Polygon is a protocol and framework for building and connecting Ethereum compatible blockchain networks. Due to the vigorous development of the Ethereum chain ecosystem, there are more and more DeFi users. The low TPS on Ethereum poses the increasingly serious problems of congestion and rising trading gas fees. The goal of Polygon is to build what it calls an Ethereum Layer 2 solution aggregator, to make up for the problems of the Ethereum ecosystem and accelerate the development of the Ethereum ecosystem.
Polygon is an easy-to-use Ethereum extension and infrastructure development platform. Its core component is the Polygon SDK, which helps developers create new fully interoperable DApps.
On the Polygon chain, the improvement of performance is mainly achieved through the form of "side chain", because the side chain can facilitate developers, enterprises and individuals to build projects more flexibly and quickly, thus enjoying higher speed and lower trading costs. Compared with the main chain, it will bring unprecedented trading experience and cost reduction.
Presently, many popular decentralized financial (DeFi) DApps have been deployed on Polygon, such as Aave, 1INCH, Curve and Sushi.
How does Polygon (MATIC) Work?
There are mainly two scalability solutions used by Polygon: one is the path that relies on the security of Ethereum network, i.e. "Secure Chain", and the other is Stand-alone Chain.
The Stand-alone Chain (Pos chain), also known as the "submission chain", has its own consensus mechanism and validation pool, and is fully responsible for its own security. For this reason, it has the advantages of independence and flexibility. For this reason, it has advantages such as independence and flexibility. The Pos chain is essentially a parallel chain, so it has certain advantages in improving throughput and reducing trading costs, providing users with a better transaction experience. The Pos chain is compatible with the Ethereum virtual machine, which facilitates developers to easily migrate their smart contracts to the Pos chain based on Ethereum.
However, the security chain will not establish its own validation pool, which is provided by Ethereum or professional validators. It also means that the security level will be higher than that of the main chain, allowing transactions to be transferred from the main chain to the sub-chain, so as to achieve faster and cheaper transactions.
In this way, in addition to the current implementation of Matic Plasma, Polygon will also support other major scalability solutions, such as zkRollups, Optimistic Rollups and Validium.
What is Polygon (MATIC)?
MATIC is the native token of Polygon. It is used to manage and protect the network through staking. The MATIC token can be used to pay the service and trading costs on Polygon and its side chain. When the more users use the application on the MATIC network, the more the transaction volume, and therefore the trading costs, so as to adjust the market supply and demand. Through staking, MATIC can also become a network validator and obtain a certain amount of token rewards. In addition, it also gives the token holder the right to shape the future of the project. The token holder can vote on the proposal and put forward his own proposal.