Have you ever wondered how the magic of Internet banking, online shopping, and digital transactions works? These rely on a technology called blockchain, like a digital ledger that securely records transactions. But, just like anything else, traditional blockchain technology has its limitations, especially when handling a large volume of transactions quickly and affordably.
This is where the Polygon Network comes in. Picture it as an improved version of the blockchain, like a superhero version, if you will. Known in the past as the Matic Network, Polygon works faster, handles more transactions, and costs less than regular blockchain technology, all while keeping everything secure.
In this article, we’ll go on a journey to understand the Polygon Network better and see why it’s like the superhero of blockchain technologies. We’ll explore its superpowers and why it might be a better choice than the traditional blockchain for many tasks.
Understanding the Polygon Network
The Birth and Evolution of Polygon Network
When you see a bustling city, it’s easy to forget that it may have started as a small town with just a few houses. Much like such a city, Polygon Network has its roots in a smaller, yet ambitious project. Polygon was initially introduced as Matic Network in October 2017 by three co-founders: Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun.
The creation of Matic Network was driven by a vision to overcome major limitations of traditional blockchain – slow speeds, low transaction capacity, and high fees. The founders wanted to ensure that blockchain technology could live up to its promise of transforming the digital world by making it faster, capable of handling more transactions, and more accessible cost-wise.
As the team worked towards these goals, Matic Network evolved and grew. It introduced new features and improvements, eventually morphing into a platform capable of supporting multiple blockchains. It wasn’t just about creating a faster version of blockchain anymore; the team aimed to create an ecosystem where different blockchains could work together seamlessly. To represent this significant shift in its capabilities and vision, in February 2021, Matic Network rebranded to Polygon.
Today, Polygon stands as a testament to this evolution, offering a framework for creating interconnected blockchain networks. It’s like a bustling city, offering various services and infrastructures, all designed to make digital transactions smoother, quicker, and cheaper.
What is a Layer 2 (L2) scaling solution and what are sidechains?
If blockchain is like a highway, think of Layer 2 solutions and sidechains as additional lanes added to ease the traffic. Layer 2 scaling solutions are techniques that help process more transactions quickly and cheaply. They do this by processing transactions off the main highway (main blockchain) and then bringing them back when they’re done. These additional lanes are what we call ‘sidechains’. So, in short, Polygon creates extra lanes to deal with more transactions and prevent traffic jams on the blockchain highway.
Advantages Over Traditional Blockchain: Scalability
Scalability: Highways with More Lanes
Remember the highway analogy we used earlier? Let’s bring that back. Scalability, in the context of blockchain, refers to the amount of traffic, or in this case, transactions, that our highway (blockchain) can handle at any given time. Traditional blockchains, like Bitcoin or Ethereum, are like two-lane highways. They can only process a limited number of transactions per second, which causes delays when the network becomes congested.
Now, imagine turning that two-lane highway into a superhighway with multiple lanes. That’s what the Polygon Network does. By using Layer 2 scaling solutions and sidechains (our extra lanes and detour routes), Polygon can process a massive number of transactions simultaneously – up to 65,000 transactions per second on a single sidechain.
Imagine the time saved and the efficiency gained! That’s like driving on a highway with virtually no traffic jams, allowing everyone to reach their destinations quickly. This scalability is especially crucial in areas like decentralized finance (DeFi) and gaming, where thousands of transactions are performed every minute.
Cost Efficiency: Affordable Tolls for Everyone
We’ve talked about blockchain as a highway, with transactions as cars driving on it. But as anyone who’s driven on a toll road knows, the journey often comes with fees. In the world of blockchain, these fees, often called ‘gas fees’, can sometimes be very high, especially on the Ethereum network. When the network gets congested with too many transactions, these fees can skyrocket. It’s like toll fees increasing during peak traffic times.
Now, this is where Polygon Network shines. Remember the Layer 2 solutions and sidechains, our extra lanes, and detour routes? By using them, Polygon can process transactions off the main Ethereum chain. This dramatically reduces gas fees because it’s like taking a toll-free route. As a result, Polygon Network allows for much cheaper transactions than traditional blockchain networks.
This cost efficiency is a game-changer, especially for applications that require a lot of transactions. For example, in decentralized finance (DeFi) services, where transactions are the heartbeat of the system, high gas fees can significantly cut into profits. But with Polygon’s affordable toll system, DeFi services become more accessible and profitable.
Speed: Faster Highways, Quicker Journeys
Let’s stick with our highway analogy. Speed here relates to how quickly transactions can be processed on the blockchain. On traditional blockchain networks like Bitcoin or Ethereum, transactions take some time to process. It’s like being stuck on a highway where the speed limit is quite low, causing a slow-moving traffic situation.
Now, imagine the Polygon Network as a highway with a much higher speed limit. By leveraging Layer 2 scaling solutions and sidechains, Polygon Network can process transactions much faster than traditional blockchains. This means that activities like transferring tokens or executing smart contracts can happen almost instantly.
This speedy processing is especially vital in industries like gaming, where real-time interactions are crucial. Imagine playing a game where you have to wait for minutes to open a treasure chest or trade an item. The delay would ruin the gaming experience. But with Polygon’s high-speed processing, gamers can enjoy seamless, real-time interactions.
So, if we go back to our highway analogy, Polygon Network is like a high-speed highway that allows everyone to reach their destinations quickly. It has removed the frustrating wait times commonly associated with traditional blockchains, paving the way for a smoother, faster digital transaction journey.
Conclusion
The Polygon Network is a unique innovation in the blockchain world. It offers solutions to the challenges of speed, cost, and efficiency that can sometimes make traditional blockchains less effective for certain uses.
By offering a way to process a high volume of transactions quickly, Polygon brings speed to the table that can revolutionize industries like gaming and decentralized finance, where every second counts.
Also, Polygon shines in making these quick transactions affordable. It cuts down on the high transaction fees often seen in other networks, making digital transactions more accessible to everyone.
Try Polygon Now
Starting your journey with Polygon Network is simple – all you need is a wallet that supports it. However, keep in mind that not all wallets currently support Polygon. That’s why finding the right wallet is crucial.
One of the leading Polygon wallet right now is BlockWallet. Not only does it fully support Polygon, but it also provides a user-friendly interface and robust security measures, ensuring your digital assets are well-protected.
This article was brought to you with the help of BlockWallet. They believe in the potential of Polygon Network and strive to make it easily accessible to everyone. By downloading and using BlockWallet, you’ll not only get to experience the speed, affordability, and efficiency of Polygon firsthand but also join a community that’s at the forefront of blockchain innovation.
