Polygon is both a digital currency with the symbol MATIC and a technical platform that makes it possible for blockchain networks to talk to each other and grow. Polygon, often called “Ethereum’s internet of blockchains,” was first introduced in 2017 as Matic Network.
The Ethereum blockchain is what makes Polygon work, and it also connects other services that use Ethereum. A blockchain project that uses the Polygon platform could improve its adaptability, scalability, and sovereignty while keeping the security, interoperability, and structural benefits that the Ethereum blockchain offers. The MATIC token is an ERC-20 token, which can be used with other digital currencies based on Ethereum. MATIC is not only used to pay transaction fees but is also used to run and protect the Polygon network.
Polygon’s consensus method is a modified version of the proof-of-stake protocol, which lets everyone agree on each block. (In the standard proof-of-stake method, you have to go through a large number of blocks to reach consensus.) For people to be able to verify transactions on the Polygon network, they have to “stake” their MATIC, which means they have to promise not to trade or sell their money. It is important that you get more information about polygon gambling before embarking on it.
Validators in the Polygon network who do their jobs well are rewarded MATIC. The biggest problems with the Ethereum network are the high transaction fees and slow speeds at which transactions are processed. The Polygon network, an additional scaling method, tries to get around these limits. Polygon can:
- Use the current blockchain networks and start from scratch to make new blockchains.
- Help Ethereum and other blockchains talk to each other. You can help other blockchain networks work with Ethereum by giving them support.
Pros and cons of Polygon
You may be curious about Polygon’s most significant pros and cons. The following are some of Polygon’s strengths:
- Polygon can process transactions quickly because it uses a consensus method that finishes the process of confirming a transaction within a single block. At Polygon, it takes an average of 2.1 seconds to look at a block.
- With an average transaction fee of $0.01 per transaction, Polygon keeps its prices fair for using its platform.
Here are just a few of Polygon’s many faults:
- Polygon is a Layer 2 solution that works on top of the Ethereum platform. It is not its network. There is a good chance that the price of Polygon will drop if the Ethereum network goes down for a long time or is shut down for good.
- Only a few things can be done with MATIC: The MATIC token was made to run the Polygon platform and keep it safe, as well as pay transaction fees. Unlike other types of digital currency, MATIC is not often used for everyday transactions.
Polygon Studios, a firm that Polygon owns in its whole, was founded in 2021. Polygon Studios is primarily interested in blockchain-based games and non-tradable coins (NFTs). If Polygon Studios is successful, the company may consolidate its position as the top technology provider for decentralized gaming and NFTs.Polygon chose a new chief executive officer in January 2022. (CEO). Ryan Watts is now Polygon’s head of gaming. He was formerly in charge of gaming at YouTube.