Polygon Network: What Makes It So Powerful
The Polygon NFT Platform will be comprised of a series of interconnected blockchains that allow for cross-chain tokens to be transferred between blockchains securely and at a low cost. In fact, Polygon Network will also have its own native token ($MATIC) which will be used as a form of payment within the network and as a utility token for decentralized applications built on the network.
It is the first well-structured, user-friendly Ethereum scaling and infrastructure development platform. Polygon SDK, a modular, adaptable framework that facilitates constructing and integrating two primary types of solutions, is its essential component:
Secured chains (Layer 2 chains)
The goal of the project is to create a Layer 2 solution that can support many different Layer 2 solutions.
The first use case is to provide a framework that allows you to connect multiple Layer 2 solutions together with the second use case is to provide a framework that allows companies to build their own Layer 2 solution, thus reducing the burden on Ethereum for security.
There are two ways of thinking about Polygon’s approach:
A user can then make requests to the application via Polygon, which will then propagate these requests through the chain of services until they reach their destination (e.g., another application).
Stand-alone chains (Sidechains)
They exist independently of any other chain, and they are often called side chains because they are not only independent but also somewhat isolated.
Side chains are created when an enterprise or project wants more independence than Ethereum offers but doesn’t want to lose access to Ethereum if it needs to interact with it in some way.
In theory, stand-alone chains used for almost anything: Decentralized storage and transfer, financial instruments, computer programs (e.g., smart contracts), etc. But in practice, stand-alone chains have mostly been used for decentralized exchanges and decentralized marketplaces where users don’t need access to Ethereum in order to use them (and where they don’t need access to Ethereum because they don’t really care about using Ethereum).
It offers the highest level of independence and flexibility, with the tradeoff of a normally lower level of decentralization and security with their own validator pool
Polygon and Ethereum
The future of Polygon and Ethereum is symbiotic. With the recent Polygon zkEVM breakthrough, developed bleeding edge technology that will process transactions at dramatically reduced costs and increased speeds–necessary to onboard a billion users to the Ethereum Ecosystem
The next chapter for Polygon and Ethereum is to create a decentralized exchange (DEX) on top of Polygon’s blockchain infrastructure. This would allow users to trade any sort of cryptocurrency directly with one another without the need for a third-party mediator.
This is a critical step towards mass adoption, for it allows anyone in the world with an internet connection to be able to buy or sell cryptocurrencies without having to rely on an intermediary. The decentralized nature of this new ecosystem means there’s no longer any need for middlemen — no more exchanges, no more brokers, and no more banks — allowing people from every country in the world to trade freely.
Polygon Network Details/Architecture
The most remarkable feature of Polygon Network’s architecture is its design. Matic uses Plasma-based sidechains to deliver scalable, safe, and quick transactions. In a nutshell, it enables anybody to construct scale DApps while maintaining Ethereum’s security.
The architecture of Polygon Network is based on the Ethereum blockchain. The main difference is that Polygon Network uses a Proof-of-Stake consensus mechanism, which means it’s not as energy intensive as Proof-of-Work.
In addition, unlike other networks that use proof-of-work, such as Ethereum and EOS, Polygon Network doesn’t have any mining fees. This is because it doesn’t require miners to confirm transactions.
How do you use the polygon platform?
- User deposits crypto assets in the Matic contract on the mainchain (currently implemented with Ethereum blockchain only)
- Once deposited tokens are validated on the main chain, then mirrored on the Matic chain.
- The user can now transfer tokens to anyone they want instantly with Mickey Mouse fees. Matic chain has faster blocks (approximately 1 second or less).
- Once a user can withdraw remaining tokens from the main chain by establishing proof of remaining tokens on the Root contract (contract deployed on the Ethereum chain)
Polygon NFT Platform/ Marketplace
Some cryptocurrencies are not listed on the major cryptocurrency exchanges. That will not be an issue with Polygon. It’s accessible on a number of well-regarded exchanges, including; Coinbase and Binance.
The user experience for people accessing Opensea via Polygon is similar to that of those accessing OpenSea via Ethereum. Users may see their Polygon NFT alongside their Ethereum NFTs on their profile and can also access transaction data by visiting the corresponding Polygonscan websites.
Users can do the following actions:
- Perform lazy minting — a process that allows creators to make NFTs without any upfront gas cost
- Pay for NFTs with ETH, DAI, or USDC
- Buy Polygon NFTs in fixed-price sales
- Make and accept offers on Polygon NFTs
Polygon platform in a Nutshell
In comparison to its competitors, the network differentiates itself as a layer-2 solution to be reckoned with. And, while the Polygon NFT platform is still in its early stages, it looks to have the best possibility of effectively scaling Ethereum.
For example, by retaining decentralization while scaling without losing security.
Key things Matic wants to do:
- Solve scalability by providing Layer 2 solutions
- Application platform for DApp developers on Matic (Like Stripe for DApps/payments)
- Provide assets interoperability for DEXs through 0x protocol and other DApps
- Better UX/UI for mass adoption while having better security and scalability