Polygon has a single native token known as MATIC, and it is used to secure and control the network as a whole. This currency associated with Polygon makes it easy and enables users to interact with the many hundreds of Decentralised applications (dApps) associated with the Polygon ecosystem. The platform has multiple levels. To deploy their blockchain apps on top of the primary Polygon chain and additional blockchains to link to Ethereum with the connection to any other blockchain network, developers can leverage the Polygon SDK’s side chains through Avail, a scaling system. The Polygon network’s goal is to link all existing blockchain networks. Developers were drawn to Polygon because of its quick transaction times and reasonable transaction costs. Sign Up to a reliable trading platform to enhance your trading strategies.
How does Polygon Work?
If you use PoS (Proof-of-Stake) by polygon then with each block of the consensus method, consensus can be easily reached. To use the PoS technique, network users must accredit the transaction on the Polygon network; those that are successful in doing so are rewarded with MATIC. The Polygon network was created using the computer languages Golang, Vyper and Solidity. The concept behind Polygon is that it functions as a PoS blockchain technology and exchanges are present as clusters. Three layers make up the architecture of a Polygon:
- Bor (Block Producer Layer) — Bor is the layer of the Polygon block producer that is in charge of grouping transactions into blocks. On the Heimdall node and the checkpoints made up of Merkle tree hashes, the blocks generated in the Bor (Block Producer Layer) node are periodically confirmed. The Merkle tree hash is produced by sooner or later hashing the nodes until only one is left.
- Heimdall (Proof of Stake layer) — The PoS validator node Heimdall enables the PoS mechanism on Polygon following the Staking contracts on Ethereum. This is in charge of block validation and block procedure committee selection, where a committee is chosen periodically from the Validators pool based on the stakes they hold. Along with this and other duties, Heimdall is in charge of much of the representation checking for sidechain blocks for Ether (ETH) design.
Do MATIC and Polygons Same Concepts?
MATIC Network was first launched in 2019 and after that it was decided to change its name in 2021 which is now known as Polygon. However, MATIC is Polygon’s native token. Because Polygon was created to assist scale Ether (ETH) through side chains, Matic tokens are exchanged on the ETH blockchain. Matic Token has been employed for network management and security for the Polygon network. Since MATIC it is an ERC-20 token, and it is also used along with many other cryptocurrencies based on Ether (ETH).
Why is Polygon Good for Ethereum?
The decentralized platform offered by Polygon gives you the convenience of cheap transactions. The main goal of the Polygon project is to connect and expand ethereum-compatible projects together. A supplementary scaling method for the Ether (ETH) blockchain network is Polygon. Instead of building its blockchain network, this operates on top of the others.
Benefits and Drawbacks of Polygon Blockchain
The benefits of the Polygon blockchain are:
- Due to the validation system, Polygon is fundamentally more trustworthy than several blockchain networks.
- Polygon employs a hybrid system made up of the Heimdall architecture and Proof of Stake (PoS).
- The network transactions on the Polygon blockchain are completed at a record-breaking speed of 2.1 seconds.
The drawbacks of the Polygon blockchain are:
- Instead of being a standalone blockchain network, Polygon relies on the Ether (ETH) blockchain to carry out transactions.
- It’s feasible that Ether 2.0 will get to the point where Polygon is no longer necessary as the second layer.
- MATIC, the native token of Polygon, can only be utilized for network transactions; it cannot be used for regular purchases.