Polygon (Previoulsly Matic) An Ethereum Layer 2 Hitting Blockchain Like a Storm
Polygon, formally known as Matic, is taking the market by storm! Daaaaaaammmmmnnnn Polygon is hot, and for good reason. Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. Aggregating scalable solutions on Ethereum supporting a multi-chain Ethereum ecosystem.
Why does this matter?
Are you kidding me?! Polygon is a multi-chain Ethereum ecosystem and enables tokens to be traded with high throughput (higher speeds), and cheap gas, while still being able to take advantage of the Ethereum Network. Ohhhh our beloved Ethereum network. Safe, secure, open-source, decentralized, and smart contract functionality, BUT, but often slow and expensive. Polygon grants us access to using the Ethereum network, without the slow and sometimes (more like often) painfully expensive gas fees. If it sounds too good to be true… it isn’t… Which is exactly why Polygon’s price has been pumping lately as it currently sits comfortably in the #15 largest market cap and has an ecosystem that continues to grow.
Polygon is beyond speculation and is actually being used to integrate and scale several BEASTS on the Ethereum network. Some of these projects you will surely recognize: Aave, QuickSwap, 1inch, SushiSwap, Ocena Protocol, Bondly Finance, and well over 100 more that you can check out right here. New projects are loving Polygon as well as projects like Aavegotchi sell out in seconds. Some of the new projects already using the Polygon architecture include Polymarket, Decentral Games, SportX, Easyfi and Neon District. A lot of people are LOVING Polymarket. It’s a market where you can place bets on random questions such as “Will $DOGE reach $1 at any point before June 15, 2021?” or “Will Magnus Carlsen win the FTX Crypto Cup?”. Check it out and make a (hopefully!) easy bet against $DOGE 😊. Are you gamer? Check out Neon District, the cyberpunk role-playing adventure and flagship game developed by Blockade Games where players battle to progress through a sci-fi dystopia and earn in-game NFT items.
Introducing Polygon SDK
Polygon SDK vision is to effectively transform Ethereum into a full-fledged multi-chain system (aka the Internet of Blockchains). By doing this, it will at the same time further establish Polygon as the leading scaling and infrastructure platform of Ethereum. A little known fact is that Ethereum is already the biggest multi-chain system in the world! This multi-chain system has organically developed and grown to host a multitude of chains that are all adding value and strength to the Ethereum ecosystem. This form of organic innovation is the beauty and the biggest strength of Ethereum, but its side effect is that Ethereum’s scaling and infrastructure landscape is currently unstructured and maybe slightly chaotic. This can make it challenging for projects and developers to understand the opportunities and tradeoffs, as well as to find and implement the best solutions for them. Polygon SDK aims to turn Ethereum into a full-fledged multi-chain system by introducing structure to this organic ecosystem and providing a framework for multi-chain Ethereum to grow further and faster.
Ethereum’s multi-chain system will rival other prominent multi-chain systems such as Polkadot, Cosmos, Avalanche, etc. Every multi-chain system has its advantageous, and Ethereum will be no exception. Ethereum is very secure, at the moment it is more open and powerful, and it is already built and proven.
The multi-chain concept is the reality and is here to stay, and Polygon SDK is doing it on Ethereum.
The Four Layers
Polygon will become a one of a kind, layer 2 aggregator. This means that as layers are built upon Ethereum, Polygon will be able to interact with those layers. There are four layers that Polygon operates under; the Ethereum layer, the Security layer, the Polygon Networks layer and the Execution layer.
1) Ethereum Layer — Polygon chains can use Ethereum, the most secure programmable blockchain in the world, to host and execute any mission-critical component of their logic. This layer is implemented as a set of Ethereum smart contracts, in charge of functions like Finality/checkpointing, Staking, Dispute resolving and Message relaying
2) Security Layer — A specialized, non-mandatory layer managing a set of validators that can periodically check the validity of any Polygon chain for a fee. This layer can be implemented as a meta-blockchain that runs in parallel to Ethereum, in charge of functions like: Validator management (registration/deregistration, rewards, shuffling etc) and Polygon chains validation
3) Polygon networks layer — A constellation of sovereign blockchain networks. Each of the networks serves its respective community, maintaining functions like: Transaction collation, Local consensus and Block production. The networks can utilize Polygon protocol to connect with each other and exchange arbitrary messages
4) Execution layer — This layer interprets and executes transactions that are agreed upon and included in Polygon networks’ blockchains. It consists of two sublayers: Execution environment (pluggable virtual machine implementation) and Execution logic (state transition function of a specific Polygon network, normally written as Ethereum smart contracts)
We may be asking… Why is Polygon’s price pumping lately?
It should already be clear, but for fun, let’s look at BNB and ask ourselves why did BNB pump and the Binance Smart Chain become so popular? It comes down to gas fees and speed. New users in crypto, or users with small bags are going to think twice about jumping into a project on the Ethereum Network as gas fees are high. In fact, they can be ridiculous. The Binance Smart Chain was and still is cheap, so people rushed over there and made decisions where to invest among projects that require very little for a transaction. Well, as we know, Polygon solves this issue on the Ethereum Network. No more high gas fees but still the security of Ethereum. Pretty sweet right?
Lastly, if you still need to setup Polygon (aka Matic) on your Metamask, follow this link for step by step instructions.
We must all understand at the very least that Polygon is so much more then what was said in this article. I encourage you to visit their website for more information. Hopefully, you learned something here today. Till the next Medium, you’re on your own. Lattteerrrr.
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