What is Polygon (MATIC) and Why It Matters for Ethereum?

February 2021, Ethereum launched Matic network, a scaling solution, that has now transformed into Polygon. It is a framework for creating interlinked blockchain networks that can work well with Ethereum. 

Furthermore, it is layered to solve Ethereum’s existing limitations. In brief, its slow operations, delayed transactions, poor user experience, and the absence of community guidance.

Unlike its former component Matic Network, Polygon doesn’t process transactions off-chain. Instead, Polygon is designed entirely as another platform for launching blockchains with characteristics catering to the developer’s needs. Moreover, the preset interoperable blockchain networks can be further customized tailored to specific functionalities. 

Therefore, Polygon desires to seek a future where blockchain networks facilitate a borderless, interconnected ecosystem, rather than a closed-off communal landscape. This dream will be built to reality once developers can launch their shared security chains. However, Polygon’s proof-of-stake chain and Plasma scaling solutions are keeping them motivated.

The Polygon Polygon (MATIC)Architecture

Polygon is composed of four layers. Namely, the Ethereum layer, the Security layer, the Polygon networks layer, and the Execution layer. The first layer, that is, the Ethereum layer introduces a collection of smart contracts that are processed on Ethereum. Additionally, these smart contracts communicate between Ethereum and multiple Polygon chains. As well as, take care of staking and transaction finality. 

Simultaneously, the security layer runs alongside Ethereum to allow chains an ancillary layer of security by validating blockchains. 

While the first two layers are optional, the last two layers are mandatory as they integrate Polygon’s message delivering features. Hence, letting Polygons interact with the Ethereum main chain, as well as one another. What’s more, is that the Polygon networks layer comprises all the blockchain networks developed on Polygon. They are each accountable for their own communities and producing additional blocks.

Meanwhile, the final layer aka the Execution layer executes the smart contracts. The implementation is done via the Polygon Ethereum Virtual Machine (EVM). Together, these layers enable ‘dapps’, also known as, interoperable decentralized applications. 

Polygon’s variety of Technology

Polygon’s long-term goal of creating an easily pluggable blockchain hub overcomes multiple limitations. Polygon battles these restrictions of inefficient scalability, high fees, and dissatisfying security by incorporating multiple scaling solutions, should one fail to accomplish its goal.

1. POS Chain: The proof-of-stake (POS) security layer providing blockchains launched on Polygon additional security. This feature is added to Matic POS Chain, which is a sidechain to Polygon’s Ethereum mainchain.
2. Plasma Chains: Polygon uses a scaling technology called Plasma to move assets between the parent chain and the child chain with the help of plasma bridges.
3. ZK-rollups: Alternative to Plasma chains, ZK-rollups bundle numerous off-chain that have been transferred, into a particular transaction. Moreover, the scaling solution records the transactions publicly on the Ethereum main chain using zero-knowledge-proofs.
4. Optimistic Rollups: A solution running on Ethereum to provide instant transactions via fraud-proofs.

Why is Polygon Polygon (MATIC) is important to Ethereum?

In contrast to previous projects such as Polkadot and Cosmos, Polygon is acknowledging the limitations faced while adopting blockchain interoperability. 

To begin with, it’s compatible with the EVM or, the Ethereum Virtual Machine. Developers used to develop apps on Ethereum can smoothly approach Polygon without hesitation. 

Secondly, Polygon offers an optional security layer. This allows sovereign platforms to skip additional security without sacrificing any freedom or flexibility. It’s also versatile enough to adapt any scalability solutions beyond the familiar ones, such as Plasma chains, optimistic rollups, and ZK-rollups. 

Even though Polygon is designed as a separate platform, it still uses the same utility, that is, MATIC. The MATIC tokens fulfill a variety of goals including votes on Polygon Improvement Proposals to engage in network governance. Additionally, these tokens are used to pay gas fees and contribute to security via staking.

Projects developed on Polygon (MATIC)

Polygon’s scaling technology has already helped launch a variety of projects. For instance, 

1. EasyFi: EasyFi is a borrowing and lending platform that provides support to undercollateralized loans. 
2. Cometh – MUST: An Ethereum blockchain-based DeFi game where players can win valuable tokens by anticipating the movement of objects.
3. Aavegotchi: An NFT-based DeFi trading game.
4. Polymarket: Polymarket features real-world news to their Information Markets platform.

Conclusion

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