Enterprise Ethereum platform Kaleido has teamed up with Polygon, a popular scaling service, to bring the long-awaited convergence of public and private blockchains closer.
Unveiled on Thursday at Ethereum’s annual community gathering in Paris, EthCC, Polygon Edge offers businesses a user-friendly, cloud-based system connected to the Ethereum mainnet. Polygon Edge allows companies to choose from high- or low-gas fee models depending on their transaction needs.
Blue chip companies have always sought to establish private blockchains in order to maintain control over their data and comply with existing regulations. These companies are now attracted to transparency through public chains. This is due to increasing interest in Web3, decentralized financing (DeFi), as well as non-fungible tokens(NFTs).
“We’ve been saying for years the enterprise blockchain segment, that popped up in 2015, would come together with these public ecosystems,” Kaleido founder Steve Cerveny said in an interview. “Now we are seeing enterprise NFTs that are references to digital twins and real world things and all kinds of utility being created and happening now in 2022.”
Polygon is working on a variety of side channel and overlay systems that will make Ethereum’s congestion and high gas prices affordable. But an additional scaling layer is required, which Cerveny calls “app-chains.” This is a kind of dedicated blockchain for an application, he said, that comes with additional choices out of the box when it comes to intuitively bridging Ethereum.
Cerveny explained that, for example, an enterprise customer could need to set up a stablecoin. However, this might result in high gas fees on Ethereum mainnet. He said that the Polygon mainnet could be used for a second level of transactions, and this would attract a smaller fee. There are many use cases and transaction loads where there is no need for gas fees.
“We are bringing along a framework that offers the power to choose. It’s as simple as a different flag on the API to choose a super-special transaction, or something very high volume with a different mix of security and decentralization,” Cerveny said. “Making it that simple to build on really does unlock a lot more zeros in the scaling equation.”