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Polygon News: Nightfall Mainnet Beta Now Live, Polygon Unveils Fellowship Program and Orbs Partnership

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Polygon’s decentralized finance space is getting a boost following the network’s recent collaboration with Israeli layer three blockchain infra firm Orbs to launch an accelerator program. The Web3-focused project will lean towards the creation of opportunities for DeFi builders and the development of talents. More about this program and other recent headlines around Polygon below:

Polygon-Orbs partnership conceives a Web3 accelerator program

According to the May 18 announcement, the program would be supported by DeFi.org, an accelerator platform that made its way into the scene early last year via collaboration between Binance and Orbs. DeFi.org is focused on enhancing the research and development of open-source software in the DeFi space.

Participants in the accelerator program would be required to build exclusively on Polygon, with those employing Orbs’ infrastructure receiving special consideration. Moreover, the program will be focused on developing projects that use any of Polygon's scaling tools/ solutions and Orbs' layer three infrastructure.

At the end of the program, projects with the most potential would gain liquidity for further development and improvement. They could also potentially feature on platforms such as the DeFi.org website at launch, in addition to potential market exposure, funding, and mentorship.

Polygon and DevFolio launch a program aimed at enhancing Web3 talent

On the same day Polygon announced the Orbs partnership, it also presented announced the inaugural Polygon Fellowship – Class of 2022, in partnership with DevFolio. The eight-week program is designed to help bridge the talent gap in the Web3 space. To achieve this, Polygon said the program would provide funding, education, support, and mentorship opportunities in several aspects of Web3 technology.

The Fellowship is set to happen this summer and will choose 50 developers from the several applicants applying to join the program. These individuals would be equipped with skills via workshops and masterclasses to enable them to build Web3 technologies from the ground up. They will additionally be taken through building decentralized applications on Polygon, after which their programs would be tested for utility and long-term viability.

Web3 Beginner Track & Web3 Builder Track

The Fellowship would have a ‘Web3 Beginner Track’ targeting the developer pool having very little knowledge about blockchain technology. They would be mentored in small groups, receiving guidance on Web3 to gain a foundational base. Besides learning the tenets of Web3, these applicants would also benefit from extensive instructions by mentors on how to create projects and employ their creativity to enrich the future of Web3 technology.

There will also be an alternative ‘Web3 Builder Track’ that would be more involving, with each successful applicant getting $3,000 worth of investment meant for resources and building. Comparatively, beginner track participants would receive $1,500 each.

The class of 2022 program will run between June 13 and August 07 for the beginner tier. For the builder to track the program, it will last the eight weeks preceding August 28. The program begins in India, then will expand to other parts of the world.

towards the program's conclusion, both groups would attend the Polygon Hacker House in Bangalore, India, to present their ideas. There, they will get to interact, attend workshops, and work collaboratively for two weeks.

Polygon’s ZK journey continues with Polygon Nightfall – an enterprise blockchain solution

Polygon announced last week that it had collaborated with London-headquartered professional services network EY to launch Polygon Nightfall, with the mainnet beta going live.

Polygon Nightfall is designed to become the go-to platform for enterprises, enabling them to securely implement transactions on-chain, which should, in effect, open them up to an array of opportunities in the Web3 space.

Why current blockchains remain unfit for enterprise solutions

Up until now, enterprise fronts have had to lock themselves behind private/permissioned blockchains, which ideally beats logic as the benefits of blockchain and decentralization are effectively shelved.

Permissioned blockchains work well enough with enterprises as they can assure trust among the participants. However, that gives the enterprises the power to alter data, depending on the level of permissions they have. This means there's no data immutability (assured with decentralization on public blockchains), rendering the blockchain data untrusted.

On the other hand, public blockchains are un-embraced for enterprise solutions for obvious reasons. Boarding a public network such as Ethereum would expose a firm to unnecessarily high gas fees. In addition, privacy isn't assured in these blockchains as third parties can access all transaction data.

Notwithstanding the assured high level of trust, the lack of privacy makes public blockchains unusable by enterprises.

A gap for Polygon Nightfall to exploit

Last September, Polygon expressed its commitment to zero-knowledge proofs and allocated $1 billion to efforts with this technology. Since then, it merged with Polygon Hermez and announced Polygon Miden and Polygon Zero, both powered by ZK. The most recent advancement in this direction prior to Nightfall is the launch of Web3 identity platform Polygon ID.

With Polygon Nightfall, the development team leveraged two popular rollups; the privacy-conscious zero-knowledge proofs and optimistic rollups. The optimistic-ZK hybrid approach remedies the troubles that make public and private blockchains unsuitable – Nightfall solves significant problems without sacrificing data immutability, security, and ensuring transparency while at it.

Security is assured as transactions remain on the Ethereum mainnet, but to avoid the demerits of the layer one, Optimistic rollup technology ensures the lowest possible transaction fees, and this allows private business transactions on public blockchains. Further, the privacy-preserving zero-knowledge proofs guarantee that private entities/ enterprises remain entirely anonymous since they only record transaction time and date.

Set for full version rollout by end of the year 2023, Polygon Nightfall is expected to serve applications such as supply chain management, blockchain mixing, and private collectible marketplaces.

To learn more about Polygon visit our Investing in Polygon guide.

Sam is a financial content specialist with a keen interest in the blockchain space. He has worked with several firms and media outlets in the Finance and Cybersecurity fields.