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Tuesday, October 4, 2022

Polygon (MATIC) Walkthrough

Polygon, previously called Matic Network, is a protocol and a frame for building and connecting Ethereum-compatible blockchain networks. It was co-founded by Jaynti Kanani, Sandeep Nailwal, Anurag Arjun, and Mihailo Bjelic in 2017, with the purpose of “create, issue, and manage digital securities on the blockchain.” Before moving to its network in 2019, the Polygon team was a significant contributor to the Ethereum ecosystem.

Ethereum is the blockchain development platform of choice, but it has limitations. For example, it has low throughput and no sovereignty. It uses shared throughput and clogging risk, and does not support tech stack customization. Polygon solved these by providing a Layer-2 scaling solution with payment and lending solutions, atomic swaps, and improved dApp and DEX performance. Polygon was able to do this largely because of the underlying technical architecture of its POS Commit chain and the More Viable Plasma Layer-2 scaling solution. Polygon works primarily through the Commit Chains.

The Commit Chains bind batch transactions together and validate them in batches before returning the data to the main chain. Polygon is possible to have tens of thousands of chains to increase throughput, potentially generating millions of transactions per second in a day when connected to Ethereum.

Polygon currently only uses the Commit Chains connection to improve transaction times. The Polygon encryption platform enables DApps to speed up payments, with a dedicated application programming interface and software development kit integration for almost instant payment settlement. It is also building a lending platform that allows merchants to analyze a user’s credit rating by evaluating their transaction history.

Polygon also makes blockchain-based games faster and better. Blockchain gaming lags behind traditional PC and console gaming systems due to its slower transaction speed and high network latency. The collaboration between Polygon’s Commit Chain Scaling technology and the Ethereum network allows developers and players to build and play games more effectively. It further promotes the application and development of gaming NFTs.

MATIC is Polygon’s native ERC-20 token that runs on the Ethereum blockchain, and is used for governance and staking. It also supports the protocol through a gas-based mechanism that pays network costs for computing power imposed by the network to transmit data. The mechanism also allows developers and ecosystem contributors to use the platform and its development framework to build DAPPs on Polygon through payment MATIC tokens.

Read More: Is This The #1 Ethereum Solution ?

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