Polygon was developed to enhance speed and lower the cost of Ethereum transactions. Due to its secure and decentralized nature, Layer 1 chain Ethereum is one of the most used blockchains; nevertheless, transaction times and gas costs have increased due to its popularity. Polygon, which is based on Ethereum's technology, was created as a scalable remedy for some of Ethereum's problems.
In 2017, Polygon was founded under the name MATIC; in 2021, it changed its name to Polygon but kept the moniker "MATIC" for its cryptocurrency. Tens of thousands of DApps use MATIC for gas fees, which can be staked on the Polygon blockchain and used to purchase Polygon NFTs.
Today, Polygon is one of the most popular blockchains after Ethereum and Binance. Polygon also has one of the largest crypto ecosystems in the world.
How does Polygon work?
Consider Polygon as Ethereum's younger sibling. Despite being independent blockchains, they are interoperable in certain aspects. For instance, both Polygon and Ethereum have identical wallet addresses. This is comparable to account numbers that are utilized by many services. Your wallet address acts as a common identity on both Polygon and Ethereum, where you can have several accounts, or wallets, with distinct balances on each. Polygon benefits from Ethereum's security features as well.
It's vital to keep in mind that the contract addresses on Polygon and Ethereum are different and that for Polygon tokens to be useable on Ethereum, they must first be bridged to Ethereum.
A Layer 1 blockchain is Ethereum. The primary or base-level blockchains are layer 1 blockchains. This implies that they provide tools, such as a fundamental degree of security and fundamental software development frameworks, that enable other blockchains to build upon them.
A sidechain called Polygon was developed for efficient scaling. A two-way bridge connects an independent, distinct blockchain known as a "sidechain" to the Layer 1 chain. In essence, sidechains are autonomous blockchains that are in charge of their security and are built to handle transactions quickly. They share the same underlying technology with the primary blockchain, which links them together, and they can send digital assets there.
Polygon’s documentation says:
"Consider a sidechain as a replica of the 'parent' blockchain that facilitates the transfer of assets to and from the main chain. It builds a new blockchain with its method of creating blocks (consensus mechanism) as an alternative to [the] parent chain. Setting up a system to transfer assets between the chains is required to connect a sidechain to a parent chain."
Typically, developers base their choice of blockchain type on developer tools, gas costs, and processing speed. Scaling on Ethereum helps resolve issues like high gas fees and slower throughput. Polygon and other EVM-compatible sidechains are one solution.
What method of validation does Polygon use?
Each transaction that is uploaded to the blockchain is verified by Polygon using the Proof-of-Stake algorithm.
Validators stake MATIC on the Ethereum blockchain as a condition for being authorized to validate in Polygon's Proof-of-Stake algorithm. This procedure contributes to ensuring a blockchain's decentralized, safe, and open nature.
What are the main uses of Polygon?
The benefits of Polygon include its potential to utilize Ethereum's decentralization and security while processing transactions faster and with lower fuel fees than Ethereum.
"Gas fee" in web3 refers to the sum required to carry out a transaction on the blockchain. The node operators who keep the blockchain running are compensated by these payments. This verification makes sure the blockchain has an unchangeable, permanent record.
DApps in polygon
Decentralized apps, or DApps, are websites with blockchain integration that need you to sign off on all transactions with your wallet. Several well-known DApps, such as Lens Protocol, Sandbox, and Decentraland, employ Polygon.
The term "decentralized finance," or simply "DeFi," is used to refer to all financial services that employ blockchain technology. Earning interest, borrowing, lending, and trading are examples of common services. Trustless, permissionless, and quick transactions are made possible by DeFi.
Non-fungible Tokens (NFTs) from Polygon are exclusive digital objects with blockchain-managed ownership. Digital artwork, collectibles, virtual reality goods, cryptocurrency domain names, ownership records for tangible things, and other items are examples of NFTs.
What are Polygon NFTs?
NFTs that have been minted on the Polygon blockchain are known as Polygon NFTs. Due to its faster speed and reduced gas costs, Polygon is most usually utilized for gaming NFTs, virtual world NFTs, and utility NFTs.
How can I get Polygon, store it, and use it?
Where can I find a Polygon NFT?
A Polygon NFT can be purchased with ETH for Polygon and several other Ethereum-compatible currencies that OpenSea allows, but buying an NFT on Polygon necessitates using MATIC for the gas cost.
You must first "bridge" your Ethereum funds to the Polygon blockchain in order to use them on the platform. To connect your ETH to Polygon, you'll need a wallet that is compatible with Ethereum.
On Polygon, what can I store?
You can use a crypto wallet that is compatible with Polygon to access cryptocurrencies, NFTs, DApps, and DAOs. Several well-known wallets that support Polygon include MetaMask and Coinbase Wallet. If you intend to buy and trade NFTs, make careful to confirm that your crypto wallet supports them.
How can Polygon be used?
NFT generation, trading, and buying are supported across many blockchains by OpenSea. This guide demonstrates how to make and sell NFTs using our Polygon marketplace.
Polygon is an exciting development in the cryptocurrency space that provides a viable solution to the challenges facing the Ethereum network. Its multi-chain ecosystem, interoperability with Ethereum, PoS consensus algorithm, Layer 2 scaling solutions, and developer tools make it a promising platform for building and deploying DApps.
Q. Is Ethereum compatible with Polygon?
A. Yes, Polygon is a safe, EVM-compliant sidechain that gives programmers the tools they need to create cost-effective, scalable DApps.
Q. A Polygon Bridge is what?
A. A Polygon Bridge has been constructed to allow for frictionless token and NFT transfers between Polygon and Ethereum. Tokens can be transferred directly between the two chains via OpenSea.
Q. Can I include Polygon in my cryptocurrency wallet?
A. The MATIC cryptocurrency can be added to your crypto wallet. Additionally, you can buy MATIC from a marketplace like Coinbase and add it to your wallet. You must first bridge your Ethereum assets from the Ethereum network to the Polygon network in order to use them on Polygon.