As a seasoned crypto investor with a knack for navigating the complexities of the blockchain world, I find the recent collaboration between Magic Labs and Polygon Labs particularly intriguing. The unveiling of Newton’s private testnet and the development of the Passport smart wallet are promising steps towards breaking down the silos that currently exist in our beloved cryptosphere.
Magic Labs, working together with Polygon Labs, has revealed the private testing network for Newton – a unified chain network that’s been integrated with Polygon’s AggLayer. In simpler terms, they have launched a test version of Newton, a system that connects different blockchain networks using Polygon’s AggLayer technology.
As reported in a press release distributed to crypto.news, Newton aspires to break down the barriers between blockchain networks and facilitate the exchange of data and liquidity among various blockchains.
In February 2024, Polygon Labs introduced AggLayer – a connective infrastructure layer that facilitates collaboration among various blockchains, allowing them to share states and liquidity. For example, MoveVM-based Layer 2 chains from Movement Labs were integrated onto the AggLayer, aiming to merge liquidity and user bases across interconnected chains.
With Newton combined using Polygon’s AggLayer, users can expect a universal wallet system, enabling them to tap into international liquidity effortlessly and perform transactions smoothly, all without the need to manage numerous wallets or navigate intricate procedures.
Using the Polygon Chain Development Kit, Newton’s private testing network offers developers a platform to trial smart wallet features spanning various blockchains. In this setting, they can utilize chain-neutral tools, empowering them to create and deploy cross-chain applications that aren’t confined to any particular blockchain.
Moreover, developers can utilize these intelligent wallets along with available development resources, for an easier process in designing and launching compatible apps.
Similarly to how Newton introduced himself, Magic Labs has presented their new intelligent wallet known as “Passport.” Notably, Passport will serve as the main wallet solution for Newton.
According to Jaemin Jin, the co-founder and chief product officer of Magic Labs, Passport aims to provide users with a unified wallet experience spanning various blockchains. This means that users can manage “one wallet, one network, and one balance” on different blockchain networks using Passport.
Passport will support all EVM-compatible AggLayer Chain, the announcement added.
Magic Lab’s collaboration with Polygon Labs transpired after a successful $52 million funding round in May 2023, during which it received support from notable venture capital firms such as PayPal Ventures, Cherubic, Synchrony, KX, Northzone, and Volt Capital.
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2024-11-07 20:13