Flipkart Partners with Polygon to Launch Web3 Loyalty Program in India
Summary:
Flipkart, India's top e-commerce platform, plans to implement Polygon's chain development kit (CDK) to launch a Web3 loyalty program. This is part of a broader partnership between Flipkart and Polygon, a move designed to incorporate the e-commerce giant in the Web3 and metaverse universe. The alliance entails elements like nonfungible tokens (NFTs), a metaverse eDAO, and the FireDrops NFT marketplace. Polygon's co-founder, Sandeep Nailwal, expressed that the collaboration would significantly impact India's Web3 ecosystem, attracting leading fintech innovators to develop Web3 and inspiring other brands to build their appchains. Flipkart will further utilize Polygon's CDK to simplify user experiences, offer dedicated blockchain space, and reduce transaction fees.
India's leading e-commerce entity, Flipkart, is set to incorporate Polygon's chain development kit (CDK) in launching a Web3 loyalty initiative. This move comes as part of a broader strategic collaboration between Polygon and Flipkart, announced on December 2, designed to integrate the online retail platform into Web3 and the metaverse ecosystem. The collaboration will feature elements like Flipverse for nonfungible tokens (NFTs), an eDAO for metaverse, and the FireDrops NFT marketplace.
Furthering this alliance, Sandeep Nailwal, Polygon's co-founder, disclosed on December 7 that Flipkart will leverage Polygon CDK to enhance its FireDrops Web3 loyalty scheme. He termed the development as a groundbreaking trend for the Web3 environment in India, potentially attracting top-notch fintech entrepreneurs in India to foster Web3. Nailwal also envisioned that this could motivate other leading enterprise and consumer brands to construct their appchains.
The core of Flipkart's plan involves utilizing Polygon CDK to create an Ethereum-based zero-knowledge (ZK) layer-2 network, facilitating the online retail platform's future expansion and enhancing service efficiency. The Polygon CDK will also allow Flipkart to provide its users with clear onboarding experiences, dedicated blockspace, and minimal transaction fees, among other services.
Nailwal further expressed that participation from top-tier firms will reinforce India's stand as a Web3 juggernaut. Polygon also revealed plans for future upgrades to its CDK for advanced transaction data privacy, running chain operations without tokens, using a central bank digital currency and accessing more extensive liquidity in the overarching Polygon and Ethereum ecosystems.
Polygon co-founder Jordi Baylina shared that 2024 would witness the union of Polygon's diverse Ethereum layer-2 scaling networks, culminating in the "Polygon 2.0" cross-chain coordination protocol. In a discussion with Cointelegraph, he confirmed that Polygon 2.0 would evaluate the scalability and integrability of Polygon ecosystem's various networks through the application of zero-knowledge proofs (ZK-proofs).
Published At
12/8/2023 1:14:05 PM
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