Polygon is the latest blockchain to enter the cryptocurrency and decentralized ledger market. It aims to address several scalability issues and it does so in style. Polygon is emerging quite fast and attracting a large pool of users in the decentralized blockchain economy. However, you need to know about it in detail to be able to unearth its many possibilities.
Polygon is a layer 2 secured scaling solution, that has the support of Binance and Coinbase. Its main aim is to address the problems of scalability in the mass cryptocurrency market. It has been carefully built on the Plasma framework and promises to be the go-to blockchain for public networks. You will be amazed to know that Polygon was created by the creators of Ethereum Blockchain. The main purpose of Polygon is inter-operability on Ethereum-based blockchains. You can also create new Ethereum blockchains for various businesses, with the help of Polygon. If you pinpoint one singular aspect that makes it special, it has to be the advantage that it provides to a multichain Ethereum Ecosystem.
How Does Polygon Aid Ethereum – Explained
Ethereum is one of the oldest blockchains in the cryptocurrency market. However, you must have seen its own set of issues arising out of nowhere. There are issues with its scalability and fees. Moreover, many people transact on Ethereum at any given time. This leads to clogging of the networks very frequently. Polygon has emerged as the savior for Ethereum users, to be exact.
Polygon is a blockchain platform, which is based in India. Now, this layer 2 secure solution allows Polygon to use Ethereum for transaction verification at extremely low rates. Since it works on a layer 2 solution, Polygon does not need to work on its own blockchain infrastructure. It operates on Ethereum. You can also avail of its myriad benefits, wherein it diverts traffic to side chains and eases off the pressure on the main blockchain. So, now you can understand the ultimate motives for which Polygon was created. It connects and grows Ethereum-compatible projects and blockchains.
Moreover, Polygon combines the best of Ethereum and develops a multichain system. It also benefits from Ethereum’s network effects. And, it is safer than the others and more powerful.
You should learn about the features of both.
Features of Ethereum
You may already know Ethereum, as the second-most popular cryptocurrency and blockchain network. Well! This blockchain-based decentralized platform allows developers to build and also deploy decentralized apps. Here are its features:
Ether is the native currency that works on Ethereum.
It aids the development and deployment of smart contracts.
Its underlying technology is Ethereum Virtual Machine, which delivers the ultimate punch.
Ethereum allows you to create dApps.
It also facilitates DAOs or Decentralized Autonomous Organizations.
These are the most essential features of Ethereum.
Features of Polygon
Now, the most fascinating blockchain initiative by the Ethereum blockchain owners, surely has some new features. They are:
It is easily available and opera table on the layer 1 base chain, that is Ethereum. It is low cost and a safer alternative.
It works on large-scale consensus algorithms, which facilitates dedicated blockchains independently.You can perform at least 7,000 transactions per second, so that makes the throughput really high.
It is an extremely secure solution on the blockchain, enabled by the security network of Ethereum.
Polygon side chains are public and do not require permissions.
You do not need token deposits or fees.
It is basically a scaling solution for Ethereum. It has now expanded on its own and winning the confidence of DeFi, NFT, DAO, and more such applications.
Scope Of the Latest Blockchain Networks
If reports are to be believed, Polygon is showing an upward growth trajectory, in the blockchain space. It is a solution for many dApps, and DeFi projects, which makes it more intensive. Polygon comes with multiple layers – Ethereum layer, Security layer, Polygon networks layer, and Execution layer. Without any doubts, its main goal is that, it is an Ethereum scaling solution. It can also support several algorithms together, which adds to its marketability. Now, users can experience faster transaction speeds with minimal gas fees. A major benefit that Polygon has over others in the market, is its compatibility with Ethereum.
Developer love Polygon, as it allows them to build customized solutions, with additional features, with minimal effort. The platform has had a tumultuous beginning and does not seem to slow down anytime soon. So, Polygon is the go-to blockchain network today, over Ethereum. But Ethereum is the older one on the block, and does have its own advantages, as stated earlier. It remains the first preference for developing digital assets for the NFT marketplace.