The Polygon Network is a group of blockchain protocols and a cryptocurrency based on Ethereum
Polygon ensures highly scalable and flexible transactions without charging unrealistic gas fees for Ethereum transactions
Working on the PoS mechanism, Polygon can transact over 7000 transactions in a second
As the merger will facilitate Ethereum to enhance its scalability, Polygon should grow as well in the ETH 2.0 ecosystem
With over a million daily transactions, Ethereum is one of the busiest blockchains in the world. The growing traffic on the Ethereum mainnet has become a sore point for blockchain developers as it reduces the effectiveness of the entire blockchain.
With the rise of this challenge, many innovative solutions have prospered to reduce Ethereum traffic. Amidst those solutions, MATIC (Now Polygon Network) was one of those that stood out from the rest. The Polygon Network entered the market as a Layer-2 solution to the Ethereum mainnet, allowing people to transact on Ethereum without suffering from its excessive traffic and high gas fees. Solving the scalability issue of Ethereum up to a large extent, Polygon took no time to become a market choice.
In the article ahead, we are going to understand what the Polygon network is, how it functions, and how it helped the congested Ethereum network to grow beyond its borders. We will also take a peek into the future of Polygon as Ethereum shifts towards the PoS mechanism.
The Polygon Network is a group of blockchain protocols and a cryptocurrency based on Ethereum. Polygon reduced the congestion on the Ethereum mainnet by shifting the transactions to a new Ethereum-compatible blockchain.
The transition from Ethereum to Polygon ensured highly scalable and flexible transactions without charging unrealistic gas fees. Polygon assists the Ethereum-based projects to incite efficiency in their operations without compromising on the security and decentralization of the mainnet.
MATIC is an ERC-20 token of the Polygon network. It is used for governance, security, and as a currency to pay its transaction fees. With this, Polygon aims to deliver sustainable scaling to the Ethereum-based projects while utilizing its higher throughput and reduced cost of operation. These reasons resulted in a prompt adoption of MATIC since its launch in 2017.
Founded by Jayant Kanani, Sandeep Nailwal, and Anurag Arjun, the Polygon network has its roots in India. It has, in fact, given has given blockchain innovation a new space in the Indian crypto ecosystem, allowing the new talent to flourish.
Ethereum can process around 14 transactions per second, with each transaction carrying a cost called ‘gas’ fees. In peak hours, when the Ethereum network is congested, the transaction speed decreases while the transaction cost increases. To know how gas fees are calculated, read this. The gas fees on the Ethereum network can substantially spike to become unaffordable for many bootstrapped projects.
Slow throughput during busy hours can reduce the effectiveness of the network, resulting in unfavorable situations for smart contracts. To deal with these challenges, a layer-2 scaling solution named MATIC was launched. MATIC was scalable, more efficient, and much cheaper, making it a perfect choice for Dapps. Because of this, the Polygon network has become a transacting platform for most of the Dapps based on Ethereum.
Polygon works on the principle of commit chains which operate alongside the Ethereum mainnet. These commit chains gather a bunch of transactions and confirm them collectively before sending the data back to the mainnet. As the proof-of-stake consensus mechanism validates the transactions in the Polygon network, multiple blocks need not be mined to confirm single transactions.
The PoS consensus mechanism ensures faster validation of transactions with a capacity of 7200 transactions per second (TPS) when compared to the 14 TPS of Ethereum. Transacting on the Polygon network is significantly cheaper and can cost around $000.5 to $0.2, making Ethereum accessible for all.
Polygon removes the major hurdles of the Ethereum blockchain and presents value to its community. The Polygon project has kept Ethereum at the center of its services, but they are willing to expand its network in the future. Here are some advantages that make Polygon a brilliant choice for Ethereum users.
Polygon network can complete over 7000 transactions per second, making it one of the fastest commit chain networks.
Polygon uses its speed and API to facilitate multi-currency transactions on Dapps without compromising its efficiency.
The Ethereum network is usually congested during peak hours while the Polygon network is more efficient in dealing with the network traffic
Polygon commit chains are compatible with multiple blockchain protocols, making the Polygon network potentially scalable
The Polygon network has delivered a robust ecosystem for blockchain development, making Polygon a lucrative platform to start a new project.
Polygon’s speed makes it ideal for low latency blockchain operations such as gaming and content streaming.
As Ethereum’s most awaited update is around the corner, speculations on the future of Polygon are in the air. However, the Polygon network is fundamentally more than a faster alternative to Ethereum. Developed with the aim to create an ‘Internet of Blockchains’, Polygon is capable of connecting multiple blockchains and becoming the bridge required to operate between the developer’s chains and the Ethereum mainnet.
Even with the upcoming update, Ethereum cannot reach the throughput and price competency of Polygon. As the cost of transactions is not expected to reduce with the Ethereum merge, there are multiple aspects of the blockchain that will require Polygon as a tool to interact with the Ethereum mainnet. As the merger will facilitate Ethereum for the future and enhance its scalability, Polygon should grow as well.
As Ethereum gets better with time, it will move towards becoming an effective settlement layer instead of holding on to its massive traffic.
As fresh developments are underway at the core of the Ethereum mainnet, the changes in Polygon’s strategy are inevitable. However, with an aim of creating an internet of blockchains, Polygon is inherently more than a mere scalable solution for Ethereum. Polygon is making the busiest of the blockchain affordable for all blockchain developers while increasing the TPS to a whole new level.
As the latest information suggests, Polygon is experimenting with zero-knowledge optimistic roll-ups to increase its scalability along with better security. Polygon is all set to look beyond its present capabilities and hold a better position in the space by upgrading its core structures of operation. Ethereum 2.0 is going to become a stage for innovation as Polygon supplements its growth.
What do you think about the future of Polygon and other other Layer-2 solutions of Ethereum? And how ETH 2.0 will affect them? Share your views in the ccmment down below!