Why Polygon?
Polygon (MATIC), entered the crypto scene in 2017 as a solution to Ethereum‘s scalability issues. It serves as a multi-chain scaling platform, optimizing transaction speed and cost-effectiveness. Enhancing Ethereum’s capabilities with decentralization and providing a robust foundation for decentralized applications (dApps). Explore the unique benefits below:
01
Enhances the scalability of Ethereum for faster and cheaper TXNs.
02
Seamless interaction between the different blockchain networks for great interoperability.
03
Utilizes Ethereum’s security, while offering additional layers for protection.
04
Simplifies decentralized application development.
What stands out?
Polygon/MATIC its commitment to Ethereum compatibility, offering a scalable solution that seamlessly integrates with the Ethereum ecosystem.
Get to know Polygon/MATIC:
Polygon, formerly known as MATIC, is a layer 2 scaling solution for Ethereum. It operates as a framework for building and connecting Ethereum-compatible blockchain networks, offering developers and users an array of tools and services to optimize decentralized applications (dApps).
How it works:
Polygon achieves scalability through its layer 2 scaling solutions, which include sidechains, plasma chains, and state channels. These off-chain solutions enable faster and cheaper transactions by processing them outside the Ethereum mainnet while still maintaining security through periodic checkpoints. With full compatibility with Ethereum, this layer 2 allows for seamless interoperability between both networks. Therefore, this compatibility ensures that existing Ethereum dApps can easily migrate. All these dApps are benefiting from its enhanced scalability and lower transaction costs without sacrificing security.
Utilization and Applications:
Polygon is widely used in the DeFi space. It offers us access to decentralized exchanges, lending protocols, and liquidity pools with lower transaction fees and faster confirmation times. NFT projects leverage Polygon’s scalability to mint, trade, and exchange digital assets with reduced gas fees, making it an attractive platform for creators and collectors. Opensea supports the usage for this layer 2 making it cheap for its users to buy and sell NFTs.
Developers utilize Polygon’s infrastructure to build scalable gaming platforms and dApps, providing users with a seamless, yet cost-effective gaming experience. It facilitates cross-chain interoperability, enabling assets and data to move seamlessly between different blockchain networks, enhancing the overall efficiency and utility of the ecosystem.
Polygon in a nutshell
In conclusion, Polygon operates as layer 2 blockchain, with it’s own consensus mechanism being Proof of Stake (PoS) and has its own native coin MATIC on-chain.
