The Polygon Network is a Layer 2 blockchain solution. It uses the Lightning Network to scale and increase transaction throughput, while still allowing tokens to be transacted on Ethereum’s main network. The platform allows users to create their own side chains that connect directly with the Ethereum main chain, making it the first interoperable blockchain-based solution for financial services companies and other industries that require high levels of security like payments, lending, and insurance. The Polygon Network consists of Matic nodes which enable users to create their own blockchains on top of Ethereum but with much lower fees than those found in Layer 1 transactions.
Polygon Overview
Polygon is a second-layer blockchain solution that enables distributed applications (dApps) to be built on top of Ethereum. As a dApp platform, Polygon supports multiple Layer 2 solutions and offers developers the ability to choose which one is best for their application.
The Polygon network uses Ethereum as its base layer and offers secure smart contracts that can be used in any dApp built on the Polygon platform. The Polygon Network has its block explorer and testnet.
Polygon Matic Layer 2 platform uses Ethereum
The Polygon Matic Layer 2 platform uses Ethereum as its base layer. Ethereum is the most widely used blockchain in the world and has a large developer community, making it easy to use. Furthermore, Ethereum has become a public blockchain that can be used by anyone with an internet connection. As part of our long-term vision for the Polygon Network, we want to provide an easy way for developers to build decentralized applications (DApps) on top of our protocol, so we need something that people already know how to use.
We believe that Ethereum will continue to be one of the leading blockchains in terms of market share and usage even after other protocols start rolling out their versions of Layer 2 solutions like Polkadot or Cosmos, respectively. While several new projects are coming out every week claiming they have better technology than existing ones, most people still use Ethereum because it’s easy to use — especially if you don’t have extensive coding skills or experience building decentralized applications with private key management systems such as Metamask/Mist browser extensions, etc…
Polygon is a Layer 2 solution for Ethereum
Polygon is a Layer 2 solution for Ethereum, which means it does not have its own blockchain but rather uses the Ethereum blockchain as the base layer of its network. The use of Ethereum as the base layer gives Polygon several advantages over other second-layer solutions such as EOS or Tron:
- A high level of trust in the security and stability of the underlying infrastructure;
- A mature development environment with established tooling;
- A large developer community with strong technical knowledge that can help solve problems quickly because they’ve encountered similar issues before;
Layer 1 transactions are expensive and slow
Layer 1 blockchains like Bitcoin and Ethereum have very high transaction fees, slow transaction speeds, and low scalability. The reason is that they have to be mined by a lot of computers to verify the transactions on their network. So if you want to send some funds from one account on a blockchain network like Ethereum or Bitcoin, several things need to happen:
- Your wallet software has to synchronize with the blockchains so it knows where all of your coins are located
- It then needs to check with each miner (a computer doing this work) whether or not they will accept your transaction as valid
- After doing all this work, miners might still reject your transaction due to technical reasons (e.g., insufficient gas for executing contracts), leaving you with no choice but to wait until someone else pays more fees than yours
Polygon is a second-layer blockchain solution
Polygon is a second-layer blockchain solution that uses Ethereum as the first layer. Polygon is a hybrid blockchain that combines Proof of Stake and Delegated Proof of Stake consensus mechanisms. By using these two different consensus mechanisms, the Polygon Network is designed to be fast, cheap, and scalable. This makes it ideal for dApps that require high throughput and low transaction fees.