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Polygon Blockchain: Scaling Ethereum for a Decentralized Future

polugon Blockchain

A stack of protocols called Polygon was created to address Ethereum’s scalability problems. The Polygon network handles transactions on a different blockchain that is compatible with Ethereum in order to remedy the network’s shortcomings.

Following post-processing, Polygon sends transactions back to the main Ethereum network. This method reduces Ethereum’s network strain. By doing this, Polygon can reduce transaction costs to less than one penny while also accelerating transaction speeds.

Put another way, Polygon—formerly known as the Matic network—offers a simple structure that allows both new and established blockchain companies to expand on Ethereum without running into scalability problems.

Users never have to worry about network congestion while interacting with any decentralized application (DApp) because to Polygon.

This comprehensive tutorial explores all there is to know about the Polygon Matic network, Polygon’s operation, and how this creative solution is simplifying Ethereum usage.

Who is in charge of Polygon?
Thanks to its extremely talented development team, Polygon has solidly established itself as the most promising Ethereum scalability project. The team’s experience continues to be the major factor in Polygon’s expansion.

It may be said that the people who built the Matic network anticipated the requirements of the current cryptocurrency market. The following part looks at the people behind one of the projects with the quickest growth in the business.

At Polygon, Jaynti Kanani, a cofounder, serves as CEO. Together with cofounder and chief operational officer Sandeep Nailwal and cofounder and chief product officer Anurag Arjun, he built the project. In 2017, the three of them made Polygon. It was known as Matic Network back then.

The business was initially supported in part by money from Mumbai-based friends and relatives. Even though Polygon originated in India, investors from all over the world continue to be drawn to the platform. In 2019, Polygon completed two rounds of startup investment, raising over $450,000. The project has received money of about $450 million from a number of sources.

Are Polygon and MATIC interchangeable?
What makes a polygon different from a matic network? Prior to February 2021, Polygon was known as Matic network, the project’s original name. Plasma sidechains were the main product offered by the Matic network.

Comparable to side chains, plasma chains sacrifice convenience for increased security. In contrast to sidechains, plasma chains operate on the presumption that their consensus mechanism may malfunction and publish their “root” to Ethereum layer 1. Although this architecture makes these chains incapable of performing sophisticated functions, it does provide increased security.

How Polygon works
There is a limit to how many transactions the Ethereum blockchain can handle in a second. For the basic layer, the throughput rate is around 14 transactions per second. On Ethereum, transaction expenses known as gas fees are associated with each transaction.

When there is significant network congestion, gas prices increase, and for Ethereum, they may go from $50 to $80 very rapidly. This is a serious problem. Ethereum is completely out of reach for the majority of consumers because each transaction requires a payment of more than $50 at once.

Why does Ethereum benefit from Polygon?
Ethereum is not in competition with Polygon. It depends on Ethereum if anything, and vice versa. The goal of Polygon is to use the Polygon network to build infrastructure that can support Ethereum’s widespread adoption. As a result, Polygon depends more on Ethereum than Ethereum depends on Polygon. Given that Polygon is constructed upon own blockchain, this is to be anticipated.

The primary drawback is that Ethereum’s gains can be lessened if you go to Polygon for speed. In other places, value dilution may potentially impede Ethereum’s direct user development.

 

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