While the cryptocurrency market is gaining new momentum, news of partnerships and collaborations continues to come. In a latest development, popular altcoin Polygon is launching a new cross-chain network with Magic Labs. The partnership aims to make using cross-chain dapps as easy as “surfing the internet.” Experts predict that if this technology becomes standard, it will help solve the problem of blockchain silos.
Popular altcoin Polygon launches Newton with Magic Labs!
cryptokoin.comAs you follow from , partnerships in the crypto world continue unabated. Ethereum scaling layer is collaborating with Polygon and Magic Labs, a blockchain onboarding startup. In this context, the altcoin project announced on Thursday that they have launched a new cross-chain network called Newton. The platform aims to make using decentralized applications across multiple blockchains as seamless as surfing the internet.
Newton will leverage altcoin Polygon’s decentralized AggLayer and Chain Development Kit. Newton will allow developers to create dapps that run on different blockchains without requiring users to hold different wallets. Sean Li, co-founder and CEO of Magic Labs, said in a press release:
Developers can now create user experiences that break down barriers. Users should only care about transaction costs and speed, not which blockchain they are on.
What will the partnership bring?
This move marks a shift similar to standardization in traditional financial systems such as ACH or SWIFT. Magic Labs describes this as “Blockchain aggregation.” According to experts, if the technological standard holds, it will help solve the problem of “Blockchain silos” that fragment liquidity and complicate the crypto user experience.
Magic Labs pioneered the concept of “wallet abstraction” in 2018. Therefore, it has a justified position in the market. Magic Labs will also integrate its crypto wallet Passport into Newton. The wallet provides a single interface for users regardless of the underlying Blockchain technology. This allows them to appear as if they have a “single balance” across all Ethereum-compatible networks.
Newton and Onboarding technology
Jaemin Jin, co-founder and chief product officer of Magic Labs, expressed his views on the subject. Jin said, “Magic Labs’ focus has always been on user experience first. “We are also extending this with Newton to solve Layer-2 sharding,” he said.
The late-stage startup, which has raised at least $82.9 million from heavyweights such as PayPal, Placeholder and Lightspeed, as well as angel investors such as Naval and Balaji, claims to have recruited more than 35 million users. Dapps including Polymarket and Helium have also used the onboarding technology. As the name suggests, Polygon’s Agglayer is a federated Blockchain network that uses Ethereum for security and as a settlement layer.
