Boson Protocol has announced that it will go live on Polygon in the current year’s fourth quarter. Boson Protocol has been termed as one of the basics in forming and adopting the Web3 ecosystem, especially in the eCommerce sector. It enables digital to physical redemption by eliminating the presence of an intermediary.
The partnership is focused on ensuring a successful launch based on benefits like lower transaction costs, less friction, and better equitability.
A problem in eCommerce that Boson Protocol looks to solve is that of a fair exchange without involving third parties or intermediaries. It can be difficult to imagine how the mechanism works, but an encoded smart contract does the job perfectly well.
Buyers and sellers commit to executing the trade within the terms of the smart contracts encoded with game theory and are tokenized as a redeemable non-fungible token, assuring buyers that an NFT can be redeemed for the item.
Buyers will also have an option to take their money back, which the buyer can access based on their preference.
Brian Trunzo, the Metaverse Lead at Polygon, believes in the future of decentralized commerce. Brian Trunzo quoted on the occasion that it was primed to be a strong adoption driver and a powerful enabler of new applications. Brian Trunzo said the venture was thrilled to launch Boson Protocol v2 on the network.
Justin Banon, a Co-Founder of Boson Protocol, highlighted the reason for launching the protocol on Polygon by saying that it gives them significantly lower costs and higher throughput.
Polygon gives the protocol a wider scope to expand in the future as it is completely EVM-compatible. Another feature that makes Polygon the right partner for the protocol is its security which is needed by projects launching in the ecosystem.
Calling Polygon an integral and optimal choice for the integration, Justin Banon said that Polygon is integrated with all the major projects, protocols, and metaverse and was, therefore, the most preferred option for them.
Boson Protocol enables developers to build commerce applications for all users with utmost trust while bridging the on-chain and off-chain world. Developers can easily add all the decentralized capabilities to their decentralized applications to allow customers to redeem real-world rewards in a Web3-native way. It recently won World Economic Forum Technology Pioneer status for its potential to reshape the global eCommerce industry.
Polygon is a blockchain development platform that offers secure, scalable, economical, and sustainable blockchains for the Web3 ecosystem. Developers can access Scaling solutions anytime, including sidechains, L2, stand-alone & enterprise chains, and data availability.
Over 37,000 decentralized applications have made their way on the network, which has processed more than 164 million transactions at the time of drafting this article. Some projects that are hosted by the network are Adobe, Stripe, and Meta.