How Polygon Advances Nexity’s Social, Environmental and Economic Initiatives
Nexity Network has received the Polygon Ecosystem DAO grant, which serves as a support mechanism for the builder community on Polygon’s protocol. The grant provides funding for promising projects that empower Polygon’s open, borderless blockchain environment.
Nexity is thrilled about working with one of the greatest projects in the crypto space — a robust, future-ready protocol supporting our mission to deliver circular business applications that solve critical economic problems by improving the transparency, traceability, and productivity of global trade interactions.
Circular business applications are holistic systems that replace linear economic models responsible for generating waste, pollution, and environmental degradation. Nexity replaces these models with a closed-loop blockchain network to regenerate and keep products, components, and materials at their highest utility and value.
The Polygon network is their gateway to building an ultra-fast, low-fee ecosystem that preserves the earth’s natural capital. They use the interconnection of Web3 and World 3.0 as the meaning-making frame that describes the discovery of real-world blockchain applications.
They will be actualizing their framework for new inceptions in milestones established by Polygon’s grant, leveraging their developer-friendly environment for the deployment of our Contract Management Prototype.
Their prototype introduces three crucial components from our on-chain system for Contract Management:
Contract Life-cycle
Includes seven phases of the life-cycle:
- Initiation
- Authoring
- Process and workflow
- Negotiation and approval
- Execution
- Ongoing management and compliance
- Contract renewal
Transaction History
All contracts are immutably traceable on the blockchain. They’ve added a new, ultra-secure privacy layer on the top of your transactions to bring transparent privacy infrastructure to our enterprise-users
Data Freeze
All contract statuses are saved for reports and uploaded onto the Polygon protocol
The Challenge
Current processes for creating and distributing contracts are wasteful and inefficient. The most obvious example is an elongated email exchange to finalize a simple agreement.
Our Solution
Nexity provide smart contracts on a distributed ledger and public chain, guaranteeing legality, stability, and efficiency across business operations. In addition, we eliminate transaction fees by replacing government-issued currencies used for contracts with cryptocurrencies.
Thus, their contract management prototype eliminates issues that inhibit businesses from efficient execution, such as double taxation, overseas incorporation, and overseas remittance.
