The Polygon Project (MATIC) was not created as an independent product. The idea came from an analysis of the shortcomings of Ethereum (ETH). The developers decided to write a protocol that would be better than Ethereum and expand its functions. They managed to apply several technological solutions, which allowed the internal token to enter the top 30 largest cryptocurrencies (as of November 2021).
What is Polygon (MATIC)
Polygon is a scaling solution with multiple tools that increase the speed and reduce the cost and complexity of transactions. This is a second-level network. It works as an additional layer to Ethereum that does not change the original structure of the blockchain. Like a geometric polygon, the platform has many sides, shapes, and uses. The structure for building interconnected networks in the MATIC cryptocurrency is simpler than that of its counterparts.
The platform helps Ethereum (ETH) expand, increases security, efficiency, and utility, and encourages developers to bring new products to market faster. Despite the significant increase in Ethereum fees, polygon gas fees remain available to users.
The properties of the system make the platform convenient and useful for many developers of decentralized programs. This is a second-tier solution for mass adoption of programs on Ethereum (ETH). Scalable decentralized application (dApps) building tools help developers. Key priorities:
- user experience (UX);
This is achieved thanks to the underlying technical architecture of Proof-of-Stake (PoS) and the More Viable Plasma (MoreVP) L2 scaling solution. The PoS-based blockchain attracted about 80 dApps to the platform, which works simultaneously. This does not overload the network.
The platform with the MATIC cryptocurrency operates through Commit-chains, transaction bundles working next to the main blockchain.
The company is now fully focused on Ethereum (ETH). She plans to develop new products that improve scaling with support for different blockchains and for cross-chain interoperability between protocols.
Dedicated bandwidth and a fully customizable, sovereignly managed technology stack can position Polygon as the best gateway for many high-sensitivity applications. The experience required by developers is equivalent to Ethereum (ETH), so no new knowledge is needed at the protocol level.
The founding team believes they can successfully implement any scalable solution in addition to their own. This can be a major factor in the development of the platform in the ecosystem on Ethereum (ETH) and other networks.
In the system, blockchains can operate not only as private networks and communities. The long-term goal of the project is to create an open platform. In it, users work with decentralized products and receive services without intermediaries. The company is creating a complex in which different blockchains operate, facing high fees, poor scalability, and poor security.
Technologies are applied in Polygon:
- The main chain that is side-by-side to Ethereum is called the POS Chain. It adds a layer of Proof-of-Stake security to blockchains running on the network.
- Plasma scaling technology to move blocks between root and child chains across Plasma bridges.
- ZK rolls combine multiple transfers into one transaction. Uses zero-value proofs for the final public record on the Ethereum main chain.
- Optimistic folding runs on top of Ethereum (ETH). It serves to facilitate near-instantaneous transactions using “proof of fraud.”
Polygon Future and Prospects (MATIC)
With the development of the Ethereum ecosystem, the project can turn into the “Internet of blockchains.” It currently enjoys more support from the major Ethereum (ETH) developers than it used to. Several members of the Ethereum community have joined the project as consultants. This is a great advantage for further development and success.
Potential investors need to consider an important point – the speed with which the blockchain space can change. For ten years, technology has evolved in leaps and bounds. There is a possibility that the new generation will be able to overtake the current players. This is a risk for any cryptocurrency. The project not only faces stiff competition but risks becoming obsolete when Ethereum 2.0 is updated. Polygon is popular due to Ethereum’s scalability issues and its high gas charges. Polygon is developing many ways to scale and is 100% focused on the Ethereum network. But the solutions won’t be as relevant if another programmable blockchain (like Cardano) supplants Ethereum.