What Is Polygon (MATIC)? – Introduction To The Ethereum's Internet Of Blockchains
By Damian David Feb 27, 2023
Polygon is a layer 2 Blockchain framework and protocol built on the Ethereum Blockchain network serving as an SDK (software development kit) for Ethereum based projects.
Formerly called MATIC, Polygon is built to be scalable, modular and flexible and to serve as a connecting bridge for Ethereum based projects because it aims to make transactions and blockchain interactions faster and more cheaper for these projects. Polygon isn't built as a direct alternative to the Ethereum Blockchain but rather, it is built to reduce the workload of the Ethereum Blockchain using multiple sidechains. It is similar in framework with multi-chain like Avalanche.
- Polygon serves as a scalable solution for dApps wanting to leverage on the security and decentralized nature of the Ethereum Blockchain, but with faster and cheaper processes.
- Polygon uses sidechains and ZK-rollups to unclog transactions on Ethereum, process them faster, cheaper and with more flexibility and then finalize it Ethereum.
- Unlike Ethereum that processes about 15-17 transactions per second (tps) at peak load, Polygon has the capacity to process 7,000-65,000 transactions per second (tps) at peak load.
- Unlike Ethereum that processes transactions with gas fees as high as $50 or more, Polygon charges a meager $0.002 cost per transaction.
- Polygon was built by four Indian Ethereum developers in 2017 as The Matic Network, and in February 2021 it was rebranded as Polygon.
- MATIC was retained and used to tag its native token. As of February 2023, the Total Value Locked (TVL) of the MATIC token was around $4 Billion.
- There are over 7000 dApps and blockchain projects that are deployed in Polygon which reportedly gave it the tag "Ethereum's Internet of Blockchains".
- Polygon has reportedly partnered with Disney, Shemaroo Entertainment and The Indian Police to explore NFTs and Report Crimes respectively.
How Does Polygon (MATIC) Work?
– A Comprehensive Overview
Polygon is a scaling solution providing Ethereum's security combined with faster throughput, cheaper services, and sovereignty for new Ethereum based blockchain projects. There are presently seven scaling solutions on the Polygon Blockchain that developers can leverage to deploy or launch their projects on the Ethereum Blockchain.
These scaling solutions are; Polygon PoS, Polygon Edge, Polygon Supernets, Polygon Hermez, Polygon Avail, Polygon Zero and Polygon Miden. Polygon PoS is reportedly the most adopted scaling solution amongst the seven as they're the easiest to use and are tagged "the most proven scaling solution in web3".
Polygon provides these scaling solutions for majorly two types of projects which are; The Stand Alone Chains and The Secured Chain. The Stand Alone Chains are blockchain projects or networks that want interoperability with the Ethereum Blockchain but will be independent in terms of their own security (Validators) and identity, they can also maximize flexibility as they please. Enterprise Networks and already established projects with large communities commonly fall under The Stand Alone chain.
While The Secured Chains are chains that want interoperability with the Ethereum Blockchain but not independent of Ethereum's Blockchain security (Validators) and as a result, their full identity and flexibility will be limited although the maximal security of the Ethereum Blockchain will be guaranteed. Startups and Security Focused Projects commonly fall under The Secured Chains.
What Are ZK Rollups?
ZK rollups or Zero Knowledge rollups is a on-chain/off-chain layer-2 solution that offers maximum scalability laced with speed and cost effective transactions. ZK rollups conduct transactions both on-chain and off-chain so as to make the processing of transactions and data on a Blockchain faster and easier. ZK rollups are a major component of the Polygon Blockchain sundry scaling solutions.
What Are Optimistic Rollups?
Optimistic rollups (ORUs) is a fraud proof, high throughput, permissionless scaling solution sidechain that offers faster, cost effective and more secured transactions for most Ethereum Blockchain Networks. Optimistic rollups are being accepted by a lot of crypto communities worldwide because of the extra security it guarantees by being a fraud proof sidechain.
Sidechains make faster, lighter and cheaper transactions than the Layer-1 Blockchain it is integrated in, or simply its root chain. However, if a good percentage of the Validators on a sidechain is malicious then user funds can be stolen. Optimistic roll ups solves this by providing a solution that'll make user funds untouchable even if all the Validators on a sidechain are malicious. Optimistic rollups are a major component of the Polygon Blockchain sundry scaling solutions.
What Is Plasma Framework?
The Plasma Framework is a network of tools and utilities used by Blockchain projects and protocols to achieve scalability without congestion, low performance and high fees. It is similar to the ZK rollups and the Optimistic rollups and it's one of the major technologies used by the Polygon Smart Contract to provide its scalability solutions.
What Is Polygon (MATIC) Architecture Made Of?
Polygon is made up of four layers that can summarize it's architectural framework and they're as follows;
The Ethereum Layer: This is the most apparent layer of the Polygon Network as it is a Layer 2 Blockchain framework built on the Ethereum Blockchain which is the Layer 1. This inadvertently means that any Blockchain project or dApp that is deployed on the Polygon network can also make use of most unique features of the Ethereum Blockchain as well to maximize their products. The Ethereum Layer is an Optional part of the Polygon Framework that can be used by Blockchain projects and dApps.
The Polygon's Network Layer: This is part of the Polygon Framework that consists of all the Polygon Chains, Polygon Deployed Networks, Polygon deployed projects and Polygon deployed dApps. They are all distinctive and maintain their respective identity and communities as the Polygon Blockchain allows for sovereignty. This is a mandatory aspect of the Polygon Framework and it's inevitable for Polygon Chains and Networks.
The Security Layer: This part of the Polygon Framework provides "validators as a service" for Blockchain projects and dApps, this is the layer that most of The Secured Chains will use for their project. This layer when used will give maximal security functions by providing validators that'll be charged with checking the validity of the Polygon deployed project that pays for it. This layer majorly functions as a Meta Blockchain that runs in parallel to the Ethereum Blockchain, and it can also function directly on the Ethereum Blockchain. It is an Optional part of the Polygon Framework for Blockchain projects and dApps.
The Execution Layer: This part of the Polygon Framework maximizes transactions as it is solely responsible for the Communication ,Interpretation and the Execution of all the transactional processes carried out in the Polygon Blockchain. It is a Mandatory aspect of the Polygon Blockchain.
What Makes Polygon (MATIC) Unique?
Speed: The Polygon Blockchain uses the Proof Of Stake (PoS) consensus mechanism, unlike its Ethereum Parent Layer, the Polygon Blockchain block confirmation rate takes about 2 seconds and it is capable of carrying out 7,000-65,000 transactions per second (tps) at peak load. It is often described as a lighter framework of the Ethereum Blockchain.
Scalability: Because of the use of multiple sidechains technologies like the Plasma Framework, the Polygon Blockchain is built to withstand large transactional input data without losing its speed or efficiency and this makes a very good scalable Ethereum based platform guaranteeing Ethereum thriving functionalities with faster and cheaper services.
Security: The Polygon Blockchain adopts the high security measures of Ethereum. Added to this cause, there are two other measures that were put in place and they're the Heimdall and Bor nodes which are maintained by a group of trustworthy validators on the blockchain. Any project or dApp deployed on the Polygon Blockchain can use a combination of Ethereum's staking management contracts, Heimdall nodes and Bor nodes in the order they please.
What Is MATIC?
MATIC is the native token belonging to the Polygon Blockchain Infrastructure. It got its name in February 2021 after the rebranding of The Matic Network to Polygon. It is also a utility token and can be used to stake, pay for transactional fees and make key decisions on the Blockchain by voting.
There is a total supply of 10 billion MATIC tokens and a circulating supply of over 8 billion MATIC tokens. As of February 2023, CoinMarketCap valued the market cap of the MATIC token to be around $11,976,771,413 USD.
How To Buy MATIC?
The top cryptocurrency exchanges to buy the MATIC token are currently Binance, OKX, Bybit, Coinbase Pro, Huobi Global, and KuCoin, which as of February 2023 are all selling for $1.38 per MATIC coin.
Is Polygon The Same With MATIC?
Polygon is the name of the framework and protocol providing scaling solutions using the Ethereum Blockchain and MATIC is the official native coin for the Polygon Framework. Although Polygon was formerly called The MATIC Network, it maintains the new moniker and has since February 2021 used MATIC to identify its native token.
Why Choose Polygon (MATIC)?
Polygon provides an easy, cheaper, faster and more secured path for Blockchain projects and dApps looking to maximize the Ethereum Blockchain for their utmost benefit. It is practically flexible and versatile in providing scalability solutions that redefines the Ethereum Blockchain, allowing developers to enjoy the security of the Ethereum Blockchain plus the speed and cost effective services that it lacks.
Polygon is highly modular in nature, allowing multiple functions all at once with a very high throughput, its rich hub of top performing sidechains makes it arguably the best Ethereum based scalable solution available in the Blockchain industry.