Polygon Network
What is Polygon
It started as an Ethereum sidechain, whose goal was faster transactions and cheaper fees for transactions. It developed into a software code frame work for interoperability for Ethereum sidechains and second layer projects, which also seek to provide Ethereum with faster transaction times and cheaper fees.
The good news is there are lots of second layer solutions, the Bad news is many can’t talk to each other. Here can’t talk to each other is my metaphor for they are not interoperable.
The existence of multiple different projects, all proposing to solve the Ethereum problem of scaling and cost, led to fractionation, and unfortunately many solutions were not compatible or interoperable with each other.
This lack of interoperability became a problem, because it makes composability nearly impossible. And composability is a vital ingredient for creativity.
Polygon changed from just a 2nd layer solution, to something greater.
Interoperability
Polygon evolved in this environment of a lack of interoperability, and became more than a second layer solution. Polygon became a framework for interoperability between the various Ethereum second layer solutions, which lacked interoperability.
Flexibility
Polygon also developed a unique support structure for projects which wanted to place their application in the Ethereum Ecosystem, by providing a flexible support structure which allowed these different projects to choose to be Prooof Work, Proof of Stake or other tyopes of blockchain consensus mechanisms depending on their particular need for security, speed or other project goals.
Polygon became successful.
Many Projects are choosing to launch their dApps on Polygon
These are some reasons Polygon became the preferred platform or blockchain to base applications in the Ethereum side-chain and second layer solution world. In fact, Polygon is currently the home of 250 decentralized applications, 76 million daily transactions, and 800,000 unique users.
Notable dApps built on Polygon
Examples of Dapps built on Polygon include Augur, a betting platform, OpenDAO, a toolkit connecting the real world to DEFI; OpenSea, the world’s largest NFT marketplace, Trace Network, a DeFi project focused on fashion, lifestyle, and luxury goods.
Polygon has impressive collaborations.
Several large corporations have signed collaboration agreements with Polygon, including Infosys Ltd, listed on the New York Stock Exchange and Atari, world famous game maker.
Polygon token Matic has gone from an obscure ERC token to top 20 token
I believe this story is also responsible for the growth in appreciation of the Polygon token Matic. It has increased in value over 7000%, and it’s market cap reached over $6.8 billion, a total value locked totaled $6.3 billion, and a circulating supply made up about 5 billion coins.
Polygon has a unique consensus mechanism
Polygon features a unique consensus mechanism, which is a variant of Proof of Stake. It has validators instead of random POS node operators and through a sophisticated mechanism it provides better security then most similar renditions of POS.
Polygon Leadership
CEO and co-founder Jayanti Kanani
Chief Operating Officer, Sandeep Nailwal
Chief Product Officer, Anurag Arjun
Co-founder is Mihailo Bjelic
Polygon versus other popular systems
Polygon faces tough competition from Solana, Polkadot and others in this Ethereum Ecosystem.
But it has many features which make it unique and provide unique advantages for project platforms operating on it. After reading several resources, which served as the basis for this report, I think it is a project worthy of further investigation.
Sources
[source-5]( POLYGON (MATIC) - Ethereum's Internet Of Blockchains Explained - Layer 2 - YouTube)
Polygon
What is Polygon
It started as an Ethereum sidechain, whose goal was faster transactions and cheaper fees for transactions. It developed into a software code frame work for interoperability for Ethereum sidechains and second layer projects, which also seek to provide Ethereum with faster transaction times and cheaper fees.
The good news is there are lots of second layer solutions, the Bad news is many can’t talk to each other. Here can’t talk to each other is my metaphor for they are not interoperable.
The existence of multiple different projects, all proposing to solve the Ethereum problem of scaling and cost, led to fractionation, and unfortunately many solutions were not compatible or interoperable with each other.
This lack of interoperability became a problem, because it makes composability nearly impossible. And composability is a vital ingredient for creativity.
Polygon changed from just a 2nd layer solution, to something greater.
Interoperability
Polygon evolved in this environment of a lack of interoperability, and became more than a second layer solution. Polygon became a framework for interoperability between the various Ethereum second layer solutions, which lacked interoperability.
Flexibility
Polygon also developed a unique support structure for projects which wanted to place their application in the Ethereum Ecosystem, by providing a flexible support structure which allowed these different projects to choose to be Prooof Work, Proof of Stake or other tyopes of blockchain consensus mechanisms depending on their particular need for security, speed or other project goals.
Polygon became successful.
Many Projects are choosing to launch their dApps on Polygon
These are some reasons Polygon became the preferred platform or blockchain to base applications in the Ethereum side-chain and second layer solution world. In fact, Polygon is currently the home of 250 decentralized applications, 76 million daily transactions, and 800,000 unique users.
Notable dApps built on Polygon
Examples of Dapps built on Polygon include Augur, a betting platform, OpenDAO, a toolkit connecting the real world to DEFI; OpenSea, the world’s largest NFT marketplace, Trace Network, a DeFi project focused on fashion, lifestyle, and luxury goods.
Polygon has impressive collaborations.
Several large corporations have signed collaboration agreements with Polygon, including Infosys Ltd, listed on the New York Stock Exchange and Atari, world famous game maker.
Polygon token Matic has gone from an obscure ERC token to top 20 token
I believe this story is also responsible for the growth in appreciation of the Polygon token Matic. It has increased in value over 7000%, and it’s market cap reached over $6.8 billion, a total value locked totaled $6.3 billion, and a circulating supply made up about 5 billion coins.
Polygon has a unique consensus mechanism
Polygon features a unique consensus mechanism, which is a variant of Proof of Stake. It has validators instead of random POS node operators and through a sophisticated mechanism it provides better security then most similar renditions of POS.
Polygon Leadership
CEO and co-founder Jayanti Kanani
Chief Operating Officer, Sandeep Nailwal
Chief Product Officer, Anurag Arjun
Co-founder is Mihailo Bjelic
Polygon versus other popular systems
Polygon faces tough competition from Solana, Polkadot and others in this Ethereum Ecosystem.
But it has many features which make it unique and provide unique advantages for project platforms operating on it. After reading several resources, which served as the basis for this report, I think it is a project worthy of further investigation.
Sources
[source-5]( POLYGON (MATIC) - Ethereum's Internet Of Blockchains Explained - Layer 2 - YouTube)
This is a great overview of what exactly is Polygon, which I never fully grasped. Reading it described as a second layer Ethereum framework, makes me think it is comparable to Counterparty or Omni (formerly Mastercoin) for the Bitcoin blockchain; but potentially much more powerful and programmable. There is growing mainstream interest in Matic, including praise from Mark Cuban, so now might be an ideal time to invest!
Thank you, and I agree that it’s a good time to invest.