Ignition Expands: Integrating 6 New Blockchains
Dear PAID Community,
We are delighted to announce that Ignition has had some major new additions with the native integration of 6 additional blockchains. Optimism, Polygon, zkSync Era, Scroll, Avalanche, and Arbitrum have joined our stalwarts Ethereum and BNB. The benefits this will bring to our community are plenty and easy to understand: lower fees, faster transactions, greater inclusivity, hot new narratives to explore and a wider selection of projects for you to participate in.
These native blockchain integrations open a whole new world of possibilities for us to take advantage of, with each of them having their own growing ecosystems for us to explore for opportunities to create even more value for our community. Let’s take a closer look at each of them to help you understand why it was so important for us to have these cornerstones in place as we build out a new era in crowdfunding together.
Optimism
Optimism is a Layer 2 scaling solution for Ethereum, designed to improve the efficiency and scalability of Ethereum transactions. It uses Optimistic Rollups, a method where transaction computation is performed off-chain, and only the results are posted to Ethereum. This process significantly reduces gas fees and increases transaction throughput. Optimism retains Ethereum’s EVM compatibility, meaning developers can deploy existing smart contracts with minimal changes. This compatibility, combined with lower transaction costs, makes Optimism an attractive platform for DeFi applications and other projects requiring Ethereum’s robust security but at a fraction of the cost and with greater efficiency.
Polygon
Polygon (formerly Matic Network) is a protocol for building interconnected blockchain networks. It extends Ethereum’s capabilities by providing a framework for building scalable, Ethereum-compatible blockchains. Polygon’s architecture includes a Proof-of-Stake blockchain and a Commit Chain connectivity layer, offering a solution to Ethereum’s high fees and low transaction throughput. It supports existing Ethereum tools and assets, enabling developers to migrate applications seamlessly. With its flexible architecture, Polygon enables a variety of use cases, including NFT marketplaces and DeFi applications. Its ability to handle high transaction volumes at low costs makes it an ideal platform for scaling Ethereum projects.
ZkSync Era
zkSync Era is a Layer 2 scaling solution using Zero-Knowledge Rollups to offer high scalability and low transaction fees. Like Polygon, it processes transactions off-chain and posts the aggregated results on Ethereum. This approach maintains Ethereum’s security while drastically improving transaction throughput. zkSync Era is especially effective for applications that require high transaction volumes but can’t afford high gas fees, like micropayment platforms and gaming applications. Its compatibility with Ethereum’s Solidity programming language and smart contracts allows for easy migration of existing dApps. zkSync Era’s emphasis on scalability and cost-effectiveness makes it a suitable platform for projects aiming to attract a broad user base.
Scroll
Scroll is a Layer 2 scaling solution for Ethereum, focused on enhancing scalability through Zero-Knowledge proofs. It operates as a zkEVM (zero-knowledge Ethereum Virtual Machine), enabling smart contracts to be executed with greater efficiency and lower costs compared to Ethereum’s main chain. Scroll’s architecture is designed for high throughput and interoperability within the Ethereum ecosystem. It is particularly beneficial for applications that demand high transaction speeds and reduced costs, such as large-scale DeFi applications and enterprise solutions. By improving scalability while maintaining security and compatibility with Ethereum, Scroll provides a robust platform for innovative blockchain projects.
Avalanche
Avalanche is a decentralised, high-performance blockchain platform designed for custom blockchain networks. It employs a unique consensus mechanism that allows for high transaction throughput and near-instant finality. Avalanche consists of three interoperable blockchains: the Exchange Chain (X-Chain) for creating and trading assets, the Platform Chain (P-Chain) for coordinating validators and creating subnets, and the Contract Chain (C-Chain) for deploying smart contracts. This multi-chain architecture enables Avalanche to handle a diverse range of applications, from DeFi and asset issuance to enterprise blockchain solutions. Its scalability, flexibility, and fast confirmation times make Avalanche a promising platform for developers and speculators alike.
Arbitrum
https://arbitrum.foundation/story
Arbitrum, a Layer 2 solution built to scale Ethereum, uses Optimistic Rollups to improve transaction speed and reduce costs. By processing transactions off-chain and batching them for on-chain confirmation, Arbitrum alleviates the load on Ethereum’s main chain. This results in significantly faster transaction speeds and lower fees. Arbitrum maintains full compatibility with Ethereum, allowing developers to port existing dApps with minimal changes. Its security model relies on Ethereum for ultimate dispute resolution, ensuring robust security for all transactions. Arbitrum’s efficiency and compatibility make it an attractive option for Ethereum-based applications needing faster throughput and more affordable transaction costs.
What’s in it for you?
Our new blockchain integrations boost project fundraising in several key ways:
Lower Costs and Higher Speed: We will be able to offer lower transaction fees and increase transaction speed compared to Ethereum’s mainnet. This makes fundraising more efficient and accessible, especially for projects that require more frequent, small-scale transactions.
Scalability and Flexibility: All our new integrations will allow projects we launch to conduct their crowdfunding campaigns efficiently. Their ability to handle a high volume of transactions at lower costs makes them ideal for a wide range of fundraising activities, from small community projects to large-scale enterprise applications.
Privacy and Security: By Using Zero-Knowledge Rollups, zkSync Era and Scroll ensure enhanced privacy and security for transactions.
Broader Market Reach and Accessibility: Each of these blockchains has its own community and ecosystem, which can be leveraged to tap into a wider user base. This diversification can lead to increased visibility and potentially a more successful crowdfunding campaign.
Interoperability and Ecosystem Synergies: Some of these platforms offer strong interoperability features, making it easier for projects to move across different ecosystems and reach out to a broader audience for fundraising.
Conclusion:
We can clearly see the benefits for all stakeholders with these 6 native integrations. They’re our new toolkit for smarter crowdfunding. These platforms open doors to more opportunities, greater liquidity, and a broader addressable market for us to explore. It brings us more choices and efficiency while offering tailored fundraising solutions for your favourite projects.
We invite you to join us as we tap into these new blockchain ecosystems and steer your favourite projects building on them into a new era of crowdfunding with us.
About PAID Network and Ignition
Ignition is PAID Network’s IDO Launchpad where our mission is to connect highly vetted founders with brilliant ideas for curated projects and offerings with crowd-sourced funding and best-in-class incubation tools and advisors to bring the vision of founders and creators to fruition for the benefit of all.
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