Polygon is one of the leading blockchain solutions for scaling Ethereum. The project team is working on new software platforms that improve network scaling, speed, and cost of transactions. One of the largest DeFi protocols, the Aave lending platform, the OpenSea NFT marketplace, and the private blockchain for Mercedes Benz Asia, are built on Polygon. And in May 2022, Meta began testing NFT support on Instagram based on Ethereum and Polygon. In this article, I figure out why developers and startups choose Polygon: what are its advantages, and what are the pros and cons of developing dApps on this blockchain.
How Polygon solves Ethereum's scalability problem
Polygon is a second-level blockchain that runs on the Ethereum ecosystem. The team wanted to create a convenient tool on which it would be easy to build any application, from games and NFTs to multimillion-dollar DeFi projects. The blockchain is based on all the advantages of Ethereum: a reliable blockchain with 8 years of user experience, the well-known Solidity programming language, and a convenient interface for creating smart contracts, known as the EVM - the virtual machine of Ethereum.
With a solid Ethereum base, Polygon has been able to focus on fixing its biggest problems: scaling issues and high gas fees. Polygon developers offer several software systems to solve the scaling problem at once.
Sidechain with EVM supports Polygon PoS
Suitable for scaling in Web 3.0 and launching projects that are designed for a global audience. Security is provided by Plasma bridge and a decentralized network of validators. The network relies on its Proof-of-Stake consensus.
The blockchain is compatible with all EVM standards and developers can easily deploy smart contracts on the Polygon chain. Transaction speed up to 7000 per second is hundreds of times faster than Ethereum. The blockchain is flexible and can be customized to the needs of each project. The average cost of transactions is $0.002.
Super networks based on Polygon Edge
A software system that helps implement blockchain in public and private networks. Suitable for dApps, and enterprise solutions. Compatible with Ethereum and any other blockchains that use the EVM. Security is verified by professional validators who stake the Matic token to validate transactions on new super networks.
Polygon Supernet operates in different modes that can be adapted to the project. The network can be quickly scaled with the help of the Layer2 chain, which provides the speed and high performance of the blockchain.
The Layer2 construction Polygon Hermez
Solves Ethereum's scalability problem with ZK rollups. Roll-up rolls up several transactions into one and increases network throughput. In simple words, instead of sending one transaction at a time to the blockchain, several are "rolled up" at once in a rollup. ZK is a zero-knowledge proof technology that publicly proves the validity of transactions. Only a proof and a compressed data package are sent to the Ethereum main chain, which greatly increases the efficiency and throughput of the network.
Polygon Architecture
The blockchain architecture consists of four abstract and composable layers, which means that developers can determine which layer to use when building projects on.
Ethereum and Security layers
The first level is assembled from basic smart contracts. At this level, smart contracts are responsible for staking, confirming transactions, and ensuring the interaction of the Ethereum and Polygon networks. EL allows the blockchain to use the security of the Ethereum network. The connection of the Security layer also provides a reliable level of security through its network of validators but at a higher transaction speed.
These two levels are optional and can be added additionally for projects where security is important. For example, the DeFi protocol that stores millions of dollars.
Polygon Network layer and Execution layer
These are the required layers in the blockchain architecture. The first consists of sovereign networks with their consensus and block production mechanisms. The Execution layer is responsible for executing smart contracts and confirming all transactions.
The main advantage of polygonal architecture is that it allows developers to choose convenient levels on which applications or private networks will be placed. You can determine the key parameters that are important to the project - speed, security, fees, or decentralization, and based on these needs, select a layer.
For example, if speed is important, but you can sacrifice security, you can skip the first two layers. If security is important, and you can sacrifice speed, connect the Ethereum layer. If over time the application requires you to add or disable a layer, the settings can be changed.
Pros and cons of developing on Polygon
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❌ Cons |
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Strong Ethereum blockchain base with a loyal community. |
Ethereum dependent |
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The popular Solidity language is used, which is similar to Java. It is easier to master for developers who have not worked with web 3.0 before. |
It is not known how the transition to Ethereum 2.0 will affect the development of the Polygon network. |
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No need to rewrite smart contracts. It can be moved from Ethereum to Polygon. |
High competition among other scaling solutions. For example, Polkadot has made significant progress in creating multi-chain solutions that are compatible with all blockchains. |
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Compatible with EVM. |
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Thanks to Layer2 solutions, it can scale quickly and is suitable for projects with a large number of users and transactions. |
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Quickly implement a project through special programs. |
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Low gas fees and high transaction speed. |
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There are grants and developer support. |
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Help projects with marketing. |
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Let me summarize
The Polygon blockchain seems to be one of the most inspiring projects and in the future, we will see many interesting projects in its ecosystem. The team does not stop on the way to its goal - to make the blockchain a fast, environmentally friendly, and commonly used tool.
The advantages of developing on Polygon, in my opinion, outweigh the disadvantages. For example, Polygon's dependence on Ethereum can be interpreted positively - Ethereum has established itself as a reliable system with a large community. I especially note that Polygon has a useful set of tools for developers and even beginners who have not built applications for Web 3.0 will be able to understand it.