Although Polygon is making news, being a goto Layer 2 scalable solution for Ethereum and Ethereum compatible apps, I happened to notice it because the co-founder of Polygon, Sandeep Nailwal started India’s Covid Crypto Relief Fund nicknamed CRF.
CRF has been doing amazing work raising funds for COvid relief work in India, more on CRF can be read in my previous articles which explain how transparent the fund is, since its audited and details of donations can be traced and verified.
Since, Ethereum, the crypto world’s pioneer smart contract blockchain platform is taking time to scale with the complete launch of Ethereum 2.0 version not yet materialised, layer 2 solutions like Polygon are the only way forward for existing Ethereum Apps to operate efficiently with fast execution times and lower network fees.
Cartoons by Dintoons. Check more dintoons at his twitter handle
The popular DEFI apps of Ethereum have expanded to Polygon
THis is the reason why major Blue chip DEFI apps of Ethereum have expanded to Polygon with AAVE, Sushi, 0x, Curve, 1inch now on the Polygon chain. Therefore, Polygon has captured many of Ethereum’s DEFI users, who are able to trade in Ethereum comfortably with lower fees and fast transaction times using layer 2 solution Polygon.
Daaps in Polygon Blockchain - https://awesomepolygon.com/
Besides this, apps can be developed inside Polygon itself, with developers able to create apps in Polygon using the Polygon SDK software modules.
Ethereum is here to stay with it’s capacity enhanced through layer 2 solutions for now
This is one reason why the Ethereum Blockchain will continue to function, even when other Blockchains that are more scalable and affordable than Ethereum sprout up. One just cannot overlook the massive head start Ethereum has with the majority of major DEFI apps that are prominent today being Ethereum powered.
Ethereum is bound to experience huge price appreciation due to the network effect of many DEFI Blockchains within it adding value. Other Blockchains that have just sprouted about will take years to match Ethereum in terms of the number of mature active DEFI apps within them.
A little brief on Polygon
Earlier, Polygon was Matic and its aim was to make Ethereum scalable, then Matic rebranded to Polygon where its aim is to make Ethereum a more interoperable chain.
Polygon is a layer 2 solution that uses a modified Plasma framework to scale Ethereum. More on this will be explained in another article, but Plasma uses child chain architecture, processing Ethereum transactions inside side chains acting as a “commit-chain” with finality taking place on Ethereum main chain. All transactions in the Polygon chain are done through the POS consensus mechanism.
Polygon is crypto heartbeat of India and we are proud about it
All this is cool but what is coolest for me is Matic, now Polygon, is a Indian Blockchain company . This obviously is a matter of pride for Indian crypto enthusiasts and something to marvel at considering that Indian Government holds an unprogressive and hostile stance on crypto even though they keep saying they are all for “Made in India” businesses, ha, whatever!!
More than this, Polygon’s co-founder, Sandeep Nailwal initiated CRF, India’s COvid Crypto Relief Fund(which I never get bored yapping about). The guy and his team have worked out a way to use crypto to aid India during a terrible Covid-19 crisis, which impressed me, which is why I have written 2 articles on CRF which you can read about here.
Unfortunately although my crypto heart has a soft corner for Matic, I am not holding any Matic as of now, as my investments are more inclined towards Ethereum competitors - Cosmos, Cardano and Polkadot mostly because I have a psychological fear holding any ERC-20 tokens, due to the experience of high fees earlier depleting my Ethereum in metamask.
However, that does not change my crypto love towards Polygon as an Indian crypto enthusiast.
Polygon is supporting the Ethereum Ecosystem to survive today
Still, as a crypto enthusiast, I do have a soft corner for Ethereum co-founder Vitalik Buterin, for he founded the first ever smart contract blockchain and recently very generously donated to India’s CRF.
I would deep in my heart want Ethereum to survive, evolve and be there in the Blockchain world existing with other awesome Blockchains coming up. Polygon enhances Ethereum, paving a way for Ethereum Apps to stay in the Ethereum ecosystem itself and function.
The support which Polygon is giving to Ethereum early on is akin to the support of a life partner towards that lucky person who is struggling to achieve his/her life goals.
Anyway, happy weekend everybody and if you enjoyed reading my post, give it your upvote love, ok?.
