Matic Network, an Ethereum layer 2 scaling solution, was relaunched as Polygon—an interoperable blockchain scaling framework—in February 2021.
It uses a revolutionary sidechain approach to overcome some of Ethereum’s main drawbacks, such as throughput, bad consumer experience (high speed and delayed operations), and lack of public control.
Polygon intends to pave the way for a future in which diverse blockchains function as networks rather than closed-off silos and private communities. Its long-term objective is to create an open, borderless society in which consumers may connect with decentralized goods and services without going through middlemen or walled gardens. Its goal is to establish a hub into which many blockchains may easily plugin while also resolving some of their unique constraints, such as excessive fees, scalability issues, and security concerns.
Polygon wants to use multiple scaling solutions in order to achieve its goal of lowering transaction fees to the absolute lowest. It hedges its risks by pursuing a multi-pronged strategy for scaling, in case any single scaling method fails to meet its goals.
Polygon intends to be a whole platform for building interoperable blockchains. This is instead of just a scaling option like its predecessor, Matic Network. Matic Network employs a technology called Plasma to execute trades off-chain before confirming them on the Ethereum main chain.
Developers can use Polygon to establish pre-configured blockchain networks with features tailored to their specific requirements. These may tweak extensively with an increasing number of modules, allowing developers to design independent blockchains with more particular capabilities.
The Ethereum layer, security layer, Polygon networks layer, and execution layer are the four layers that makeup Polygon’s architecture.
The Ethereum layer is basically a collection of Ethereum-based smart contracts. Transaction completion, staking, and interaction between Ethereum and the multiple Polygon chains are all handled by these smart contracts. The security layer operates alongside Ethereum and serves as a validator as a service. It allows chains to benefit from an extra degree of protection. The Ethereum layer and the Security layer are both optional.
There are two more required levels beyond that. The first layer is the Polygon Networks layer, which would be the ecosystem of Polygon-based blockchain networks. Every one of those has its own community, which is in charge of localized consensus and block production. The second layer is the Execution layer. It is Polygon’s application of the Ethereum Virtual Machine (EVM) that is employed to execute smart contracts.
Because of Polygon’s unconstrained message transmission features, chains established on the platform can communicate with one another and with the Ethereum main chain. This will lead to a slew of new applications. These also includes interoperable decentralized applications (dapps) and the easy exchange of currency between platforms.
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