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22:06 18.06.2021
2021-06-18
ikrom Ergashev (Neironix)
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A Complete Guide to Polygon: How Does Polygon Work?

Polygon has become this popular because no other form of blockchain technology has been so great with the adoption and development of the decentralized app. However, even with the relative success it has achieved, there are still some challenges that it faces that are hindering the usability and scalability of the coin.

The Scaling Problem with Ethereum

Ethereum is faster than blockchains that need proof of work, such as Bitcoin. The Transactions Per Second (TPS) is quite low at 15. This can turn into more problems for the coin. When the general public hype encourages more projects to incorporate Ethereum, it can slow down the whole network, which can make gas prices soar as well. You  can invest in bitcoins through BitQT App

To scale with Ethereum, projects need to explore a way to get around the limitations it poses. Since there is no special framework on such blockchain technology, there isn’t a proper protocol to connect them either.

How Does Polygon Work?

With the Polygon (MATIC), you can achieve layer-2 solutions that offer sharding support as well. This helps to facilitate any mass blockchain tech projects with adoption with sidechains that have 2-second blocking times and run on 65,000 TPS. The technology offered by Polygon helps to move the Ethereum DApps into a system where another blockchain is connected. This keeps the advantages of the network’s ecosystem and security in touch. 

Polygon offers scalability for Ethereum that can improve the experience of the developer with complete tech sovereignty, designs without permissions needed, and even great security solutions. Users will find that the instant and low-gas transactions and the high compatibility with other tools can be a great experience.

Other Benefits of MATIC Polygon

The Polygon blockchain offers a high level of interoperability where they can communicate with each other as well as with Ethereum’s network. There are two kinds of blockchain networks being offered here: standalone chains and secured chains. 

The secured chains are a network where security is offered as a service instead of focusing on using different validator pools. This chain offers this service through shared pools where professional validators come through and the Ethereum network too. You will receive improved security but at the expense of some agility and independence.

The standalone chains are full-fledged sovereign networks that have a huge, independent range of professional validators. The chain can give agility and independence to users but comes at the cost of security that is hard to establish -security can be achieved; it is just hard to implement. 

Who Invented Polygon?

Polygon was launched by Sandeep Nailwal, Jaynti Kanani, Anurag Arjun, and Mihailo Bjeli in 2017. The main members of the team had also contributed heavily to the development of the Ethereum network and ecosystem before they started working on Polygon. Kanani has plenty of experience as an engineer and a full-stack developer. Jaynti Kanani is currently serving as the CEO of Polygon.

In Conclusion

Polygon is definitely an emerging leader in solutions for scalability when it comes to blockchain technology. It does have competition from platforms like Skale, Polkadot, Cosmos, and Avalanche, but Polygon’s position with Ethereum serves it well. If the Ethereum network starts to falter, it may have an impact on Polygon too. 

One major advantage that Polygon has is that it has been adopted by many big and small projects. There are already more than 100 applications that are hosted on the sidechains offered by Polygon. The adoption of the tech is only increasing, with users being drawn to the low fees and modular nature. 

It is well-positioned to do well in the market and is all set to continue to make an impact among investors. 

The article does not contain investment recommendations, or recommendations to use the service described in this article. All the opinions expressed express exclusively the personal opinions of the author and the respondents. Any activity related to investing and trading in the markets carries risks. Make your own decisions responsibly and independently. Neironix is not responsible for the safety of your investment and does not make any recommendations

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