BTCS Adds Polygon to its Blockchain Infrastructure Operations
April 20 2022 - 8:31AM
BTCS Inc. (Nasdaq: BTCS) (“BTCS” or the “Company”), a blockchain
technology-focused company, announces the addition of Polygon
(“MATIC”) to its blockchain infrastructure operations. Formerly
known as MATIC Network, Polygon is an $11 billion layer-2
scaling solution on the Ethereum blockchain.
What is MATIC?Founded in 2017,
Polygon’s mission is to augment Ethereum by improving gas costs and
making transaction speeds faster. Polygon provides a variety of
tools to help scale the Ethereum blockchain as Ethereum embraces a
widening range of use cases and the associated transaction volume
across non-fungible tokens, the metaverse, and decentralized
finance.
At its core, Polygon is a layer-2 network
serving as an add-on layer for Ethereum. In other words, Polygon
enhances Ethereum’s functionality by integrating on top of the
Ethereum blockchain to help it become a better version of itself.
In addition to Polygon, the Company is securing Ethereum’s
consensus layer by running 240 validator nodes (similar to bitcoin
mining) and has staked 8,206 ETH.
Scalable Transactions for Ethereum’s
Real-World Use Cases Transactions on Polygon are less than
$0.01 and nearly instantaneous. Real-world use cases of Polygon
include payments, lending, and gaming.
“While Polygon is focused on Ethereum at the
moment, it plans to support other blockchains with its scalable
technology and provide cross-chain
interoperability between different protocols,” Michael
Prevoznik, Chief Financial Officer of BTCS, said.
In total, scaling solutions on Polygon have
accounted for over $5B of secured assets, 7,000 applications, 1B+
transactions, and 100M unique user addresses.
Technical Work Completed to Run a
Polygon Validator NodeBTCS has completed the technical
work to run a Polygon validator node and included it in its planned
Staking-as-a-Service platform. The process of blockchain validation
includes special intellectual property (IP), technical know-how,
and regular maintenance to ensure efficiency. BTCS has staked
456,445 MATIC, in turn, BTCS is generating compounding rewards.
Staking allows users to generate an annual percentage yield (“APY”)
on their staked assets whereas validator node operators charge a
fee on users’ staked asset rewards in addition to earning an APY on
staked crypto. The highly scalable nature of both staking MATIC as
well as allowing users to stake MATIC to earn token rewards is the
premise behind BTCS’ Staking-as-a-Service platform that is
currently being developed.
About BTCS:BTCS is an early
mover in the blockchain and digital asset ecosystem, and the first
“Pure Play” U.S. publicly traded company focused on blockchain
infrastructure and technology. Through its blockchain
infrastructure operations, the Company secures Proof-of-Stake
blockchains by actively validating blockchain transactions and is
rewarded with native digital tokens. The Company is developing a
proprietary Staking-as-a-Service platform to allow users to stake
and delegate supported cryptocurrencies through a non-custodial
platform, which it plans to integrate with its Digital Asset
Dashboard, now in beta release. BTCS’ proprietary Digital Asset
Platform currently supports six exchanges and over 800 digital
assets, and the Company plans to further broaden its suite of
performance-tracking tools, add additional centralized and
decentralized exchanges, as well as wallets, and stake pool
monitoring. For more information visit: www.btcs.com.
Investor Relations: Dave Gentry RedChip
Companies, Inc. Phone: (407) 491-4498btcs@redchip.com
Public Relations:Mercy
Chikoworem.chikowore@btcs.com
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