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India’s leading e-commerce platform, Flipkart, has partnered with Polygon to enter the Web3 and metaverse space. As part of this collaboration, Flipkart plans to launch a Web3 loyalty program using Polygon’s chain development kit (CDK). This move is expected to revolutionize the Web3 ecosystem in India and attract top fintech entrepreneurs to build Web3 applications.
Flipkart will leverage the Polygon CDK to build an Ethereum-based zero-knowledge (ZK) layer-2 network, enabling scalability and improved services for its users. The platform aims to offer a seamless onboarding experience, dedicated blockspace, and low transaction fees. By utilizing the Polygon CDK, Flipkart also hopes to encourage other enterprise and consumer brands to develop their own appchains.
Polygon’s co-founder, Sandeep Nailwal, believes that the participation of leading organizations will solidify India’s position as a Web3 powerhouse. He also highlighted that future upgrades to the Polygon CDK will enhance transaction data privacy, enable the operation of the chain without a token, and provide access to liquidity in the Polygon and Ethereum ecosystems.
In 2024, Polygon plans to integrate its various Ethereum layer-2 scaling networks through the “Polygon 2.0” cross-chain coordination protocol. This integration will test the scalability and integration capabilities of Polygon’s ecosystem using zero-knowledge proofs.
Overall, Flipkart’s partnership with Polygon and its adoption of the CDK signifies a significant step towards embracing Web3 technologies in India’s e-commerce sector. This move has the potential to transform the Web3 ecosystem in the country and attract further innovation and investment.