How Polygon helps Ethereum Users?

How Polygon helps Ethereum Users?

How Polygon helps Ethereum Users?

As blockchain is used for managing decentralized applications, the popularity of the blockchain keeps on increasing with the high transaction which results in increasing networking fees. To overcome this problem the decentralized application developers are searching for alternatives to work on the Ethereum network. Researchers found polygon as an alternative solution. In this article, we are going to discuss polygon architecture in detail.

Polygon is one of the few India-based cryptocurrencies founded in 2017. Ethereum is the second cryptocurrency platform used for decentralized applications. The scalability issues in the Ethereum network are solved in a polygon platform that employs a proof-of-stake mechanism.

polygon protocol is used for building Ethereum-compatible blockchain by minimizing the limitations of the Ethereum blockchain network. It is also an open-source technology with built-in tools allowing the users to create decentralized apps. Polygon network has Ethereum main chain and Proof of stake checkpoints.

The validator performs pos checkpoints against the main Ethereum chain and limits the transaction issues with high throughput and increases scalability and good user experience. They act as an Interoperability protocol for exchanging information with Ethereum and other blockchains.

In 2017 the three Indian software engineers founded Matic (native name of a polygon). In 2019 polygon was distributed in Binance exchange. In February 2021, it was renamed polygon. On April 24th, 2021 AAVE is launched on a polygon. It is an open-source decentralized lending protocol for handling digital assets in decentralized finance (Defi) platforms.

The feature involved in AAVE is, the users can earn interest for their deposits, and also they can borrow any digital assets when needed. The growth of polygon in the market is very significant, now they are in the top 20 cryptocurrencies globally.

Also, a polygon is a layer-2 scaling platform which enables fast, secure and efficient off-chain transaction which is permissionless and supports multiple protocols. They are said to be public sidechains that are created to bring high throughput capability. The sidechains in the polygon network are capable of communicating with each other and with Ethereum main chain. Then arise a question, how does it work? Polygon is a four-layer system that consists of two mandatory layers and two optional layers. Ethereum layer, a security layer is an optional layer, and Polygon networks layer and execution layer is a mandatory layer.

The Ethereum layer consists of smart contracts which handle staking, transaction finality and it communicates between Ethereum and various polygons. The security layer act as validators acting as POS checkpoints.

The polygon networks layer is the main layer that acts as an ecosystem of blockchain networks for producing blocks. The Execution layer is Ethereum Virtual Machine used for executing smart contracts.

Due to the interoperability and scaling properties of a polygon, it has its applications in many projects. Aavegotchi and EasyFi are its examples. Considering all these features I conclude that to overcome the limitations of Etherum, the polygon can be used as an alternative.

 

 

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