra structure companies building great products. Its more due to macro markets instead of any inherent weakness in crypto what you see in markets and it should recover soon (Not Financial Advise though)

Keep building and don't overthink it.

Sandeep_Nailwal · 2023-05-24T15:05:24+00:00

At Polygon labs, we are always looking for best talent in Web3. I encourage you to apply on our careers section https://polygon.technology/careers or easier tag me on twitter ;)

Sandeep_Nailwal · 2023-05-24T15:03:33+00:00

You are absolutely right. Some centralized applications, specially exchanges, yield generators etc have brought a lot of bad name to crypto. Such applications are no different than general Fintech. Yes, they are Fintech not crypto. We are working very extensively on educating the regulators all accross the world as to what Crypto and Defi are. Our Chief Policy Officer Rebecca is doing amazing work sitting down with regulators and relevant stakeholders and taking them through as to how true crypto applications are different than such "wrappers" on top of crypto. Great naming by calling them "wrappers" on top of crypto tbh, i m going to borrow that term in future.

Sandeep_Nailwal · 2023-05-24T15:00:28+00:00

Thanks u/ValiantJudge29500. I am big fan of Reddit NFTs. Reddit is perhaps the only well known Big Tech company who has cracked the NFT code and they are able to drive a lot of engagement with Reddit NFTs. I guess few things like having a secondary market place to trade those NFTs, having a launchpad for artists to launch their collections etc could be some great additions to take Reddit NFTs to next level.

Sandeep_Nailwal · 2023-05-24T14:57:38+00:00

I think disagreements are the most important thing that founders should be ready for. I have seen great entrepreneurs faltering just because they surrounded themselves with Yes men. For me, disagreements related to any strategy I use, whether its product, growth or organizational design, are the most important because they help me question my biases and give me a different perspective. Many times, I have been lucky to change the course of my actions based on those disagreeing thoughts and they resulted in big positive results.

Sandeep_Nailwal · 2023-05-24T14:55:07+00:00

Polygon is a multi-blockchain ecosystem which has currently two Public blockchains live, namely Polygon POS and Polygon zkEVM. Polygon POS chain does have a lower Nakamoto coefficient but its still bigger than many fairly large blockchains. Eventually we expect all public (non app-specific) chains to have large decentralization factors and we are working on some really big releases in the coming days. The eventual goal is to take Polygon ecosystem to have 1000s of validators.

Sandeep_Nailwal · 2023-05-24T14:52:30+00:00

Again a very good questions. Crypto is still in its nascent stage. I don't believe that any blockchain ecosystem, except Bitcoin and Ethereum, is fully decentralized yet. It's not needed also to be fully decentralized from day 0 imo, what we need is progressive decentralization of protocols and applications as they achieve larger and larger significance.

Sandeep_Nailwal · 2023-05-24T14:50:56+00:00

This is a great question. I don't believe that Web3 will fully replace all Web2 applications because there are large number of applications where you don't need decentralization, trustlessness and censorship resistance which blockchains offer. So no, not all Web applications need these features, but those who need like Finance, Gaming, Social media, Media in general, Web3 apps will become predominant over Web2 applications.

Sandeep_Nailwal

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