Polygon has swiftly risen in popularity. It has also partnered in multiple government-based blockchain projects for scaling data. Its scaling solutions have been adopted by over 19000 DApps, Lets firstly know
What is Polygon?
Polygon, which debuted in India as Matic Network in 2017, has experienced significant growth In the last two years. A decentralized Ethereum scaling platform called Polygon enables programmers to build scalable, user-friendly, and with minimal transaction costs DApps without ever compromising security. Alongside the Ethereum blockchain, it is an â€œl2â€ scaling solution that enables quick transactions and less costs. The networkâ€™s native cryptocurrency, called MATIC, is used for staking, paying fees, and other things.
Know the key Features of Polygon
- Scalability:-The Polygon Network easily achieves a hypothetical transaction speed of fewer than 2 seconds on a single side chain. Using multiple side chains helps the network to handle millions of transactions per second. This mechanism (already demonstrated in the first Matic side-chain) permits the Polygon network to scale easily.
- Security:- Polygonâ€™s smart contracts rely on Ethereumâ€™s security. It possesses three main security models it uses to secure the Network. It employs the use of staking management contracts on Ethereum as well as a set of incentivized validators running Heimdall and Bor nodes. Developers also have the option to implement both models (Hybrid) into their dApp.
- EVM:- Polygon is the first scaling solution that fully supports the Ethereum Virtual Machine (EVM), Ethereumâ€™s blockchain-based software that allows developers to construct decentralized applications (dApps). This makes Polygon accessible and simple to the Ethereum community, which is already used to construct smart contracts in Solidity.
How do Polygon works?Polygon aims to transform Ethereum into a complete, multichain system similar to ecosystems like Polkadot and Cosmos, with the added advantages of Ethereumâ€™s robust protocol and security. Blockchains launched on the Polygon network are based on its proof-of-stake (PoS) sidechain, which leverages a network of validators off the blockchain and then finalizes the transactions on Ethereumâ€™s main chain afterward. This can take the significant strain off the main blockchain, which results in less network congestion, faster transaction speed, and lower gas fees.
- Advantages of a polygonScaling Framework: There are several initiatives, like Polkadot, Cosmos, and others that are addressing the scaling problems with Ethereum. None of them offers a method for developing such scale blockchains or a way to link them. Developers can apply the framework provided by Polygon to create their scaling solutions. This distinctive feature offers flexibility and interoperability while preventing development issues.
- Decentralization: Polygon is decentralized unlike Binance Smart Chain (BSC) and still provides much lower and higher speed. This is why so many Ethereum-based apps and others are flocking towards polygon as a better alternative.
- Ethereumâ€™s Network Effect: Ethereumâ€™s community is huge since there are so many people involved in its ecosystem all over the world. Polygon, as a decentralized execution platform, provides a simple and quick transition to the Dapps that are already built on Ethereum. Devs can now have the best of Ethereum and create their sovereign blockchain connected to the network.
- Security: The layer 2 solution by Polygon relies on Ethereum for security. Through its framework, it provides â€œsecurity as a serviceâ€ and an alternative to creating independent Networks which can choose their protocols.
- Developer Friendly: Polygon is made for the developers, by the developers. Developers behind Polygon have solid credentials in software development. They are fully committed to Ethereumâ€™s ecosystem and hence create a solution that could quickly onboard the current Ethereum Dev Community.
Polygonâ€™s ecosystemPolygon is committed to fostering the growth of Web3 applications by providing the infrastructure needed for Web3. In the polygons ecosystem, there are more than 19000 Dapps available to scale including 17 gaming platforms, 39 NFT platforms, 30 defi platforms, 23 utility platforms, protocols, DEX, and exchanges which help with tools to help new devs create projects and promote them, it has its stablecoin, order limit, swap, games, nfts, farms, and stake, some of the top-performing DApps on the polygon ecosystem are below
1. Quikswap: A permissionless decentralized exchange (DEX) based on Ethereum, powered by Matic Networkâ€™s Layer 2 scalability infrastructure
2.ARC8by GAMEE: A Play-to-earn mobile gaming experience, where e-sports meets crypto. Get to the top, crush your opponents and win GMEE tokens in multiple video games. Your success is only in your hands. Arc8 by GAMEE brings the blockchain experience to millions of gamers.
3. Bungee: Ametabridge offers seamless bridging across chains. We aggregate all bridges, DEXâ€™s, and DEX Aggregators to offer the best product!
4. Pegaxy: Pegaxy is a TRUE Play to Earn mech-horse racing game built on the Polygon Network
5.1-inch network: A distributed DeFi network for various protocols on ethereum, BNB Chain, Polygon, Avalanche, Optimistic Ethereum, Arbitrum, Fantom, and Gnosis Chain.
Polygonâ€™s communityOn polygon, developers can build, scale, and showcase their projects to the community. For developers, polygon has created many types of programs funding programs dedicated to developers. Moreover, Polygon has a huge variety of Developer resources including basics of web3 development, learning about Blockchain, and all types of external documents like infura docs, Geth docs, Remix docs, openzeppelin Docs, and some video tutorials to learn last but not the least some full node binaries.
Polygon provides the core components and tools to join the new, borderless economy and society as it is a decentralized Ethereum scaling platform that enables developers to build scalable user-friendly dApps with low transaction fees. AnkrDeswap, MoonFarm, Unmarshal, CommitPool, WePiggy, PolySafe these are some DApps that develop in the Polygon ecosystem.
Polygon has 7 scaling solutions which help in enabling a systemâ€™s expansion, such as improving its efficiency and output, with the presence of its existing scaling platform For instance:- polygon Pos, Polygon edge, polygon Hermes, polygon avail, polygon miden, polygon zero, and last but not least recently upgraded polygon nightfall.
How to Develop and deploy on Polygon?
Polygon is an open-source project that allows developers to develop and deploy decentralized applications on their Networks. As Polygon runs on the Ethereum Virtual Machine and connects with the GoÃ«rli Testnet, which acts as its ParentChain. All the tools you are familiar with on the Ethereum platform are supported on Polygon right out of the box. You can find all the network-related details about Polygon and how to use it on Polygonâ€™s website. so, For interacting with polygon you must have an Ethereum-based wallet interact with it. You can set up a Metamask Wallet. Moreover,
Polygon provides some services for testing, compiling, debugging, and deploying decentralized applications to the Polygon Network. These include Alchemy, Chainstack, QuickNode, Remix, Truffle, Hardhat, and replit.
So, by the conclusion of this article, I hope you have a good grasp of the NEAR platform. So stay tuned as we will be posting additional posts on certain Blockchain platforms.