Jan 27, 2023
5 min read
Last updated Nov 16, 2023
We are living in the era of Web 3.0 where technologies like AI, ML, and Blockchain have acquired the world. These technological inventions brought more realistic and accurate outcomes and gave space for futuristic planning.
In this blog, we will discuss one innovative concept that has contributed enough to develop secure applications and we call it Polygon development. Its previous name was Matic and after rebranding in the year 2021, the name became Polygon.
The technology is the most recent one and it is used to develop blockchain applications. Polygon is a scalable platform that provides a framework for connecting and developing Ethereum-compatible networks.
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Cryptocurrency projects are highly in demand and when Polygon Matic came into existence all the crypto followers, organizations, and investors became happy because they know the advantages of the technology for blockchain applications.
In order to develop the multichain Ethereum ecosystem, the network brings scalable solutions. Moreover, Polygon delivers an advanced framework as compared to Ethereum. Furthermore, it offers sidechains & sovereign blockchains and developers can operate it with the infrastructure of Ethereum comfortably.
As a whole, we can say, the technology has added more benefits to Ethereum and makes the blockchain application development process more comfortable, secure, and innovative.
By the implementation of Polygon, developers get higher throughput, low cost of transactions along with better security features. Moreover, they find more suitable options during the development of Ethereum’s ecosystem.
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We have already mentioned, Polygon is basically used for the development of blockchain applications. And it is an Ethereum-compatible blockchain network that resolves the issues related to scalability and usability.
One of the interesting facts, all three partners involved in the foundation of the Polygon, were associated with the Indian cryptocurrency community. And in order to resolve the scalability issues, the individuals started their research and reached the foundation of Polygon Matic.
The platform was quite unique for developers as well as users. Two main solutions were identified by the founders. The first one was “plasma networks” & the second one was “layer 2 scaling solutions”.
Furthermore, the Matic Network’s implementation plasma is the base for these solutions. Initially, it allowed others chains to perform their functions individually without any dependence but it depends on Ethereum till now as the root chain.
Linearloop is an experienced blockchain web development company in India & USA and we have catered to many blockchain projects in recent times.
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As we have shared above, Polygon comes with Sidechain, so it functions similarly to other proof-of-stake-based blockchains. All the elements like token, local dapps, validator, client nodes, and structure are like other networks.
The factor that keeps it different is that exchanges are collected and settled on the Ethereum mainchain and developers are lucky that Polygon is launched with a layer-2 network that supports developing interoperable Etherium-compatible networks of blockchain.
The layer-2 scaling solutions signal off-chain solutions that include the elimination of components having evaluation power generated from the prime blockchain before the execution. Sidechain functions are the best example to understand the concept.
As a result of the above process, throughput is developed on the mainchain with the evaluation of proficiency through the network. Moreover, the concept gains lots of appreciation because it has played a very crucial role in order to receive cryptographic money in mass.
Further, the developers become capable of sending preset blockchain networks with a single snap only by the implementation of a modular system with custom networks. Moreover, developers get enough space to manage one or multiple blockchains without any kind of compatibility issues.
So guys, in this way Polygon works and makes an effective contribution to the development of blockchain applications. Also, being a blockchain app development company in India & USA, we recommend following the recent inventions of technologies so that you could match your steps with the technology.
Let’s explore some blockchain lingo in order to understand the concept.
One of the things that create confusion amongst blockchain developers which they call a dilemma while the community of cryptocurrency addresses it with the name “blockchain trilemma”.
The situation arises whenever there is a need to balance various elements such as scalability, security, and decentralization.
The issues related to Ethereum are very well known to all, especially the scaling factor of No. 2 crypto. The issue is majorly found at the time of completing transactions. You must be knowing, Ethereum revolves more around decentralization and security rather than scalability.
And when scalability is compromised, transactions become highly expensive and slow. To solve the problem, Polygon came into existence and offered quick transactions at a low cost as compared to Ethereum.
If we talk about the process of Ethereum and Polygon, it is like this. Ethereum is a layer 1 blockchain that offers space for the development and execution of dApps, NFTs (Non-Fungible Tokens) and smart contracts.
And the Layer 2 blockchain, which is Polygon, resolves the issues related to the scalability of Ethereum. Hence the developers get all solutions using a single framework without compromising the scalability of the application.
If you think the Layer 2 protocol copies functions from Ethereum, you are wrong. It only supports the process of transactions. With the implementation of Polygon, developers get fast transactions at a lower cost.
Ethereum offers 14 transactions per second while Polygon offers 7000 transactions per second.
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Polygon is one of the recent technologies used for blockchain applications. We have mentioned detailed information about the technology along with the way it works. You can avail of our blockchain development services in India at competitive prices.
Hence feel free to connect with us, if any doubt comes to mind. Keep checking the blog section and keep yourself updated with the latest technical updates. Enjoy reading!