MATIC jumps 30% after announcing carbon neutrality and launching Polygon ID

The Polygon network’s MATIC token is recording the best performance among the top 100 cryptocurrencies on the market.

In the last 24 hours alone, the price of the token has jumped by around 25%. At the time of writing, MATIC is priced at $0.50, its highest price since December last year. In addition, considering the price change in the last week, the increase is almost 30%.

MATIC price chart for the last 24 hours Source: CoinMarketCap

MATIC’s rally comes at a bearish moment for the crypto market in general. The biggest cryptocurrencies on the market, such as Bitcoin (BTC), Ethereum (ETH) and BNB, for example, have not risen more than 5% in the last 24 hours.

Therefore, the rise of the Polygon network token deserves to be highlighted.

Reasons for the rise in MATIC

At least two novelties coincide with the appreciation of the digital asset. This past week, for example, the Polygon team announced that it has achieved carbon neutrality.

This was made possible by a partnership with KlimaDAO, a decentralized collective of environmentalists, developers and entrepreneurs that is recognized as a pioneer in the on-chain carbon market.

“Polygon has taken an important first step towards going carbon negative with the removal of $400,000 in carbon credits representing 104,794 tonnes of greenhouse gases, or the entire CO2 debt of the grid since inception,” the network said. team.

The milestone comes after Polygon released its Green Manifesto in mid-April. It is a sustainable development initiative.

The platform has pledged $20 million for a series of actions aimed at using Web 3.0 to create a more sustainable future.

As Sandeep Nailwal, co-founder of Polygon, pointed out, the world is facing an environmental crisis. In this regard, the blockchain industry must do much more than promise to stop escalating the problem.

“Achieving carbon neutrality is an important first step, but there is more work ahead. Polygon will lead the way as the entire industry moves to become an environmentally positive network.”

Polygon ID

Another possible reason for the rise has to do with the launch of a new product to allow private voting in decentralized autonomous organizations (DAOs).

On Wednesday, the team released Polygon ID, a system that verifies the identity of a user of a DAO while allowing them to remain anonymous.

In current systems, user data is stored on centralized servers and shared with a company.

Instead, Polygon ID uses zero knowledge (ZK) proofs to make anonymity possible. ZK proofs are an advanced cryptographic method that allows one party to prove to another that a statement is true, without needing additional information.

“Old blockchain-based voting systems tie voting behavior to public identifiers such as wallets,” Polygon explained in a tweet. “Polygon ID allows DAOs to allow only those who have received valid attestations to participate in the vote.”

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