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What’s All the Polygon Hype About?by@thekprecious
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What’s All the Polygon Hype About?

by Olaseni Kehinde PreciousJanuary 9th, 2023
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Why Is Polygon Adoption Increasing? | by Olaseni Kehinde Precious | Medium, 2022 | Medium Biz. Polygon is a new Ethereum-based network created by some of the brains behind the second-biggest cryptocurrency in history, Ethereum. The network has already received much attention from the community, in fact, big companies like Nike, Reddit, and Starbucks adopted the blockchain.

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Polygon is a new web browser for smartphones, it is set to revolutionize how we use Ethereum. The network has already received much attention from the community. In fact, big companies like Nike, Reddit, and Starbucks adopted the blockchain-powered solution.


So, what exactly makes it so special? Well, let me give you a fuller runover.


The Rise Of Polygon Network

Polygon is a new Ethereum-based network created by some of the brains behind the second-biggest cryptocurrency in history. Its main goal is to make Ethereum faster and cheaper while making it easier for users.


The blockchain was previously named as the MATIC network, but in February 2021, it rebranded to the Polygon network. Currently, MATIC is an ERC20 token on the Ethereum blockchain serving as the native token for Polygon.


The investments and big collaborations in Polygon also fostered its growth. For instance, its partnership with the consulting wing of Infosys Limited, M-Setu. The partnership would enable Infosys to provide emerging technology services to its customers and M-Setu would become an open-source bridge for brands to cross-operate on the Ethereum blockchain.


On May 25, 2021, the billionaire crypto investor, Mark Cuban shared that he has invested in Polygon and this is still visible in his company’s portfolio on the Mark Cuban companies website. He said that Polygon has a high transaction per second TPS and that is important to reduce the transaction cost for users. On May 28, Polygon made a huge announcement of integrating its asset into Google Cloud’s Big Query which would allow the users of Big Query to adopt Polygon thereby, increasing its flexibility and brand positioning.

What is the hype all about?

Recently, there has been so much hype building around the Polygon blockchain, it is considered a potential game changer in the world of dApps. Well, that is because it is the first Ethereum 2.0 network with more flexibility and accessibility. The network will be faster than Ethereum and cheaper to run, in fact, its cost per transaction could be as low as $1. Also, Polygon uses a new technology called C++ scala that makes it possible for developers to write their code once, then compile it into multiple languages like Java or JavaScript and run it on any computer system without needing any special hardware if you have an internet connection (and sometimes even when you don’t).


The Polygon hype doubled when Meta partnered with polygon to help creators mint and sell Polygon NFTs (Non-Fungible Tokens) on Instagram.


In addition, for a technology that once struggled to raise funds, Polygon started to attract the interest of venture capitalists with its innovative technology. In February 2022, it raised $450m from Sequoia Capital in India. Through a private sale of its native token, MATIC, to expand its scaling solutions and improve operations.




Polygon vs Ethereum: What is the difference?

The Polygon Network is a new blockchain that will be faster and cheaper than Ethereum, but it also has some advantages over Ethereum itself. Polygon is an open-source project, meaning anyone can contribute code or otherwise help make it better by providing feedback on how they can improve their own experience with the network itself. They are not just going through the motions when creating this new product, they really want people who are using it now - whether it is as part of their everyday lives or just because they like what this platform stands for - to feel involved in its development process as well.


The difference between Polygon and other cryptocurrencies like Bitcoin or Litecoin is that instead of using Proof-Of-Work (POW) to confirm transactions, it uses delegated proof-of-stake (DPOS). DPOS allows anyone with enough stake in the network (which means holding at least 10% of all tokens) to vote on who will be chosen as block producers or validators. The more coins you hold within Polygon networks, the greater chance you have of being selected as the next block candidate during POS voting rounds. If you are selected as the winner then the transaction fees will be paid out into your account as rewards. This allows the producers to have greater control over how much power they have over the network. Also, this is more incentive than other cryptocurrencies offer since the block producers get paid based on how many blocks they produce each day instead of being rewarded for solving difficult puzzles.


Although, unlike the Ethereum network which is more private and secure, Polygon is more decentralized. However, this gives it better scalability than Ethereum because Polygon counterbalances lesser security with its flexibility. This does not mean that the polygon network is entirely unsafe, just that it is not as secure as its layer1 blockchain (Ethereum).

Conclusion

Many people do not understand Ethereum and what it does, but Polygon should be a good way for them to get into blockchain. The company is making progress and has already launched new products that will make blockchain transactions faster than ever before without any transaction fees or stress. This means that people who want to get involved with cryptocurrency will have no excuse but to use Polygon as their go-to site when they need their things done quickly.



Also published here.