What is Polygon project – Introduction
If you’d like to know what the Polygon project is, you’re in the right place! In this article, we’ll introduce you to the main information about it, which has being appreciated in the market
This project’s main goal is to offer a scaling solution for transactions running within the Ethereum (ETH) platform. Let’s dive in!
Polygons history
In 2017, polygon emerged as Matic Network, and its main group of developers are Indians – Jaynti Kanani, Sandeep Nailwal and Anurag Arjun.
The project’s first goal was to be a chain parallel to the major layer of blockchain of the ETH platform. Because of this, the flow of transactions from layer 1 would relieve, facilitate and accelerate the development of new businesses. However, polygon is able to connect with other blockchains from different networks, not just ETH.
Matic Token
With our previous explanation, it’s clear that the Polygon project is much more than just a cryptocurrency used for all trading within the system.
This crypto is the Matic token. According to experts’ predictions in the digital currency scenario, it’s an interesting alternative to investment. It’s necessary that in-depth research and individual assessment are made to incorporate it, or not, into your e-wallet!
Relationship between Polygon and Ethereum network
As previously mentioned, Polygon emerged to be a technological solution for operations running within the ETH network. It offers greater scalability for the system.
After all, more and more people are using ETH to make financial transactions, create games and applications, make deals with smart contracts and so on. Consequently, the fees for including these activities within the main blockchain also increase, as well as the network overhead, which makes all processes slow.
Because of this problem, polygon developers created a layer 2 to connect to ETH’s central blockchain. It means that within this additional layer, each type of trading that would be accepted in the first one can run, but with lower energy costs and less block.
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Polygon major features
It’s time to know some project features.
High processing power
One of the biggest problems in the crypto world is related to the ability to process multiple transactions at the same time.
Due to the blockchain structure and the traditional form of validation using Proof of Work, the largest networks in the world face some limitations as the number of users on the network grows, causing delays in validations.
Just for you to know, the Bitcoin network can process around seven transactions per second. While ETH can process 15 transactions per second. In contrast, polygon can process from 7 to 14 thousand transactions at the same time. As you can see, the difference is huge!
High scalability
A project must be scalable if it wants to develop, andt the polygon platform offers it to users. After all, its operation in layer 2 (sidechain format), creates small copies of the main blockchain to process new information.
Cheap Transactions
The more popular the ETH network becomes, the more expensive the fees for making layer 1 transactions. Currently, the average cost is much higher than the polygon operation.
Proof of Stake
Polygon works with the Proof of Stake system (PoS) instead of Proof of Work system (PoW). Polygon uses PoS to speed up operations and the validation process within the network,
In PoS, validators need to leave a number of crypto as guarantee within the platform and, in exchange, they’re authorized to validate transactions made by users. This performance is faster, requires fewer resources and secure.
What is Polygon project – Conclusion
As you can see, the polygon is a project created to be much more than a crypto. It’s a solution to deal with many of the ordinary problems within the digital currency universe, mostly regarding scalability, processing speed and savings in transaction value.
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