Polygon technology makes it possible to move Ethereum DApps to a connected Blockchain development services system, while respecting the security of the Ethereum network
Its success is largely based on network partnerships, which has increased the adoption of projects and the availability of traditional crypto exchanges and DEX.
Launched back in 2017, Polygon (formerly known as Matic Network ) is an infrastructure solution designed to scale Ethereum, currently trading at $ 1.83 per token, with a total market capitalization of over 11,000. millions of dollars. All this, added to its accelerated growth in recent weeks, leads us to wonder what Polygon is and how it works.
First of all, we can say that Polygon arises as a response to one of the most notorious problems of the Ethereum network . Yes, even when the latter is, by development and adaptation of decentralized applications, the most successful of the blockchains of its kind, it still has some obstacles that it cannot overcome on its own.
For example, although Ethereum runs faster than other blockchains like Bitcoin, its overall transactions per second remain relatively low. This is an inconvenience that, over time, could lead to even more serious ones. If everyone is trading Ethereum, the quick conclusion to be reached is that the network tends to slow down, complicating stakeholders.
It is in this scenario that we are witnessing the launch of many projects that seek to explore Ethereum-compatible blockchains, mitigating its limitations.
But then how does Polygon (MATIC) work?
Polygon (MATIC) is a layer 2 solution with fragmentation support. Its purpose is to facilitate the mass adoption of Blockchain development company projects through side chains with benefits such as confirmations in 2 seconds. Polygon technology moves Ethereum DApps to a connected blockchain system, respecting the security of the Ethereum network, as we mentioned at the beginning.
In addition to scalability, Polygon aims to enhance the developer experience with growing concepts such as permissionless design, technology sovereignty, and modular security solutions.
Polygon blockchains have high levels of interoperability and can communicate with each other and with the Ethereum network, and they do so under two types of blockchain networks, the following:
Secured Chains - Secured Chains are networks that use a "security as a service" model rather than their own groups of validators. This service is provided through the Ethereum network itself. By gaining security, you lose both independence and agility.
Independent chains: Independent chains are fully sovereign networks with an independent group of validators. By giving up some security, you gain independence and agility.
So why is Polygon better than the others?
The network created by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic, who also contributed significantly to the Ethereum ecosystem, stands out for its fast nature and minimal fees .
A good example of this is Polymarket , one of the most successful DAapps based on Polygon technology. We are talking about a decentralized, non-custodial prediction market. One that allows users to speculate on results of events that occur in real time, be it sports competitions or elections.
To bet on an event on Polymarket , users bet tokens on a binary outcome against a counterparty on the Ethereum blockchain. In other words, they buy " earnings shares ." Put into practice, that means that if the user has bought shares of the correct result, they will charge them at $ 1 each. Instead, if you have gone for the wrong result, those actions will become useless.
Conclusions
Although we can agree that Polygon is, right now, a leader in scalability solutions, we must not lose sight of the enormous competition to which it is subjected. Initiatives such as Avalanche, Cosmos, Polkadot and Skale have their own tools to try to convince the public to be better solutions.
Still, one of Polygon's most tangible benefits is the sheer number of customers who support it unconditionally. He has known how to channel projects both large and small. To date, over 100 sidechain applications have been generated from it.
With this, we can say that Polygon interoperability has been a major selling point for developers because the use of sidechains like these provides value via other DAapps . Thus generating a virtuous circle that attracts applications due to this interoperability.
