Everything you need to know about Polygon
scalability is Ethereum one of the long-standing challenges confronting this blockchain network. Ethereum is very popular, the number of projects it runs and the number of transactions is very high. The combination of these factors slows down the transaction in Ethereum and increases the cost of its transactions. Polygon has come up with a second-tier explanation for this problem.
If we want to describe Polygon in one sentence, we must say that Polygon is a protocol for building an interconnected network of fold blocks. That acts as a second layer solution fold on the Ethereum block and aims to solve the problem of scalability Ethereum.
So far, networks and protocols have been developed to solve this problem. Some, like Cardano and – with Polkadot stand-alone blockchains compete with Ethereum, are that by supporting smart contracts and decentralized applications try. while others, like Polygon, are second-tier solutions that use Ethereum itself to solve the problem…
In this article, we are going to take a comprehensive look at Polygon, examine its technical currency. MATIC, talk about wallets and how to buy it. And explain some technical components about how this protocol works. Stay with us.
What is Polygon?
We mentioned in the previous section that Polygon is a second-tier solution to the problem of Ethereum scalability. You may have come across terms like “first-tier solution” and “second-tier solution” before. Before continuing the discussion of Polygon and examining its segments in more detail. It is not bad to first look at the nature of these explanations and examine their differences.
First layer solutions
The first coating solutions are uprises that are applied to the Blockchain protocol. For example, transferring Ethereum from proof of work to proof of stock is a first-tier solution. Ethereum as equity improves transaction speed and energy efficiency 2 could be more scalable.
Another common solution is the first layer of Sharding. Sharding is a scalable method that divides china blocks into two components: transaction situation and history. Each of these components is called a shard, and both shards are processed in parallel. You can think of shading as splitting an issue into smaller pieces. This is done to reduce the workload on each computer in the ecosystem and, as a result, increase network speed. If you want to take a closer look at sharding, we suggest the article ” What is sharding?” »Read.
Second layer solutions
The second layer solutions are built on the same protocol instead of changing the basic protocol of the desired blockchain. The second layer solutions do not change the blockchain protocol. These solutions increase processing speed per second without surrendering the security and guiltlessness of the core blockchain protocol while maintaining the decentralized nature and security of the blockchain.
One well-known example of a second-tier solution in the world of digital currencies is the Network Lightning Bitcoin. Pseudo-Lightning allows users to perform their transactions outside the main chain and only return to the main chain block when the final bill is settled.
Polygon is an example of this second-layer solution that works on Ethereum. Polygon is a framework for building blockchain networks and scalable solutions compatible with Ethereum. The Polygon Network is an Ethereum blockchain side-chain proof stock that runs in resemblance with and is a fast and low-cost platform for decentralized Ethereum applications.
Although Polygon is often referred to as a scalable solution, the truth is that Polygon is not just a simple scalable solution, but a protocol consisting of a set of solutions. For example, one of the features of the Polygon Software Development Kit (SDK) is that it helps people develop scalable solutions compatible with Ethereum.
Because not all transactions need to be registered on the main Ethereum chain when using Polygon, the transaction speed is higher and the fee is much lower. At the time of writing, the fee for each Ethereum transaction is about $ 11, which is high. With second-tier solutions like Polygon, these staggering commissions can be avoided and transactions can be more cost-effective.
Because Polygon supports the Ethereum Virtual Machine (EVM), decentralized applications on the Ethereum can be easily ported to it. This allows users to use the same features of Atrium, with the exception that they experience higher speeds and lower fees. In 2021, as customer demand for service productivity grew, so did Polygon’s popularity.
Polygon applications
Given the fact that Ethereum is one of the most widely used blockchains available, and despite the benefits that Polygon has for it, it can be assumed that Polygon has many applications and can be used in various fields. In this section, we are going to take a brief look at a few areas that Polygon can help improve due to its low fees and high scalability.
the payment
The purpose of designing the Polygon platform is to help decentralized software speed up their payments. By integrating a specialized application programming interface (API) with its software expansion kit (SDK), Paligan makes it possible to settle accounts almost instantly. This decentralized software process enables vendors and users to make acceptances or payments through any digital currency (mostly tokens, of course, ERC-20 presently or Ether ). The system will be launched in three detached phases:
- Ethereum payments and ERC-20 based tokens
- Payments and transfers Myanznjyrhay with several different digital currencies using the exchange Atomic (Atomic Swap) and cooperation liquidity providers
- Fiat currency based payment system with the help of Fiat currency liquidity suppliers
Decentralized exchanges
One of the important applications of Polygon is to increase the speed of settlement for decentralized exchanges so that users can benefit from faster and cheaper transactions on these platforms. QuickSwap, Dfyn, and ComethSwap are examples of Polygon decentralized exchanges that have attracted a wide range of users over the past few months. Protocols such as Crowe (Curve) and Umm Stable (stable) also allow the exchange of low-cost and Aslypyj (Slippage) Low Stable Kevin gave.
blockchain games
Polygon also allows you to speed up and improve performance for blockchain-based games. Chinese block games are lagging behind computer and console games due to slow transaction speeds and long network delays; But with the cooperation of Palitgan Commit Chain technology and the Ethereum network, developers and gamers can develop and use games more efficiently.
Polygon has come to the aid of the blockbuster industry at the best possible time. As tokens, Ghyrmsly (NFT), and the token markets increased popularity of digital currencies are industry blockchain. In the meantime, many gamers have turned to buying, selling, and trading all kinds of unique tokens within the game. Decentralized games and software Unparalleled tokens such as Aavegotchi. Neon District, Zed Run, and Cometh have been able to achieve a more scalable user experience with Polygon.
Other applications
Polygon has many other uses, not all of which are covered in this article; But as an example, we can mention the plasma scalability solution in Polygon. Plasma performs intermediate chain atomic exchange for token and non-token assets.
Most decentralized software needs a way to sign transactions without sending a private key because of privacy concerns. Because of the upgrades, it has made to scalability, Polygon can provide a framework for free authentication, thereby facilitating the use of decentralized software
Source:https://arzdigital.com/what-is-polygon-or-matic-buying-tutorial-and-wallets-overview/
