What is polygon (Matic)?
New York City: Polygon is a scaling solution that operates beside the Ethereum blockchain and is referred to as a “layer two” or “sidechain.” It enables transactions to be completed quickly and at a cheap cost. The native cryptocurrency of the network is called MATIC, and it is utilized for a variety of purposes including fees, staking, and more.
The Ethereum blockchain is the site of a wide variety of financial transactions and activities, ranging from NFT marketplaces and games to the expanding DeFi ecosystem. Because it is compatible with smart contracts, which can be used to develop a wide variety of apps, Ethereum is an excellent choice for this endeavor because of its versatility.
However, the rising popularity of these apps adds more transactions to the Ethereum blockchain. As a consequence of this, transaction fees (also known as “gas”) may often climb to the point where it is economically unviable to make modest or frequent deposits.
Polygon is a “Layer 2” scaling solution (also known as a “sidechain”) that has just come into existence to give consumers with speedier transactions and cheaper transaction fees. It performs the function of a rapid parallel blockchain that operates in tandem with the main Ethereum blockchain. To make use of it, you will first need to “bridge” portion of your cryptocurrency holdings over to Polygon. After that, you will be able to communicate with a broad variety of popular cryptocurrency applications that were previously only available on the main Ethereum blockchain.
Who or what is MATIC?
The coin that is unique to Polygon is known as MATIC, and it may be used for staking, paying fees on the Polygon network, and even for governance purposes (which means that MATIC holders get to vote on changes to Polygon). In addition, Coinbase and other exchanges make purchasing and selling MATIC possible.
During an earlier phase of Polygon’s development, the company was known by the name MATIC. After first debuting as Matic Network in October 2017, the creators changed the name of the platform to Polygon in the early part of 2021.
How does the polygon program function?
Polygon is a multi-level platform with the goal of scaling Ethereum owing to a multitude of sidechains, each of which attempts to unclog with the main network in a way that is both effective and cost efficient. Polygon’s primary goal is to grow Ethereum.
Sidechains, for those of you who are new with the term, are individual blockchains that are connected to the main Ethereum blockchain. Sidechains are useful in that they enable many of the Decentralized Finance (DeFi) protocols that are accessible in Ethereum.
As a result, it is possible to compare Polygon to other networks that compete with it, such as Polkadot, Cosmos, and Avalanche. Using Polygon, developers are able to establish pre-configured blockchain networks that have properties matched to their specific requirements. These may be further modified using a growing number of modules, which enable developers to design sovereign blockchains with more particular features. These modules can also be added by users.
Why Polygon is unique?
It is one of the more recent efforts at blockchain interoperability and scaling, and it is meant to solve some of the perceived constraints of earlier interoperability initiatives such as Polkadot and Cosmos. This makes it one of the more recent attempts at blockchain interoperability and scaling. One of the more recent projects to aim to improve the interoperability and scalability of blockchains is the Polygon project. To begin, it is compatible with the Ethereum Virtual Machine, which makes it available to persons who are used to creating apps on Ethereum and programming in Solidity. This is because it makes it possible for these folks to utilize it without any additional learning curve. In contrast to this, its main rival, Cosmos, uses a virtual machine that is based on WASM.