The Ethereum blockchain has been home to most of the innovations in the crypto space. From the launch of DeFi platforms to the rise of NFTs, more and more people are trooping into the crypto space.
But as the awareness of blockchain solutions is increasing daily, Ethereum being the lead blockchain is getting congested and several problems are being encountered in the network daily.
Some of these problems include very high gas fees, slow transaction per second rate, a consensus mechanism that poses harm to the environment, and the long-aged issue of scalability.
Several blockchains have been developed to solve most of these issues but most of them run independently from the Ethereum blockchain and use other programming languages.
This leaves people who are already working with DApps on the Ethereum blockchain with the option of either porting to other blockchains or continuing with the issues of the Ethereum blockchain.
A Solution Exists
Polygon, often referred to as the “Internet of Blockchains” , is a layer 2 blockchain based on the Ethereum network which allows different chains to communicate while addressing issues of scalability, high gas fees, and environmental factors.
Polygon broadens on the vision laid down when it initially launched MATIC as it aims to make use of multiple side chains in scaling the Ethereum network to reduce fees and increase transaction speed
These side chains include plasma chains, proof-of-stake chains, zk-Rollups, and optimistic rollups. The side chains currently effective on Polygon are just plasma chains and proof-of-stake (POS) chains.
These chains have successfully made Polygon environment friendly as the proof-of-stake consensus mechanism does not require the massive energy needed in the Ethereum blockchain.
The plasma chains have helped in increasing transaction speed with over 65 thousand transactions per second as opposed to Ethereum’s 30 transactions per second.
Polygon gas fees also go as low as $0.03, a far cheaper rate than Ethereum’s which climbs over $100 sometimes.
Polygon shows no sign of slowing down with the recent launch of its gaming studio, Polygon Studio which caters to decentralized gaming. The project received funding of $100 million and with the NFT market raging, Polygon is set for more growth.
Since Polygon is a layer 2 on Ethereum, most Ethereum DApps are easily launched on Polygon to leverage a cheaper and faster blockchain. Over 400 DApps are already active on Polygon with top DeFi and NFT platforms like Aave, 1inch, SushiSwap, OpenSea, Decentraland, and Sandbox leading the way.
What Token Does Polygon Use?
Polygon makes use of a utility token, MATIC, which is used to govern its network, pay for gas fees, and can be staked to gain rewards. MATIC currently ranks #20 with a market cap of over $8 billion.
Who is Behind the Polygon Network?
Polygon was co-founded originally as a MATIC network by Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.
Jaynti was an active contributor to the Ethereum community. He played a huge role in implementing Web3, Plasma, and Wallet connect on Ethereum.
Nailwal is a software engineer and blockchain programmer who has previously worked with Deloitte and Welspun Group.
While Arjun has worked as a Product Manager with IRIS Business, SNL Financial, Dexter Consultancy, and Cognizant Technologies. The Polygon team raised $5.6 million in its Initial Coin Offering in 2019 over 20 days.
Polygon network provides the same services as the Ethereum blockchain for cheaper fees and high transaction speed. While more innovations are yet to be implemented on the network, its current standard stands as a better layer 2 for Ethereum.