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How we convinced a major token project to move from Polygon to BSV blockchain

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How we convinced a major token project to move from Polygon to BSV blockchain

Globe or world connected by blockchain

Rohan Sharan and his team running the Indian Citadel continue to grow from strength to strength, acting as ambassadors for the Bitcoin Association across the country. In addition to monthly events, Sharan has also held workshops and discussions with developers on the ground in India.

Below Sharan, who is also the Founder & Head of Product at Timechain Labs, details the stellar work he is doing with the Indian Citadel and how he convinced the team at Ryzer (India’s first blockchain-based tokenised investment platform) to switch protocols from Polygon to the BSV blockchain (BSV).

The value of the Indian Citadel

‘The Indian Citadel is a co-working space for all BSV blockchain startups building on the BSV blockchain. It aims to provide a space where companies can interact, share resources, and collaborate with the broader community so we can expand the awareness of BSV,’ Sharan said.

The new Citadel office in Bengaluru is free to use by those in the BSV blockchain ecosystem and plays host to regular meetings, open days and events. In addition to hosting meetups and events, the office acts as a co-working space for developers looking to build on BSV and defend the original Bitcoin as implemented by the BSV blockchain.

Switching from Polygon to BSV

Sharan said that conversations with Ryzer began several months ago, following which he convinced the team to switch from the Polygon protocol to the BSV blockchain.

Ryzer is India’s first blockchain-based tokenised investment platform. The app allows users to buy security tokens for non-market-linked assets such as commercial developments, farmlands, and other solar projects. This is done by buying tokens attached to the investments, which are then stored on-chain.

‘They are very concerned about regulations, so when they came across our wallet’s features and the features of BSV blockchain itself they were interested. This includes things such as being regulatory compliant, following the FATF’s travel rule, scalability and microtransactions; it ended up being a win-win.’

Sharan noted that as Ryzer was a really good fit for BSV, there are other features which companies as developers should be aware of and might not know about. These include:

Read: What people get wrong about Bitcoin and smart contracts

A developer’s perspective on BSV blockchain

This was echoed by Surya Gedela, Founder and CEO of Ryzer, who said that the decision to switch from Polygon to BSV was ultimately easy given the features it offers.

 ‘We initially started our smart contacts on Polygon. I then connected with Rohan a couple of years back and realised that we missed out on the full picture and the holistic advantages of BSV and becoming an ecosystem partner.

‘Our product right now is in final device-level testing and we plan to release the full beta version by January.’

While switching protocols can be quite a large undertaking, Gedela said that the low transaction fees offered by BSV were some of the biggest points. This combined with the block size offered was a highly persuasive factor, he said.

‘Our platform not only works on maintaining and issuing tokens but also handles all corporate actions on every smart contract. We do a lot of transactions for a particular asset to be tokenised.’

‘The third factor is the regulatory compliance aspect. BSV is more sophisticated and proven than any other blockchain in this regard. Our country, which is India, is focusing on regulatory compliance around blockchain and we thought it was a perfect fit for us.’

Ryan Brothwell

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