It's been a busy week in the cryptoshphere and alot had happened within a week, kind of reminds me of politics, the saying goes in politics a week is an eternity. That's because believe it or not a lot can occur in a week. Drastic changes, alternative views, people switch. It's intence!
First of all I want to introduce you to Polygon, chances are you might already know it. It was formally known as the matic network.
What is Polygon?
Formally known as Matic Polygon is changing to enable the multichain connection of Ethereum compatible block chain networks. What's that mean? Think of Polkadot but for Ethereum. A way to move about the ERC20 ecosystem without the high fees, congestion and no security risk.
Polygon is a layer 2 block chain on the Ethereum network which is seeing significant growth. Slingshot a Decentralised exchange chose to launch on Polygon rather than Ethereum due to congestion and high GAS fees. Polygon which operates tangible to Ethereum is able to accept ERC20 tokens for cheaper and faster transactions.
Elon Musk causes crypto shift
Now be careful here because this is not financial advise but a risky thing is occurring at the moment and I think that this could cause a massive dip to bitcoin.
It has long been known that mining is resource intensive and bad for the environment, as the market cap and user base was low it probably wasn't much of an issue at the time. But as market cap grows so does use and the amount of mining needed as more and more transactions are being undertaken.
This made Tesla backflip on their initial announcement that they would no longer be accepting Bitcoin as payment for their Tesla vehicles due to its high dependency on energy. Bitcoin instantly began to dump and people started going else where. I think that this will continue and Bitcoin where it will retain significant value will start to fizzle out over the years to come.
Proof of Stake (PoS)
I've said it before, I'll say it again Proof of Stake is the future and if you're on Hive/Leo/Proof of Brain or on this chain then you already know what Proof of Stake is.
Hold onto your hats Lions because in years to come this network will boom. But in the mean time the rest of the industry is just catching up. Proof of Stake requires less computing power, infact I'm an doing it right now on my mobile phone. This is the future, ease of use, no heavy use of power, not complex rewards are based on your Stake and Proof of Brain. This is Web 3.
You'll also notice that I've been posting about RFI alot, in order for Proof of Stake to work properly there needed to be a change in how it operates.
Rarity once dominated the sector however now abundance does, in order for proof of stake to work effectively there needs to be a constant supply. Where previously whales could dominate an ecosystem absolutely destroying it RFI is a preventative measure to ensure there is a constant supply.
The "tax" implemented on purchases and sales ensures there is a constant supply of liquidity to all equally depending on the size of their investment.
It's also why Decentralised Finance has seen such growth, no need to have expensive mining equipment just Stake and earn. However, use cases were in their infancy and just had initial investors all pooling at the launch, causing tokens to rise and then people exiting causing a massive dip.
Binance Launch Pad
Binance Launch Pad is a good example of a Proof of Stake system working. You put you're tokens in and you get the new native currency as yield. You can than remove your tokens and you leave with you're new ones which may or may not hold value.
There aren't many of these systems established as yet, fortunately 
CUB finance has focused on ease of use, access and now they are developing their products and services. Many have bailed and I've lost a few thousand dollars but I'd anticipate in 12 months time all those Hive heavies will be back with my money at a higher price 🤣
If you doubt what I am saying, keep an eye out for Matic token. It is a Green token, low emissions, fast, secure and cheap.
It wouldn't surprise me if Matic becomes the 4th token after Binance. But one things for sure, youth which predominantly make up the current crypto community are pro civil rights, anti fossil fuels as they wish to move to a more sustainable and equally driven society.
Bitcoin, doesn't meet any of the market needs, it was driven by get rich quick news and it will suffer the same future as many other fossil fuel heavily reliant industries, retirement. The question isn't if but WEN?
In the mean time, I wait here on the real Web 3. Hive Block Chain will moon once people realise.
Happy days!
Image sources- Links provided and Canva Pro Subscription.