Wednesday, July 24, 2024

DraftKings, a $23 billion sports betting company, is a network validator for Polygon.

The polygon network uses validators to endorse the validity of transactions. The validators are rewarded through the network’s PoS mechanism. Polygon has a total of 100 validators. Polygon also hosts a large number of projects and dApps.

Polygon is an important component of the web 3 ecosystem. It provides a EVM compatible side chain. The advantage of the side chain is that it has lower fees and faster transaction speed.

DraftKings as Polygon Validator

DraftKings, which is valued at $23 billion is a sports betting company. The company has signed up with the polygon network to be a validator. This is a rather unique development. It is unusual for a publicly listed company to sign up to undertake blockchain governance. DraftKings had earlier also launched an NFT marketplace. It is also launching a NFT-based game in collaboration with the NFL players association.

In their role as validators, DraftKings will function by staking MATIC tokens as collateral to be able govern nodes on the network. For this purpose, DraftKings has in turn tied up with Zero Hash. Together they will be responsible for making blocks and validating consensus.

The opportunities to earn rewards as validators is immense. Some validators have been known to have earned rewards totaling upto $770 million. A total of 2.67 billion MATIC tokens have been staked by various validators on the network. The total value of these tokens is worth $4 billion.

With the polygon tie-up, DraftKings becomes one among the 100 existing validators. They will help in the running of the community driven consensus mechanism.

DraftKings is entering this space with the objective of business diversification and preparing for the coming web 3 era.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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