17 June 2021: Previously known as the Matic Network, Polygon is a scaling solution for Ethereum-powered blockchain networks. Polygon utilizes the MATIC token governance, staking for holders, and gas fees on the network itself. With Polygon's scaling solution, Ethereum may now have the ability to continue to grow, develop, and keep its top spot as the biggest smart contract-able blockchain.
From Matic to Polygon
The Matic network was originally developed with the purpose of just being a simple scaling solution for larger blockchains. This technology utilized its own method of processing transactions off the main blockchain, finalizing those transactions, and then sending them back to the main Ethereum chain. This solution would allow less stress on the Ethereum mainnet, helping it to be able to scale to more and more users.
Polygon is a little different than its predecessor. Polygon is essentially its own platform in which "interoperable blockchains" can be launched that are designated with specific functionality depending on the solutions or projects needed.
The Polygon layer of the network includes its own community, governance in the form of local consensus, and has its own blockchain. Along with this is a security layer, execution layer, and Ethereum layer built utilizing Ethereum smart contracts for communication, completing transactions, and so on.
Why Polygon is so Important
Polygon is the best solution offered so far that can achieve scalability and interoperability. With a prominent scaling solution, Polygon can be utilized for the Ethereum mainnet to finally achieve a solution for the exuberant gas fees. Due to the massive increase in network traffic, Ethereum users have been known to have to pay large gas fees just to move funds, pricing some users completely out of transactions entirely. Polygon's scaling solution offers a possible fix to that problem and will be an extremely vital part of Ethereum 2.0's success long term
In addition to Ethereum, Polygon's blockchain interoperability may also offer solutions to projects such as Polkadot and especially Cosmos. Polygon's diverse nature in verifiable use cases means it will be a solid project no matter the development route it takes in the future. There will always be use cases, signs of a very valuable, important project.
While only an introductory look into the magic of Polygon (MATIC), the project's already extremely important solutions for the Ethereum mainnet showcases the future value that it will have. From a long term outlook, Polygon is a project that both individual and institutional investors should have confidence in. Even billionaire investor Mark Cuban had choice words for Polygon, stating that MATIC is "destroying everybody else' in the cryptocurrency space. Polygon will be a project covered extensively by REKTimes going forward.
Learn more about Polygon (MATIC) on their website here.
Polygon can be purchases on most cryptocurrency exchanges, including Coinbase, Binance, Huobi, and others.
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