WHAT IS POLYGON NETWORK?

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INTRODUCTION
There is no doubt that Ethereum has made the world of cryptocurrency grow massively with its advanced technology of smart contracts. This technology has brought about the world of decentralized applications, even with its amazing technology, it faces some problems such as slow transaction speed. When we consider the number of users of Ethereum and compare it to the number of transactions Ethereum can handle per second, we will discover that the price to process one transaction will be very high.

This is due to the fact that many people will be bidding to be per of 30 the lucky people to process their transaction. Many other blockchains out there can process more transactions per second such as Cardano blockchain (257 per second), Pokaldot Blockchain (1000 per second), and Solana Blockchain per second.

The Ethereum blockchain is not user-friendly in the sense that there will be a lot of people competing to process their transactions and this leads to high transaction fees. You can be charged $30 as a transaction fee just to send $1 to someone. The Ethereum blockchain has limited options because the developers only have one option for transaction throughput. The good news is that there is a blockchain that uses Ethereum Smart Contract technology with very low transaction speed.

WHAT IS POLYGON?

Polygon is a layer 2 scaling platform that provides a solution to the problem that the Ethereum blockchain is facing. Applications built on Ethereum solve the problem that Ethereum is facing with the help of Polygon. Polygon is here to make decentralized finance tools increase by connecting many different Defi applications. Poly has connected many applications up to over 3,000 applications. You should know that Polygon blockchain was created in the year 2017 by three Indian developers but it was initially called Matic before they rebrand it to Polygon.

WHAT IS EVM?

Ethereum Virtual Machine is a bunch of code that is run by many computers around the world to help carry out Smart Contracts. Polygon network uses EVM but not only Polygon network that uses EVM, Binance Smart chain, Fantom, and many other blockchains. This allows developers of many big projects to their network with just little changes.

POLYGON PROOF OF STAKE

Polygon uses a Proof of Stake chain and it is just a side chain to the Ethereum blockchain, the difference is that it uses a PoS consensus mechanism. The Polygon PoS side chain makes it faster and cheaper. Since one of the major goals of the Polygon network is to provide user-friendly tools, the developer did a great job to make the network better. You should know that the Polygon network is just just a single proof of Stake network but it has many different blockchains to can help the Ethereum network scale. The Polygon transaction fee is very cheap, the transaction fee is less than one cent.

HOW DOES POLYGON WORK?

Polygon network is a layer 2 solution for Ethereum and that means it works alongside the Ethereum blockchain. The Polygon is a committed chain to the Ethereum blockchain and what the commit chain does is group up all the transactions and combine the data before sending the data back to the Ethereum chain.

POLYGON ARCHITECTURE

• ETHEREUM LAYER

The Polygon network works on four different layers which are the Security layer, Ethereum layer, Polygon Network Layer, and the Execution layer. The Ethereum layer uses all things that have to do with smart-contract and what the smart contract does is process Staking, confirm the transaction, and also connect different Ethereum blockchains.

• SECURITY LAYER

The security layer does nothing special other than work together with the Ethereum layer to make sure there is a high level of security in the network. I will like you to know that both the Ethereum layer and Security Layer are not very important because it doesn't require it to make Polygon work.

• EXECUTION LAYER

The execution layer is where we have the Ethereum virtual machine and its job on the network is to execute smart contracts on the Polygon blockchain.

POLYGON TOKENOMIC

The Polygon blockchain has a token called Matic and the current price is $0.8852. It has a total supply of 10 billion tokens but currently, it has about 8 billion in total circulations. The market cap is $7.212,513,598. In the year 2017, the developer sold 3.8% of the Matic token and they later sold 19% of the Matic token, 16% goes to the developer of Polygon, the advisers have 4%, 12% is for the staking reward, 23% is for the entire Polygon ecosystem.