Sandeep Nailwal Wiki (Matic Founder Bio, Background, Net Worth, More)

Sandeep Nailwal's profile page.
Courtesy of Sandeep Nailwal’s Twitter profile.

 

Who Is Sandeep Nailwal?

Sandeep Nailwal is an Indian entrepreneur, software developer, and founder of Polygon (aka Matic Network). Nailwal is also the founder of India’s Crypto Covid Relief Fund.

 

Biography And Background

Sandeep Nailwal’s LinkedIn profile states that prior to Polygon, he worked as an Intern (April 2013 – May 2013) and Consultant (June 2014 – March 2015) at Deloitte, as well as Head of Technology & Supply Chain at Ecommerce Division, Welspun Group (March 2015 – February 2016).

In March 2016, Nailwal co-founded DApp development firm ScopeWeaver.com. Nailwal served as the company’s CEO until the October of 2017.

 

The Polygon Platform

A visual representation of Polygon chains.
Courtesy of Polygon.technology.

 

Sandeep Nailwal founded Polygon in November 2017 as the Matic Network.

CoinDesk writes that Matic used an experimental solution called Plasma to “shift transactions off the perennially clogged Ethereum base layer to a super-lightweight rail running parallel to it.”

Plasma was published in 2017 – in a period of Ethereum’s rapid growth – with some calling it a way for Ethereum to match Visa’s transaction count. However, due to unanticipated limitations in its architecture and despite its early success, public interest in Plasma soon decreased.

In response, the Matic team decided to adapt their protocol to changing trends and reinvented Matic as Polygon.

In an interview with Mint, Nailwal said regarding the beginnings of Matic:

My co-founders and I came up with the proof of concept in 2017. By April 2018, we set up the company and raised some small funds from friends and family and started building the product. That round was just $150,000. After that, we did another small round of around $500,000. After that, we did an initial exchange offering with Binance, where we raised $5 million.

In the initial few years, I started building the ecosystem in India. The whole environment around cryptocurrency was unfavourable. Developers were afraid of legal hassles. You see, we are a tech platform, and we don’t build apps ourselves. People build apps on top of our platform. Community building is thus very important.

On February 9, 2021, Matic announced its expansion as Polygon. Nailwal told CoinDesk about the reasoning behind the reinvention of the protocol:

So, basically, with Matic Network we were doing one particular scaling approach, which was Plasma. We were onboarding hundreds of dapps, working with small DeFi (decentralized finance) builders, NFT (non-fungible token) application builders, games, enterprises – a large number of teams – when we realized there was no one solution-fits-all. 

Secondly, we also definitely believe that Ethereum is going to be the ultimate, fundamental settlement layer of this Web3 internet. So instead of providing one type of scaling solution on top of Ethereum, we should provide a suite of scalability solutions for developers to choose what they really want. 

If you take AWS (Amazon Web Services), they allow developers to choose between Linux, Windows, other kinds of servers. You’re free to choose. We wanted to do the same for decentralized, execution platforms. 

Nailwal added that Polygon is intended to serve as an expansion rather than a replacement for Matic:

Some people think that it’s a rebrand, that it’s a pivot. But actually, it’s an expansion. Matic stays the way it is. Think of it as a Venn diagram. Matic is a smaller circle within Polygon, while Polygon’s scope and vision has become much bigger.

The MATIC token is to remain the governance token of Polygon.

On May 17, 2021, DappRadar reported that over 75,000 active user wallets had interacted with Polygon DApps over the previous 7 days, bringing $900 million in volume.

On May 19, 2021, Business Insider India reported that the market capitalization of the MATIC token was “just under $13 billion.”

On May 25, 2021, Cointelegraph reported that billionaire and owner of the NBA Dallas Mavericks Mark Cuban became an official supporter of Polygon. Polygon was listed on the Mark Cuban Companies website.

Cuban chose Polygon because he already was an active user. He added that the Polygon network “is fast; it works well, and most importantly, their user base is growing exponentially.”

 

How does Polygon work?

Polygon incorporates a protocol and framework that allow developers to build and connect Ethereum-compatible blockchain networks. At the same time, Polygon is intended to address Ethereum’s issues, such as the low throughput and poor scalability.

With polygon, any project can easily spin-up a dedicated blockchain network which combines the best features of stand-alone blockchains (sovereignty, scalability and flexibility) and Ethereum (security, interoperability and developer experience). Additionally, these blockchains are compatible with all the existing Ethereum tools (Metamask, MyCrypto, Remix etc), and can exchange messages among themselves and with Ethereum.

The Polygon framework is intended to facilitate the deployment and customization of Ethereum-compatible blockchains, while the Polygon protocol allows for arbitrary message passing between any two participating Polygon chains and between any Polygon chain and Ethereum. The protocol also contains non-mandatory, modular security services from either Ethereum directly or a “dedicated set of validators.”

With Polygon, blockchain networks may be standalone or secured. Standalone blockchains are fully sovereign networks that manage their security on their own, while secured networks use the aforementioned security services from Ethereum or validators.

The Polygon architecture comprises the following four layers:

  • Ethereum layer, where critical functions such as staking, dispute resolution, message relaying, and finality/checkpointing are carried out.
  • Security layer (non-mandatory), where validators periodically check the validity of the Polygon blockchain for a fee.
  • Polygon networks layer, which incorporates sovereign blockchain networks, with each network serving its community and performing functions such as local consensus, block production, or transaction collation.
  • Execution layer, which interprets and executes transactions carried out in Polygon blockchains.
Polygon's architecture.
Courtesy of Polygon.technology.

 

Polygon provides a comparison table with its competitors, including Gavin Wood’s Polkadot protocol:

Polygon's comparison with its competitors.
Courtesy of Polygon.technology.

 

Sandeep Nailwal’s COVID Relief Fund

On April 24, 2021, Sandeep Nailwal announced his intentions to launch a COVID-19 relief campaign for India, despite April 20 reports that the Ministry of Corporate Affairs (MCA) of India was circulating a draft bill to ban cryptocurrencies in the country.

On April 27, 2021, Cointelegraph reported that Nailwal’s relief fund had raised over $2.2 million with the efforts of the cryptocurrency community.

On May 5, 2021, Nailwal shared on Twitter that fund volunteers managed to secure donations of over 3,000 oxygen cylinders for India.

On May 12, 2021, Forbes reported that Ethereum co-creator Vitalik Buterin donated over $1 billion in cryptocurrency to Nailwal’s relief fund.

 

Sandeep Nailwal Net Worth

Sandeep Nailwal’s exact net worth is unknown. In May 2021, Mint wrote that the MATIC token turned its co-founders – including Nailwal – into billionaires as its valuation grew.

Below is a price chart showing its token price at the time of that article’s publishing:

The price of Sandeep Nailwal's MATIC token.
Courtesy of CoinMarketCap.com.

 

MATIC stats from CoinMarketCap.
Courtesy of CoinMarketCap.com.

 

Sandeep Nailwal Online Presence And Publicity

Sandeep Nailwal is present on LinkedIn and Twitter. He is particularly active on Twitter, sharing news regarding his Polygon platform and the cryptocurrency industry as a whole.

Nailwal has also been featured on the YouTube channels of CoinDesk, CryptoCom, and Changpeng Zhao’s Binance exchange.

 

 

 

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