Hello Publish0x community and welcome back in this new article of my “Easy & Short Cryptocurrencies Made Accessible” area.
With this article we are going to introduce the 38th cryptocurrency of this section with the 82nd “E&S” article.
Today we will talk about Polygon (MATIC)!
In the last review, I talked about Chiliz (CHZ), If you missed my last review, you can recover it here
Many of you will surely know it by the name "MATIC", which later became Polygon. It is a new ecosystem, born over the past few years, but like many other projects it has only gone viral in recent months. Its network structure and various framework operations have allowed it to be considered one of the foundational projects for the Ethereum ecosystem. Going into detail right away, it enables the effective and efficient structuring of ETH-compatible blockchains through scalable and interoperable systems.
What is it?
Although many people see the Polygon ecosystem as a complex network and organization, it is based on fairly simple yet brilliant assumptions. The original ideas behind it all were first proposed in 2017. During that year, the development team launched what was called the Matic Network, to today's Polygon. The founders themselves include prominent men with great computer and design skills, such as Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun. They have all participated in numerous projects, becoming key pillars in the cryptographic industry.
Over time, the network itself has undergone significant changes, becoming a truly autonomous platform that can be used by anyone interested. It allows specific constructs to be carried out with an effective and simplified level of scalability to Ethereum. One of the main features underlying its internal structure is Polygon SDK, which is fundamental for building different types of applications. Again, the fundamental goal was to try to solve certain critical issues present on the Ethereum network.
Specifically, it implements within the ecosystem a next-generation mechanism, defined as "multi-chain," or rather "multi - Chain." The same features see many similarities with other newly formed ecosystems, such as Polkadot or Avalanche. In other words, Polygon can essentially be defined as one of the leading and current Scaling Layer 2 solutions, which aims through its internal structure and technology, to improve speed, scalability, interoperability and especially security. All this through multiple networks communicating with each other.
The same build technology allows the ecosystem to benefit from one of the highest speeds in the industry, which is about 65,000 transactions per second. As for the timing on block confirmations, however, it is reported to be less than 120 seconds.
Beyond transactions, the ecosystem finds its practical purposes in the possibility of being able to build applications and tools in the world of decentralized finance, namely DeFi. Going inside the official page, the list of the many projects (especially DApps) allowed thanks to Polygon is made available.
Next week we'll see new features of this project!
I invite you to follow me so you don't miss the second part of the article that will be released next Sunday.
What do you think about Layer 2 solutions?
