What is The Polygon Network?

— And what does it have to do with Ethereum?

twitter3

What is the Polygon Network and MATIC?

In February 2021, the “MATIC” network, rebranded to Polygon.

Polygon was co-founded by Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, two experienced blockchain developers and a business consultant.

Polygon is a layer-2 solution designed to bring mass scalability to the Ethereum network, and interoperability between other blockchains.

Polygon features extremely low gas prices in the range of a few cents, and much faster confirmation times which are making it a top contender for one of the best blockchain projects currently out there.

Keeping with the MATIC cryptocurrency ticker, Polygon is evolving into a platform to help scalability to the Ethereum network by making Dapps more accessible. 

The essential part of the Polygon Network is the Polygon SDK—a modular, flexible framework supporting development and connecting Secured Chains, viz. Plasma, Optimistic Rollups, zkRollups, Validium, etc.

Whereas the Standalone Chains like Polygon POS are designed to access enough flexibility and independence.

Polygon performs on a single sidechain close to 65,000 transactions in a second. Whereas its respectable block confirmation time is below two seconds.

The framework also permits the creation on a single foundational blockchain of globally available DeFi applications. The Plasma framework equips Polygon with the capacity of hosting an unlimited number of dApps on their infrastructure minus the regularly occurring setbacks on proof-of-work (PoW) blockchains. The seamless UX of the Polygon Network permits working even with no protocol level knowledge, no token fees, deposits, or permissions.

Polygon’s scalability offers scalable consensus algorithms and custom WASM execution environments. There’s modularity which permits customization, upgradeability, reducing time-to-market, and community
collaboration.

A number of projects have already begun using the Polygon Network:

  1. Jetswap AMM made by the Jetfuel Finance team
  2. Polymarket (prediction market with smooth UX)
  3. Aavegotchi (DeFi-based crypto collectibles game allowing players to stake NFTs with
    interest generating tokens in the Aavegotchi Metaverse)
  4. SneakerFreakz.io Polygon NFT collection – which features a metaverse to IRL pathway.

Polygon is providing revolutionary solutions to the buzzing cryptocurrencies areas, viz. DeFi (Decentralized Finance), DApp (Decentralized Application), DAO’s (Decentralized Autonomous Organizations) and NFT’s (Non-Fungible Tokens). It’s leading towards faster and cheaper transactions via Polygon’s side chain architecture

Information sourced from here