Despite its high recognition, it has failed to adapt and respond adequately to the demand for its blockchain, which has led to worrying rises in GAS prices.
Part of the current solution to this problem has come from one of its major allies: Polygon.
Want to know what Polygon has to offer Ethereum right now when it needs it most?
You’re in the right place, because we’ll take a quick but interesting tour of Polygon, Ethereum’s loyal ally.
Polygon is a protocol and framework, which aims to solve Ethereum’s scalability issues and build and connect Ethereum compatible blockchain networks.
Certainly, despite the fact that the Ethereum network is in high demand in different platforms and decentralized financial (DeFi) type applications such as Uniswap, it can only process 15 transactions per second.
This causes the average transaction price of Ethereum to hover around $20, reaching $150 in times of high demand.
To this end, using open source technology and smart contracts with the Ethereum network, Polygon implements an independent network or “sidechain” that offers second-layer scaling.
This layer is secured by the Plasma framework and a proof of stake (PoS) consensus protocol.
Let’s take a brief look at how this project came about.
The project was launched in October 2017 under the name of by a team consisting of Jaynti Kanani, Sandeep Nailwal and Anurag Arjun, who previously contributed to projects associated with Ethereum.
In 2019, they moved to their own network under the name Matick Network, which was changed to Polygon in February 2021.
Recently, in April 2021, AAVE launched a cryptocurrency lending protocol there, which triggered a huge demand that boosted Polygon’s price to new all time highs.
Unlike the proof of work consensus protocol, Polygon uses the proof of stake (PoS) mechanism that Ethereum 2.0 plans to employ.
In addition to the consensus mechanism, Polygon uses an architecture popularized by Cosmos, called Heimdall.
Unlike traditional Proof of Stake blockchains, Heimdall randomly chooses the miners who are to be the block producers from among the validators who are present at the network’s proof of stake.
Certainly, this dual consensus architecture allows decentralization with high transaction throughput, resulting in network scalability. On a single sidechain, it has been seen to achieve 7000 transactions per second (TPS).
But how does it achieve this? Let’s take a closer look.
Polygon provides Ethereum with second layer scalars, which it achieves through sidechains, but to achieve this, the Polygon network has its own architecture composed of four layers:
In these layers, we can find two types of chains:
It is a type of blockchain where developers or miners start from pre established tools that, as the name suggests, have been used before and are protected.
Therefore, there is no group of validators in these chains and there is a high level of security. The only thing is that they are less flexible and independent.
They are completely independent blockchains and can connect and exchange messages with other blockchains in Polygon.
Your developers are in charge of security and, for this reason, you must establish a group of validators.
Polygon validators periodically perform checkpoints on the Ethereum main chain to resolve any disputes that occur in a sidechain transaction.
To do so, they execute proofs of participation (PoS) on these disagreements. This type of technology allows up to 65 thousand transactions per block.
MATIC is Polygon’s native token, of type ERC-20, which is issued by the Polygon network using the Proof of Stake consensus protocol. It is used to incentivize validators for their work and to pay fees for each transaction.
It currently has a total supply of 10 billion tokens, of which 5 billion MATIC tokens are in circulation. However, they will reach their limit in December 2022.
We can define them in three:
Glad to see you back at the end of the article! Did you like the topics we talked about today?
We also have our blog, our most valuable source of information and where we will tell you everything in detail about the information you need.
But, oh wait, I notice that you are a special Bitnauta, since you want to venture into this crypto universe.
Go to our official website, where we have a lot of options for you to make the best investments at incredible prices.
We look forward to seeing you at Bitnovo see you soon!