Polkamon is rebranding the project to Polychain Monsters. Aside from the branding, this signifies Polkamon’s shift from supporting just one chain (Ethereum) to being multi-chain. In effect, Polkamon implements cross-chain integrations with the likes of Elrond and Binance Smart Chain.
What is Polkamon?
$PMON tokens unpack each Polkamon NFT. $PMON is the native ERC-20 token on the Polkamon platform. The project is enjoying great success because of its deflationary tokenomics design that allows collectors to earn staking rewards. The Polkamon NFT collection can easily be integrated into modern games, art and other blockchain-connected products.
Polkamon decided to rebrand to Polychain Monsters because of the misassociation with another blockchain project, Polkadot. There’s a common misconception that Polkamon is a Polkadot-specific project. This contradicts the current pivot of the project to multichain interoperability. Last month, Polkamon announced that a BEP20 version of $PMON officially lives on Binance Smart Chain (BSC).
To sum it up, Polkamon implemented the rebranding to more accurately reflect its drive toward cross-chain interoperability. Furthermore, changing the name removes any ambiguity about chain focus. Additionally, Polkamon does not have any ongoing integration or partnership with Polkadot.
From Polkamon to Polychain Monsters
The prefix “poly” means many. Thus, it perfectly describes the development of Polymon as a multi and cross-chain ecosystem.
The team selected a name that could still use $PMON. Polychain Monsters meet this requirement. Hence, Polkamon NFT holders don’t need to swap their tokens. Additionally, Polychain Monsters will automatically update Polkamon metadata so token holders won’t even need to lift a finger.
Explaining Multichain Interoperability
Polkamon asserts that there will be no superior blockchain in the future because each one has its own set of strengths and weaknesses. In effect, there will be no winner-takes-all scenario.
For example, Cardano claims that it can solve existing problems with the top 2 leading blockchains. In essence, Bitcoin is too slow and inflexible while Ethereum is not safe or scalable. So far, Cardano is achieving its vision with a much faster transaction at negligible cost. However, it still can’t be considered the best because it lacks the smart contract functionality.
The future standard of blockchain ecosystems is cross-chain interoperability. In parallel, being blockchain agnostic is the holy grail for crypto projects. In the future, the space will be dominated by multiple layer-one solutions co-existing based on each chain’s various strengths and weaknesses. The success of blockchain technology will come down to how different blockchain networks can interact and integrate.
Blockchain interoperability is essential to the overall growth and advancement of the industry. By leveraging on the latest and best technology, the overall customer experience will improve. On the consumer side, interoperability will make it easy to transfer digital assets between blockchains so usage will increase. The fact that the chains operate in isolation has mostly made it impossible for people to enjoy the full benefits of the ledger technology.
Ultimately, interoperability will go a long way in eliminating intermediaries or third parties, synonymous with centralized systems. It is the key to unlock a truly decentralized future.
All investment/financial opinions expressed by NFTevening.com are not recommendations.
This article is educational material.
As always, make your own research prior to making any kind of investment.
