• bitcoinBitcoin(BTC)$23,327.00-0.18%
    BITCOIN
    24H : -0.18%
    Volume : $21,461,781,140.00
    Marketcap : $449,911,825,466.00
  • ethereumEthereum(ETH)$1,660.070.280%
    ETHEREUM
    24H : 0.280%
    Volume : $6,911,800,311.00
    Marketcap : $200,138,378,450.00
  • tetherTether(USDT)$1.00-0.03%
    TETHER
    24H : -0.03%
    Volume : $30,368,544,258.00
    Marketcap : $68,126,586,574.00
  • binancecoinBNB(BNB)$329.66-0.03%
    BNB
    24H : -0.03%
    Volume : $676,724,363.00
    Marketcap : $44,660,113,022.00
  • usd-coinUSD Coin(USDC)$1.000-0.01%
    USD COIN
    24H : -0.01%
    Volume : $2,841,719,815.00
    Marketcap : $41,994,133,318.00
  • rippleXRP(XRP)$0.409-0.18%
    XRP
    24H : -0.18%
    Volume : $613,458,738.00
    Marketcap : $20,833,950,996.00
  • binance-usdBinance USD(BUSD)$1.000.030%
    BINANCE USD
    24H : 0.030%
    Volume : $7,080,038,214.00
    Marketcap : $16,281,124,073.00
  • cardanoCardano(ADA)$0.397-0.82%
    CARDANO
    24H : -0.82%
    Volume : $269,545,277.00
    Marketcap : $13,922,571,396.00
  • dogecoinDogecoin(DOGE)$0.0951.17%
    DOGECOIN
    24H : 1.17%
    Volume : $1,404,353,193.00
    Marketcap : $13,038,613,068.00
  • matic-networkPolygon(MATIC)$1.251.72%
    POLYGON
    24H : 1.72%
    Volume : $558,006,424.00
    Marketcap : $11,232,786,483.00
  • News
    • Latest News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Explainers
    • Guest Posts
    • Sponsored Posts
  • Policy
  • Videos
  • Podcasts
  • Learn
    • DeFi Basics
    • Blockchain Fundamentals
    • Tutorials
    • Reviews
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Metaverses
    • Web3
    • Stablecoins
    • CBDCs
    • DeFi
  • Markets Pro
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
  • News
    • Latest News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Explainers
    • Guest Posts
    • Sponsored Posts
  • Policy
  • Videos
  • Podcasts
  • Learn
    • DeFi Basics
    • Blockchain Fundamentals
    • Tutorials
    • Reviews
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Metaverses
    • Web3
    • Stablecoins
    • CBDCs
    • DeFi
  • Markets Pro
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer
No Result
View All Result
DeFi Planet
No Result
View All Result
Home Articles

Scaling Ethereum: An Introduction To Polygon

7 August 2021
in Articles, Opinion
Reading Time: 4 mins read
103 7
Scaling Ethereum: An Introduction to Polygon | DeFi Planet

Polygon, a “Layer 2” solution for the Ethereum blockchain was recently rebranded from its original name, Matic Protocol. It is a protocol that can be used to build and link Ethereum-compatible blockchain networks. As an open-source platform, it offers developers the necessary tools to create a sidechain or a standalone network that benefits from Ethereum’s security. 

How Does It Work?

Polygon uses sidechains to provide faster and cheaper transactions on Ethereum.  Sidechains are blockchains that run alongside the main chain; which allows transactions to be processed outside of the main chain.

Validators within the network perform checkpoints regularly on the Ethereum main chain. What this means is that a framework has been created to handle any transaction issue that may happen on the sidechain. Using Polygon allows people to easily move their tokens within the platform, without worrying about risks attached to third parties or even dealing with market liquidity restrictions. 

Every token that is transferred out of the Ethereum chain is locked and is given a newly minted token that is pegged to it on Polygon. This means that one Ethereum-based token is given a new token that represents it on Polygon. Immediately the Ethereum-based token re-enters the Ethereum space, the pegged tokens are burned (i.e. destroyed). 

Polygon relies to a large extent on the security that the Ethereum main chain offers. It also has its own level of security, while also incorporating scalability features which have been an issue in Ethereum. Polygon allows for cheaper and faster transaction processing, which is a positive development since Ethereum at the moment is a PoW protocol which makes it expensive as far as transaction fees are concerned. 

Polygon, on the other hand, is a PoS platform. Apart from being a PoS protocol, Polygon utilizes Heimdall, which is an architecture that gained its popularity via Cosmos. Different from conventional PoW chains, where participants have to utilize a lot of energy to validate transactions, Heimdall does something else. It is an architectural protocol that chooses the PoS validators randomly, thus negating the need for energy-intensive competition between validators. 

Polygon’s use of a dual-consensus mechanism is one of the best decisions that it made, as it incorporates decentralization into the mix, thereby improving scalability. Scalability has been a big issue for Ethereum, and Polygon is solving this issue. When internal tests were done in the network, it was found that the throughput was up to 7,000 transactions per second (TPS) on one sidechain. This is far higher than what is common in Ethernet mainnet, which oscillates around 14 TPS.

Polygon’s Origin Story 

In 2017, Polygon was birthed and released as the Matic network. The team behind it was not new in the crypto world at the time of creating the ecosystem, as they had churned out projects linked to the Ethereum ecosystem. Initially, it implemented Plasma’s first version, which had been proposed by Ethereum co-founder, Vitalik Buterin. 

In February 2021, Polygon decided to change its brand and take up the new name, Polygon.

From the month of March, different blockchain-based platforms had stated that they were incorporating Polygon into their action plan to ensure that their decentralized apps could easily scale and move past the restrictions that are common in the Ethereum mainnet. 

A popular DeFi lending protocol, Aave, announced that it was launching on Polygon on April 24th, 2021, which sent the price of Polygon’s utility token, MATIC, flying through the roof, and shooting past its previous all-time high.

Why Investors Have Been Interested In Polyon

Polygon has grown tremendously in the blockchain world, and its popularity has been linked to the solutions that it is bringing to the Ethereum space. Its sidechain architecture offers quick and affordable transactions, which are unseen in the Ethereum mainnet. 

During its rebranding, Polygon put in strategies to make it globally recognized. For instance, it incorporated the Matic Plasma Chain and attracted innovative metaverse projects. 

In the storm of the Ethereum chain’s congestion and high fees, Polygon swooped in with low fees, and this attracted projects. Polygon will continue to add more projects to its ecosystem because there has been a growing need for scalability networks.

Why Is Polygon Different?

Polygon stands out from its competitors by offering developers innovative tools that can be used in creating highly scalable dApps.

Its peculiarity is linked to the fact that it is the sole scaling information that can support the Ethereum Virtual Machine (EVM) while permitting those chains connected to it to still retain their sovereignty. It also allows them to easily interact with one another and even the Ethereum main chain. Interoperability is a big feature in Polygon.  

Polygon is different from other platforms, as it doesn’t force dApps to use its security infrastructure as a service layer. These dApps can still interact and send messages to one another. 

 

For more content like this, follow DeFi Planet on Twitter and LinkedIn. 

Don't miss out!

Subscribe To Our Newsletter

Receive top education news, lesson ideas, teaching tips and more!
Invalid email address
Give it a try. You can unsubscribe at any time.
Thanks for subscribing!
Tags: #blockchaintechnology#cryptocurrency
Share64Tweet40Share11
Previous Post

Polkadot: What You Need To Know

Next Post

What To Expect In Ethereum 2.0

Rose Nnamdi

Rose Nnamdi

Related Posts

The Top NFT Trends to Watch Out For in 2023
Articles

The Top NFT Trends to Watch Out For in 2023

2 February 2023

Non-Fungible Tokens (NFTs) have been gaining a lot of attention and popularity in recent years and are expected to continue to play a significant role in the world of digital assets.  The year 2023 is projected to bring new...

Unraveling SBF’s Explanation of FTX and Alameda’s Implosion
Articles

Unraveling SBF’s Explanation of FTX and Alameda’s Implosion

1 February 2023

A recently published article on Substack titled "FTX Pre-Mortem Overview" by the embattled former CEO of FTX, Sam Bankman-Fried (SBF), examines the factors that led to the demise of FTX, previously one of the biggest cryptocurrency exchanges.  With adverse...

How-To-Evaluate-New-NFT-Projects-Before-Minting
Articles

How To Evaluate New NFT Projects Before Minting

1 February 2023

The Non-Fungible Token (NFT) industry is an exciting frontier that holds endless potential for creators and investors. However, with the influx of new projects, it can be challenging to determine which ones are worth investing in. To ensure a...

The-Impact-of-Blockchain-Technology-on-Financial-Investment Strategies
Articles

The Impact of Blockchain Technology on Financial Investment Strategies

31 January 2023

The impact of blockchain technology on the global economy has been substantial and far-reaching, with its potential to transform the way businesses and individuals conduct transactions being widely recognized. As blockchain technology continues to advance and its use cases...

Swap Crypto

Markets Update

Bitcoin Dips Below $16.5K, Solana Records New Weekly Low, Down 23%

1 month ago

Solana Ends the Year on a Low

1 month ago

LUNA Classic (LUNC) Drops 8%, Bitcoin Dips to Weekly Low

1 month ago

Price Prediction for Nervos Network (CKB) 2023-2025-2030

1 month ago

VanEck Predicts Bitcoin To Drop Between $10K-$12K In Q1 2023

2 months ago

Tron’s Algorithmic Stablecoin, USDD Falls Below the 1:1 Dollar Peg

2 months ago
Read More

Spotlight

All about SolChicks

All about Algorand

All about Bitcoin

All about Goracle

Press Releases

Vybe Launches Bntyhntr: A Digitalized Treasure Hunt Product on the Algorand Chain

Vybe Launches Bntyhntr: A Digitalized Treasure Hunt Product on the Algorand Chain

byGuest Author
25 January 2023
0

...

BetDEX-Exchange-to-Launch-on-Solana-Mainnet-Ahead-of-2022-FIFA-World-Cup.jpg

BetDEX Exchange to Launch on Solana Mainnet Ahead of 2022 FIFA World Cup

byGuest Author
8 November 2022
0

...

BetDEX-Exchange-Becomes-First-Fully-Licensed-Sports-Betting-Exchange-on-Blockchain.jpg

BetDEX Exchange Becomes First Fully-Licensed Sports Betting Exchange on Blockchain

byGuest Author
1 November 2022
0

...

Metrika Partners with Axelar to Help Delegators Maximize Staking Rewards

Metrika Partners with Axelar to Help Delegators Maximize Staking Rewards

byGuest Author
12 October 2022
0

...

Y7 Marketing is Launching the First Decentralized Marketing DAO on Algorand

Y7 Marketing is Launching the First Decentralized Marketing DAO on Algorand

byGuest Author
17 August 2022
0

...

Read More
  • About Us
  • The Team
  • Careers
  • Contact
  • Partnerships

© Copyright 2022 DeFi Planet   |   Terms & Conditions   |   Privacy Policy

No Result
View All Result
  • News
    • Latest News
    • Press Releases
  • Markets
  • Articles
    • Opinion
    • Explainers
    • Guest Posts
    • Sponsored Posts
  • Policy
  • Videos
  • Podcasts
  • Learn
    • DeFi Basics
    • Blockchain Fundamentals
    • Tutorials
    • Reviews
  • Research
    • Case Studies
  • Explore
    • NFTs
    • DAOs
    • Crypto Gaming
    • Metaverses
    • Web3
    • Stablecoins
    • CBDCs
    • DeFi
  • Markets Pro
    • DeFi Planet Pro
    • Coin Prices
    • Crypto Exchanges
    • Crypto Analyzer

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
Go to mobile version