If you are familiar with the crypto industry, you might hear of Polygon network(MAITC). But what is Polygon(MATIC) and Why it matters for Ethereum? If you want to know the details, this article will help you to understand.
What is Polygon (MATIC)?
Polygon, formerly known as Matic Network, is a scaling solution designed to provide multiple tools to increase speed and reduce the cost and complexity of transactions on blockchain networks.
How does it work?
Polygon's architecture is best defined as a four-layer system consisting of an Ethereum layer, a security layer, a Polygon network layer, and an execution layer. Fortunately, Polygon has built a layer 2 network for building interoperable, Ethereum-viable blockchain networks.
Layer 2 scaling solutions allude to off-chain solutions. This includes reducing or eliminating evaluation-capable components from the main blockchain before executing elsewhere (eg, on a sidechain). This builds throughput on the main chain and spreads evaluation capabilities throughout the network. Layer 2 solutions are gaining popularity as they play an important role in accepting cryptocurrencies at scale.
Polygon's modular system for assembling custom networks allows developers to send preset blockchain networks with one click. Furthermore, Polygon makes it easy for any blockchain to collaborate with another blockchain without any issues.
In addition to this, there are two mandatory layers. The first is the Polygon network layer, which is the blockchain network ecosystem built on top of Polygon. Each of them has its own community and is responsible for handling local consensus and producing blocks. The second is the execution layer, which is Polygon's Ethereum Virtual Machine (EVM) implementation for executing smart contracts.
Why does Polygon(MATIC) matter for Ethereum?
Compared to previous projects like Polkadot and Cosmos, Polygon acknowledges the limitations it faces in adopting blockchain interoperability. First, it is compatible with EVM or the Ethereum Virtual Machine. Developers who used to develop applications on Ethereum can approach Polygon without any hesitation.
Second, Polygon provides an optional security layer. This allows sovereign platforms to skip extra security without sacrificing any freedom or flexibility. It is also general enough. to accommodate any scalability solution beyond the familiar scalability solutions such as Plasma Chains, Optimistic Rollups, and ZK Rollups.
Even though Polygon was designed as a separate platform, it still uses the same utility, which is MATIC. MATIC tokens fulfill various goals, including voting on polygon improvement proposals to participate in network governance.
Hopefully, this article will help you understand what is Polygon(MATIC) and why it matters for Ethereum. Polygon was the first Ethereum scaling solution to gain real-world attention. Billions of dollars worth of cryptocurrencies have been bridged to Polygon by some of the biggest names in DeFi, making Polygon itself a rival blockchain.
