Polygon co-founder Sandeep Nailwal described Web3 as a horizontal technology for decentralised computing, and a movement that can create global community-owned businesses out of India.
With these community-owned businesses finding and developing new use cases in gaming, decentralised finance (DeFi), creator platforms, social commerce, and more, Web3 can turn India into a superpower for digital content and goods, he said at the 13th edition of TechSparks.
“China is the physical goods manufacturing factory of the world, India can become the digital goods manufacturing factory of the world if we focus on Web3. It is a once-in-a-generation impact and wealth creation opportunity,” he said in a fireside conversation with Shradha Sharma Founder and CEO of YourStory.
Sandeep noted that Indian entrepeneurs shouldn’t pass on the Web3 opportunity on account of a few bad players.
Sandeep set up Ethereum scaling and infrastructure development platform Polygon along with his cofounders. The platform has a large suite of Web3 products that are used globally, and has partnered with several international brands like Instagram, Starbucks and Reddit.
Built on Ethereum, Polygon uses a Proof of Stake (PoS) consensus model, and has a native token named MATIC. Polygon is also among the global market leaders for hosting decentralised apps.
Using Polygon as an opportunity
According to Sandeep, many Indian entrepreneurs can follow in Polygon’s footsteps and take advantage of the opportunity. “We are well on the journey towards building a truly world-class company like Google. There’s always the feeling of What’s Next? And we cannot fail from here,” said Sandeep.
Sandeep said Polygon has strong communities both in India and abroad, and now has the opportunity to play a larger role in Web3 policy development in India, US, Europe and other regions.
“Indian projects like Pillow —the crypto management app—have become popular in countries like Nigeria. Indian projects should also start working on unique use cases, perhaps, even something, such as government land record platforms built on blockchain,” he concluded.