Polygon: Bird's eye view
I really like Matic tokens, it made me dive deeper into the know-how of what’s special in the 0xpolygon.
Polygon leverages the Ethereum ecosystem and is deployed to provide aggregate scalable solutions to support a multichain Ethereum ecosystem. It uses a proof-of-stake consensus mechanism.
It is an alternative platform to carry out transactions while enjoying the security and support of the Ethereum network. Polygon creates Ethereum’s internet of blockchains, a multichain ecosystem of blockchains compatible with Ethereum and it is a layer two scaling solution.
It has an easy-to-use interface.
Nearly -instantaneous transaction and it’s intended to speed up blockchain transactions.
Low costs. If well-executed, Ethereum charges heavy gas fees.
Polygon propels the growth of Ethereum Dapps to astronomical levels and pushes the boundaries of crypto to include the masses outside the industry to turn up to as a problem solver in Matic network than other scaling solutions.
Polygon is a framework that allows:
1. Ethereum-based applications to bypass the low throughput, high gas fees, and poor interface of Ethereum while still enjoying its support, Aggregating scalable solutions to support a multichain Ethereum ecosystem.
2. Polygon’s main component is its software development kit (SDK). The SDK is a flexible structure that allows projects to develop different sidechains that suit their needs. All the necessary support is provided so that the alternate chains can interact effectively with Ethereum’s main chain.
3. Polygon accelerates the transformation of Ethereum into a multi-chain ecosystem. Its users would be able to create Optimistic rollup chains, ZK rollup chains, and other types of sidechains.
But beyond being a mere framework, the Polygon platform is focused on connecting blockchains with one another, as well as the Ethereum blockchain itself.
Advantages of Polygon
The major benefit of Polygon is
1. Scalability: It takes a lot of time for transactions to be verified on the Ethereum network, especially if you try to decrease the gas fees. So Polygon tries to reduce gas fees and accelerate the time of transaction
2. Dapp developers with polygon pay so few gas fees that it accelerates their development and affects their offering to users.
3. An Ethereum sidechain that uses the Plasma framework was the landmark of its offering.
What is The Plasma framework?
They are sidechains that run independently, only interacting with the main blockchain when as need be.
Polygon’s new platform has its own plasma offering different chain networks that are attuned to Ethereum’s blockchain.
- Stand-alone chains
- Secured chains
1. Stand-alone chains:
Stand-alone chains have security autonomy, therefore here each chain is responsible for its own security.
And every such chain has the freedom to choose its own validation methods.
Hence every chain can establish a personal pool of validators who ensure the authenticity of transactions directly on the blockchain.
2. Secured chains:
Blockchains are based on security as a service, meaning that their validation service is provided by a shared pool of PoS validators, managed on the Ethereum main chain.
secured chains involve outsourcing the platform’s security to a third party.
So noticeable fact here is the third party can be Ethereum itself, with its fraud-proof and validity-proof pools. There are other independent, professional pools of validators that offer security as a service as well.
4. Flexibility: Polygon being modular by nature permits incredible flexibility for the development of chains by developers and assembling products at unrivaled speeds.
5. DAPP Development: An accelerated dapp development, effectively shortening the interval between the conception and deployment of blockchain products. The products would be easily upgraded in the Polygon network.
6. Support provides
Easy interaction with users and external systems.
& communication with oracles is also supported on Polygon.
7. Security: Polygon without compromising on security, provides modular “security as a service” feature on the Polygon framework.
8. Compatibility doubled: All products developed on Polygon would be compatible with Ethereum.
9. Interoperability: Interoperable dApps can benefit from the attributes of multiple interconnected blockchains A layer-2 aggregator, aiming to create a multichain ecosystem of Ethereum-compatible blockchains with superior interoperability.
10. In Polygon security protocol is optional, meaning that blockchains can retain their self-sovereignty.