It’s heartbreaking that all-time favorite crypto exchange KUCOIN is closed to anyone who doesn’t do KYC mandatorily. Only funds you previously had in the exchange are allowed to be withdrawn after 15th July. So, I think you can’t deposit new crypto funds or use it to receive your payments from PUBLISH0X without being KYC verified after July 15th.
So, what can be a solution? Should we be relying on Ethereum mainnet that processes only 7-15 transactions per second? After being a successful layer 2 and with all Layer 2- Ethereum solutions that we can bridge to from , we should take advantage of these technologies.
I do agree that Ethereum should be the major network blockchain behind all these stuffs, but sidechains of Ethereum like Polygon should have a valuable play.
Shortly explaining what sidechains are; these are the chains form Ethereum that send a bundle of transactions as a packet and reverify the transactions allowing cheaper and faster processing with almost the same level of security.
Utilizing Polygon
Polygon is known to be the most secure as well as cheaper sidechain to use by far. But what actually sets Polygon ahead from other sidechains is the use of plasma network allowing to create multiple child-chains connected to the Ethereum mainnet.
By utilizing Polygon Chain, Publish0x could from faster and cheaper transaction fees. The transaction fees and trading fees are negligible and always less than $0.05 for any swapping and transferring. In the positive part, Publish0x should not have to be waiting for the Ethereum Gwei to be lesser than 20 or 15 for processing withdrawals which could save the time as well, since polygon is cost effective at all times and actually you don’t even have to consider Gwei in polygon.
Afterall, Polygon chain offers more decentralization in comparison to other ethereum Layer –2 solutions. Arbitrum and Optimism or even Avalanche could be the solution if it gets more secure and cost-effective than Polygon in the future.
Note: Take a look for data on Polygon:-
Polygon Explorer: https://polygonscan.com
https://l2beat.info
