Popular Altcoin Polygon Launched Newton with Magic Labs!

As you follow from Kriptokoin.com, partnerships in the crypto world continue unabated. Ethereum scaling layer Polygon and a Blockchain onboarding startup

Altcoin project Polygon has launched a new cross-chain network with Magic Labs, aiming to make using cross-chain dapps as easy as ‘surfing the internet’.

According to a recent report by Kriptokoin.com, partnerships in the crypto world continue unabated. Magic Labs, an Ethereum scaling layer and a Blockchain onboarding startup, is now partnering with Magic Labs.

In this context, the altcoin project announced on Thursday that they launched a new cross-chain network called Newton. The platform aims to make using decentralised applications on multiple Blockchains as seamless as browsing the internet.

Newton will leverage altcoin Polygon’s decentralised AggLayer and Chain Development Kit. Newton will allow developers to create dapps that run on different Blockchains without the need for users to hold different wallets.

Sean Li, co-founder and CEO of Magic Labs, said in a press release:

“Developers can now create user experiences that break down barriers. Users should only care about transaction costs and speed, not which Blockchain they are on.”

This move marks a shift similar to standardisation in traditional financial systems such as ACH or SWIFT. Magic Labs describes it as ‘Blockchain unification’. According to experts, if the technological standard holds, it will help solve the problem of ‘Blockchain silos’ that fragment liquidity and complicate the crypto user experience.

Magic Labs pioneered the concept of ‘wallet abstraction’ in 2018. Therefore, it has a rightful position in the market. Magic Labs will also integrate its crypto wallet Passport into Newton. The wallet provides a single interface for users regardless of the underlying Blockchain technology. This allows them to appear as if they have a ‘single balance’ across all Ethereum-compatible networks.

Jaemin Jin, co-founder and chief product officer of Magic Labs, explained his views on the subject.

“Magic Labs‘ focus has always been user experience first. And with Newton, we’re extending that to solve Layer-2 sharding.”

The late-stage startup, which has raised at least $82.9 million from heavyweights like PayPal, Placeholder and Lightspeed, as well as angel investors like Naval and Balaji, claims to have onboarded more than 35 million users. Onboarding technology has also been used by dapps, including Polymarket and Helium. As the name suggests, Polygon’s Agglayer is a unified Blockchain network that uses Ethereum for security and as a settlement layer.