Polygon is a multi-chain and complete system that resolves the traditional Etheruem’s issues of throughput, poor user experience, and scaling, unlike Polkadot, Cosmos, and Avalanche, Polygon taking the advantages of Ethereum’s security, openness, and the ecosystem, the Polygon project removes the old barriers of interoperability and scaling of many blockchains, due to its compatibility with Etehreum blockchain make it more attractive for Ethereum based smart contract developers, the architecture depends on four layers, which further divided into two categories of mandatory layer and optional layer, the Polygon networks layer, and Execution layer fall into the mandatory layer.
- Ethereum layer
- Security layer
- Polygon networks layer
- Execution layer
Polygon networks layer responsible for handling local consensus and blocks production while Execution layer is handling the execution of the Ethereum Virtual Machine for smart contracts.
The optional layer contains the Ethereum layer and the Security layer, the first one is the collection of smart contracts and providing services for transaction finality, staking, and communication between Ethereum main chain or side chain, the second one provides services for security and validation across the Polygon network.
The Polygon provides the greatest advantages over other blockchains, for example, if a chain launched on the Polygon network that must be benefited from the capabilities of Polygon’s arbitrary message passing over other blockchains as well as greater access to interoperable decentralized applications on diverse platforms.
The Polygon is a type of network that works as a network of interconnected blockchains, with the help of the Polygon there is no limitation to retain only to particular chain network, but the Polygon chain is interconnected with a wider landscape. The goal of the Polygon is to offer the blockchain developers a type of network that decentralized, anyone can plugin their own blockchain and overcome the traditional limits of the particular community blockchains.
The Polygon has its own native coin which is MATIC, an ERC-20 token running on the Ethereum blockchain, work as transactional and settlement currency, not only the currency for the Polygon chain but also for the side chains on the network, the Polygon network backed by multiple technologies, one of them is Plasma Chains, the scaling solution, extends the Ethereum network limitation and allow developers to build systems that can not be developed on Ethereum alone.
The success of Polygon lies in its Defi-based decentralized applications, and non-fungible tokens(NFT), developers can build and connect to any Ethereum-compatible blockchain, therefore Polygon refers to a layer 2 framework.
After the investment from billionaire Mark Cuban, the Polygon Network’s native token soared by 13%, according to him the Polygon is fast and will grow exponentially. The successful applications running on Polygon are Augur, a prediction market, OpenSea NFT marketplace for arts and collectibles, Trace Network which is a Defi-based application in the field of fashion, lifestyle, and luxury goods
https://decrypt.co/resources/what-is-polygon-matic-and-why-it-matters-for-ethereum
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Source: https://medium.com/cryptocurrencies-ups-and-down/the-advantages-of-polygon-matic-b01891689f5f?source=rss——-8—————–cryptocurrency
