POLYGON NETWORK - 10% to @Tron-Fan-Club
With its cutting-edge smart contract technology, Ethereum has without a doubt contributed significantly to the huge growth of the cryptocurrency industry. Although this technology has created a world of decentralized applications, it still has significant drawbacks, such as a slow transaction speed. The cost to execute one transaction will be very expensive when we take into account the number of users of Ethereum and compare it to the number of transactions Ethereum can perform per second.
This is because a lot of individuals will be competing to be one of the lucky 30 persons selected to complete their transaction. Many other blockchains, such the Cardano blockchain (257 transactions per second), Pokaldot blockchain (1000 transactions per second), and Solana blockchain (per second), can process more transactions per second.
The Ethereum blockchain is not user-friendly in the sense that many users will be vying for processing space, which raises transaction costs. Simply sending $1 to someone can result in a $30 transaction cost. Because there is only one transaction throughput option available to developers, the Ethereum blockchain offers few possibilities.
The layer 2 scaling platform Polygon offers a remedy for the issue the Ethereum blockchain is having. Applications created on Ethereum use Polygon to address the issue that Ethereum is now experiencing. By integrating numerous different Defi applications, Polygon aims to boost the use of decentralized finance technologies. More than 3,000 applications have been connected using Poly. You should be aware that three Indian developers founded the Polygon blockchain in 2017, however it was formerly known as Matic before that.
- What is EVM
The Ethereum Virtual Machine is a collection of programs that many computers worldwide use to execute Smart Contracts. EVM is used by Polygon network, but it is also used by Binance Smart Chain, Fantom, and many other blockchains. This enables developers of numerous large projects to connect to their network with only minor adjustments.
- Polygon Proof-of-Stake
The only difference between Polygon's Proof of Stake chain and the Ethereum blockchain is that Polygon employs a PoS consensus mechanism. It's faster and less expensive thanks to the Polygon PoS side chain. The developer performed a terrific job improving the network because one of the main aims of the Polygon network is to offer user-friendly tools. You should be aware that while the Polygon network only has one proof-of-stake blockchain, it has a variety of other blockchains that can help the Ethereum network scale. The transaction charge for Polygon is really affordable—it is less than one cent.
The Polygon network works in conjunction with the Ethereum blockchain as a layer 2 solution. A committed chain to the Ethereum blockchain is The Polygon. The commit chain aggregates all the transactions and mixes them before sending the data back to the Ethereum chain.
- Ethereum layer
The Security layer, Ethereum layer, Polygon Network layer, and Execution layer are the four layers on which the Polygon network operates. The Ethereum layer makes use of everything related to smart contracts, and these contracts execute staking, confirm transactions, and link several Ethereum blockchains.
- Security layer
The security layer just collaborates with the Ethereum layer to maintain the network's high level of security; it doesn't do anything else. I want you to know that the Ethereum layer and Security Layer are not crucial because Polygon can function without them.
- Execution layer
The Ethereum virtual machine is located in the execution layer, where its function on the network is to carry out smart contracts on the Polygon blockchain.
Matic, a token on the Polygon network, is now trading for $0.8852. Despite having a total quantity of 10 billion tokens, there are only roughly 8 billion in active circulation at the moment. Market capitalization is $7.212,513,598. In 2017, the developer sold 3.8% of the Matic token. Later, they sold 19% of the token. In 2017, 16% of the Matic token went to the Polygon developer, 4% went to the advisers, 12% went to the staking reward, and 23% went to the Polygon ecosystem as a whole.
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