š” TL, DR:
- Polygon is an Ethereum-based platform aiming to connect and scale blockchain networks.
- Compared to Ethereum, Polygon works faster and costs less.
- Polygon is highly compatible with a wide variety of blockchain networks.
- Polygon uses the āZero-knowledgeā proof method, making it light and speedy.
āMatic networkā or Polygon is a popular term since it is the top-tier tool for resolving Ethereumās issues such as costs and proceeding time.
However, do you know what exactly Polygon is? How does it work? What is so good about it anyway?
Please scroll down this article to find out more Polygon.
What Is Polygon?
In short, Polygon is an Ethereum-based platform aiming to connect and scale blockchain networks. Formerly known as Matic Network, it was launched in 2017 to improve the speed and reduce the cost and complexities of blockchain transactions.
In the previous version ā Matic Network ā the system could only process transactions off-chain before transmitting back data for finalizing on Ethereumās main chain. Such a feature makes the system operate slower and less effective. Given that fact, Polygon is programmed with total capacity to support launching interpretable blockchain system.
Therefore, in the Polygon ecosystem, developers can customize the blockchain networks based on the companyās individual needs without many issues. In other words, Polygon is highly compatible with a wide range of blockchain networks.
3 Characteristics That Make Polygon Stand Out
Scalability
As mentioned above, Polygon is the tool aiming to connect and scale blockchain networks. Therefore, the most important feature it has is āScalability.ā Particularly, Polygon allows fast, cheap, and secure transactions with Ethereum as the first compatible Layer 1 base chain.
The Polygon network can reach up to 10,000 transaction processing systems (TPS) on a single sidechain. On horizontal scaling, multiple chains will be added.
User Experience (UX)
Next, Polygon is highly rated for its user experience (UX) design. Users can expect a smooth experience and clear navigation while browsing on the platform.
Compatibility
Moreover, Polygon supports multiple external protocols and applications due to its public, permissionless sidechains.
That is all you need to know about Polygonās key features. In the next section, we will dive deep into the Polygon mechanism and architecture.
How does Polygon work?
Have you ever wondered āWhy is Polygon so speedy, innovative, and cheap?ā. Let us explain to you below.
Polygon works based on many specific mathematical formulas, one of which is āZero-knowledge (zk) proof variety. What does it mean?
For example, there is one transaction needed to verify. For systems that use the zk proof approach, the prover doesnāt need to provide extra information other than āThe statement is trueā or āThe statement is false.ā Obviously, the data verifying procedure is much faster.
Furthermore, Polygon is packed with plasma chains, which run alongside the primary or āparentā chain and link up assets with the āparentā to transfer data immediately. In other words, the time for sharing data between layers of the system is shortened significantly!
Polygon also provides a blockchain bridge, allowing developers to create DApps on one platform only. That being said, batch process on one PoS blockchain avoids the time and pressure for Ethereum to run all data. In other words, Polygon can boost the proceeding pace of Ethereum as well as cut down its system compression.
Architecture of Polygon Network
Polygonās architecture is designed as a four-layer system, including:
- Ethereum layer: operates similarly to smart contracts ā they handle entirety and staking.
- Security layer: in charge of transaction validators, which means it provides extra security to the blockchain.
- Polygon layer: includes formulas responsible for handling all blockchain data consensus approval and block processing.
- Execution layer: executes smart contracts.
What makes Polygon innovative is its arbitrary message-passing capabilities, which refers to the fact that, all chains in the system can communicate with each other. Such special architecture allows Polygon to facilitate data fast and simply.
Polygon vs. Ethereum: A Short Comparison
One of the biggest problems of the Ethereum blockchain is that: it can only perform 17 transactions per second , which is quite limited!
To add in, too much network congestion can make the whole network process slothfully.
Meanwhile, after integrating Polygon, the transaction processed per second is 65,000. From 17 to 65,000 ā that is more than 3,800 times! Whatās more, the Polygon framework uses side chains, allowing it to proceed with data simultaneously and immediately. That is the key to Polygonās high speed.
For Ethereum, the fee for each transaction is costly ā it ranges from $50 and above. Imagine you have to pay a super high price for a trade ā who could be comfortable with it, right? In contrast, Polygon can perform transactions with a super low cost of around $1!
Polygon: What are the Pros and Cons?
Pros
- Quick processing time
- Lower transaction cost
Cons
- Dependent on the Ethereum platform
- Limited uses: MATIC token ā the coin used in Polygon, is not widely used in regular purchases
Final thoughts
We have introduced Polygon from A to Z to help you get a broad, basic understanding of this platform. In short, Polygon is a great supporting framework for Ethereum, especially in terms of speed and cost. Highly compatible, tailor-made, fast, and affordable ā it will become more and more preferred in the crypto community.
