It’s very reasonable right now if we assume the future is already here and we can call it the multi-chain. It’s also known as one blockchain that will gain a very complete dominance. If we talk about it, it will be multiple networks that can connect each other and every one of them will have very unique properties, trust assumptions, security, and also performance.
And the Polygon will bring the future closer than we ever think when they are offering a framework that is capable to use to create scaling solutions that will be compatible with Ethereum. And it already garnering lots of interest across the Bitcoin and the Cryptocurrency community.
We can say that the Ethereum is the most anticipated and also the long-awaited scaling roadmap and right now it comes to fruition. The Polygon project itself is also part of it.
You might already hear about the Cosmos and their Internet blockchain vision. This inter-blockchain protocol is the communication protocol that we called the IBC or the Inter blockchain Communication Protocol. This means that the messages could travel in between the different blocks.
Polygon vision is also similar to it, however, it has tailored the concept specifically for the ecosystem of the Ethereum. The idea behind this is to make it easier for the developers in launching their Ethereum project network that is also compatible with scaling solutions.
The project itself started originally as the Matic network, but later it change and rebranded to the Polygon and the scope itself also widened from single layer 2 or the solution to a network of network.
What is Polygon (MATIC)?
We can assume that the Polygon is the framework that can create the Ethereum compatible blockchain and also it can be the scaling solution. But the Polygon is more like a protocol rather than a single solution. With the Polygon SDK, the developers can create the Ethereum compatible networks.
The Polygon network itself is a PoS or the Proof of Stake and also the first product that also lives in the Polygon ecosystem. This sidechain can be essentially a parallel chain that can connect to another blockchain as well.
This will offer several advantages for you and the popular one is that can increase the transaction throughout and also have very low fees. If you used the Polygon Network, you know that it will be incredibly fast and also really low in the cost section, if you compared to the other.
the polygon also supports the Ethereum Virtual Machine or the EVM and the existing application can be ported to this machine. This will help every user a very comparable experience with the Ethereum blockchain.
The development of the Polygon Network itself is led by its founder, the four of them are Jaynti Kanani also, Mihailo Bjelic, Anurag Arjun, and Sandeep Nailwal. They are developing the network and still working on how to improve the Polygon Network.
Read also : What is Bitcoin?
How Does Polygon Work?
The framework will support two types of compatible networks that Ethereum has. And the secured chain will be stand-alone. For example, the secured chain is rollups and the example for the stand-alone is the sidechain.
Secured chains rely on the structure of the chain and will be attached, and it will make them not have the same security model. The stand-alone will have to take care of themselves and this could mean that the secured chains will tend to offer a higher level of security and the stand alone will offer you more flexibility and also specificity.
the Polygon Network itself will be secured by its validators and it will also submit the checkpoints to the Ethereum from time to time. That’s why lots of people say that the sidechain is not a layer 2 solution.
MATIC Token Use Cases
Despite all the rebranding, the MATIC token will still retain its name. it’s used for paying gas fees on the network and also can be participating in governance. If you would like to have a stake in your MATIC tokes, you can do it on the Binance Earn or you can choose the Matic Web Wallet which is made by the Polygon team.
Is the most convenient way that you can choose to bring your funds from another blockchain platform or network to the Polygon sidechain. But, you must know that you will still have to pay the mainnet transaction fees since the bridging transaction is on the mainnet.
Once it’s finished, however, you can enjoy all the low fees and also the fast transaction that the Polygon has to offer you. Otherwise, some of the centralized exchanges (CEX) also will offer a direct withdrawal to the Polygon Network.
Sidechains vs. Rollups
Both will have very different assumptions of trust, security, and performance and also a very different developer experience. however ’ that’s not the case with soother solutions like the Polygon sidechain. It’s also worth for you thinking about the other trade-offs when you use the ETH mainnet.
Polygon is a framework that you can use for creating blockchain scaling solutions that also can be compatible with Ethereum. Polygon also aims to offer more things like scalability solutions that can be very useful in the future, this also including the ZK rollups and also the optimistic rollups. This also could help to create a more interconnected also vibrant ecosystem for the Ethereum.
That’s all the things that we can share with you today, hope it can be good and useful for you who might want to know about this kind of thing. Glad we can bring this to you because the future is near and we need to prepare for it.
That’s all that we know about Polygon Network that you might like to know. This could be very good information that you can use in the near future, especially if you are in a blockchain world. We hope this little information can be very handy for you in the future to have good luck.