IoTeX & Polygon (previously Matic) are excited to announce a new partnership to explore the design space of IoT-based digital assets and Layer 2 scalability. Our partnership will kick off with a cross-chain bridge for IoTeX tokens/NFTs, including ‘Real-World NFTs’ from Pebble GO. This will enable IoTeX NFTs to be tradable on OpenSea, a leading P2P marketplace for NFTs built on Polygon! In the future, we will explore new use cases for how IoT-based digital assets from IoTeX can be utilized across Polygon’s network of 200+ Dapps, including DeFi, games, and prediction markets.
As an EVM/Web3.js-compatible blockchain, IoTeX will integrate with Polygon and utilize its interoperability protocol to exchange IoT data and assets with Ethereum and other blockchain networks. This exemplifies our shared commitment to a multi-chain future — we are thrilled to explore this new design space and connect the IoTeX & Polygon communities.
IoTeX NFTs, Meet OpenSea on Polygon
Built on Polygon, OpenSea is a leading NFT marketplace that allows users to display/trade a variety of ERC721 & ERC1155 NFTs. Unlike other NFT marketplaces, Polygon’s OpenSea L2 facilitates gas-less transactions, which means users can exchange NFTs with no transaction fees. OpenSea L2 is network-agnostic and will soon be directly integrated with the Ethereum OpenSea marketplace.
With the upcoming launch of Pebble Tracker, digital assets (e.g., NFTs) derived from verifiable real world data will be minted based on IoTeX’s “Proof of Anything’’ tech stack. A variety of IoTeX Dapps such as Pebble GO, Scaleout, and HealthBlocks are actively exploring this design space, which will soon expand to Layer 2 with Polygon. For more information, see IoTeX’s recent articles on location-based NFTs in CoinTelegraph and CryptoDaily.
Cross-Chain Bride Between IoTeX & Polygon
To kick off our partnership, a cross-chain bridge will be built to enable two-way token swaps between the IoTeX and Polygon networks. This will enable IoTeX fungible (XRC20) and non-fungible (XRC721, XRC1155) tokens to be ported over to Polygon and capture new utility, while Polygon assets (ERC20, ERC721, ERC1155) will be convert-able and tradable on IoTeX’s mimo DEX. Once the integration is done, users will enjoy cross-chain interactions with extremely low transaction fees and fast finality.
Founded in 2017, IoTeX is an EVM-compatible blockchain to fuel the Internet of Trusted Things, an open ecosystem where humans and machines can interact with guaranteed trust and privacy. IoTeX envisions a future where everyday people can own and control their smart devices, as well as the data and value they generate. Backed by a global team of 30+ top research scientists and engineers, IoTeX combines blockchain, decentralized identity, and secure hardware to enable user-owned IoT devices and networks. For more on IoTeX, check out our onboarding pack here.
Polygon is the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building and connecting Secured Chains like Plasma, Optimistic Rollups, zkRollups, Validium etc and Standalone Chains like Matic POS, designed for flexibility and independence. Polygon’s Layer 2 Chains have seen widespread adoption with 200+ Dapps, ~7M txns and ~200K unique users.