In its early days, Polygon was the second tier of the Ethereum network. This made it similar in functionality to the Optimism network. However, as the Polygon network evolved, it became cramped within the framework set by the Ethereum network, and it switched to its own blockchain. The 65,000 transactions per second rate and transaction fee of 0.001 cents per transaction are the envy of other cryptocurrency networks. The graph of Polygon network development turned out to be almost vertical – just like the graph of the coin price used in Polygon network. Connecting to this network is very easy – you just need to specify its parameters in the popular cryptocurrency wallet MetaMask. And getting coins that are used in the Polygon network is easiest and most convenient using the EvoDeFi blockchain bridge.
What Coins are Used in the Polygon Network
The Polygon network uses MATIC coins. The total number is limited to 10 billion. About a third of this amount was sold during the IEO on the cryptocurrency exchange Binance. The rest of the coins are distributed by the algorithm Polygon, as a reward for stacking MATIC coins. Since the Polygon network uses a kind of dPos (Delegated Proof of stake) algorithm, it is enough to temporarily entrust MATIC coins to one of the nodes with the right to confirm transactions. This gives the user the right to receive a proportional reward. Thus, Polygon is not only close to the world records for speed and cheapness of transactions, but also for passive income.
How Polygon nodes work
The Polygon network relies on a system of nodes to confirm transactions. To own one of the Polygon nodes, the user need only have a deposit of MATIC coins, since the network algorithm is a variation of the Proof of stake algorithm. The need for collateral in MATIC coins reduces the total number of coins in circulation, which in the long run increases the price of MATIC. The impressive speed of operation and low commissions were achieved by the developers through the use of individual layers. There are a total of four layers of the Polygon network.
A peculiar architecture of the Polygon network
You can imagine the Polygon network as a structure with four layers. Its base and foundation is the Network layer. This layer acts as a system of sidechains, reducing the load on the main Polygon blockchain. This is a similarity between the Polygon network and multi-blockchain projects like PolkaDot and Kusama. The Network layer is always involved to some extent in transactions between MATIC nodes. Another layer, always involved in transactions between MATIC nodes, is the Execution Layer. This layer has a separate contract execution environment and execution logic, which increases the degree of system security.
There are two service layers in the Polygon network. This is the Security Layer, the service for the validators, confirming transactions. Everything about validation is in the Security Layer. Ethereum Layer enables simple integration to the Ethereum network. This layer is only used in some Polygon applications.
Development of the DeFi ecosystem and other applications on the Polygon network
Low fees and fast network speeds are the perfect combination for developers creating decentralized applications. The Solidity programming language is used to write applications that use the Polygon blockchain. This means that with minimal effort, developers can convert their applications written for use in the Ethereum network for use in the Polygon network.
Another important advantage of the Polygon network is the Polygon SDK, a set of powerful software tools for developers who want to create decentralized apps. They can choose the solution they want based on the capabilities of the Polygon architecture. For example, if we’re talking about a DeFi app that uses large amounts of money, it’s better to develop on the base layer of Etherium. Creating a trading floor for NFT is possible thanks to the Security Layer, which uses collaborative modules to protect contracts against intrusions. And the GameFi application can occupy a separate sidechain for the sake of achieving the highest transaction speed. Join Polygon’s growing community of developers and users. An EvoDeFi blockchain bridge will help you to buy coins or exchange them for any other cryptocurrency tokens.
The Gnosis cryptocurrency is designed for prediction markets. Although it was created back in 2015, it did not really develop until after 2021. GNO coins…
Terra is one of the most extraordinary cryptocurrency networks. LUNA tokens circulate in the Terra network. Through a price stabilization mechanism, LUNA has become stablecoin,…