Why We Need Polygon Over Ethereum by@tobykiernan

Why We Need Polygon Over Ethereum

Polygon Network is a second-layer blockchain of the Ethereum network designed to solve scalability and efficiency problems of the network. Polygon is a scalable network for Ethereum-based projects. It works as a connecting point between sovereign blockchains and the Polygon network.Polygon's core functionality is to solve transactional latency, lack of community governance, low throughput, poor user experience, and high gas fees for the network. Polygon’s network comprises a hundred thousand nodes with millions of users building dApps and smart contracts.
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Toby Kiernan

I'm interested by human creativity and technology. Love to write and inspired by facts of technology.


Ethereum has so far proved to be an immensely popular blockchain protocol due to open-source platform capabilities and its capacity to address the limitations of the Bitcoin-based blockchain.


Ethereum's platform functions similarly to that of Bitcoin's, but the difference is that anyone can contribute to Ethereum's blockchain ecosystem, developing applications to assist with its continued growth.


However, there are certain limitations associated with Ethereum and to overcome them Polygon node is a more preferred option for building user-friendly, scalable decentralized applications.

Why Ethereum Matters

The intention behind Ethereum was to create an all-encompassing blockchain platform - a multi-purpose platform that could perform a myriad of tasks from processing transactions to application development and deployment.


Today Ethereum’s network comprises a hundred thousand nodes with millions of users building dApps and smart contracts on a daily basis. Currency Ethereum is considered a prized token with a record number of transactions executed every day.


Ethereum is also a harbinger of Defi, which is the next best thing in the crypto realm. No wonder Ethereum is the preferred blockchain for application development and is only second to bitcoin in terms of market size.

Long Drawn Issues with Ethereum and the Rise of Polygon

However, the in-demand blockchain platform has certainly long-drawn issues that have been the bane of Ethereum since its inception, those being scalability, low throughput, high congestion, and soaring gas fees.


The main problem with Ethereum is its lack of scalability. The more people use the platform, the slower it becomes resulting in low throughput. With Ethereum, you can only process 30 transactions per second. The speed of processing transactions directly affects the transaction costs.


Another major issue is inflated gas fees. Ethereum gas takes flight during high traffic which causes congestion on the network. High congestion also lowers the processing speed.


Ethereum has several unique features, including those of its built-in programming language, EVM (Ethereum Virtual Machine), and smart contracts, but some limitations do exist within this blockchain.


Network congestion, low throughput, and high transaction costs leading to scalability problems in Ethereum have prompted blockchain node hosting infrastructure platforms and application developers to search for alternatives offering a superior performance rate on all fronts.


To solve the growing issues in Ethereum, a core team of software developers developed Polygon. Polygon is a scalable network for Ethereum-based projects. It is an all-in-one solution that underpins the drawbacks of Ethereum and provides holistic solutions such as interoperable Polygon nodes.

What is Polygon?

Polygon Network is a second-layer blockchain of Ethereum designed to solve the scalability and efficiency problems of Ethereum.


Its multi-layered framework facilitates building Ethereum-compatible projects and blockchains. It works as a connecting point between sovereign blockchains and the Ethereum network.


Polygon's core functionality is to solve transactional latency, lack of community governance, low throughput, poor user experience, and high gas fees for Ethereum.


Since its transformation from Matic to Polygon, it has outgrown its original purpose as a plasma-based side chain and has positioned itself as the "Ethereum internet of blockchains.

Fundamentals of Polygon

Currency


MATIC is used for processing transactions, paying gas fees, and participating in the governance of the Polygon network. MATIC holders have the right to partake in the governing process and the ability to decide the future of the network.


Consensus Mechanism


Polygon uses the Proof of Stake consensus mechanism for its commit chains connecting to the Ethereum mainchain. Polygon users are required to stake MATIC to take part in the consensus process. Stalking and governance are two of the fundamentals that Ethruem’’s native currency, Ether, unfortunately, lacks.


Framework


Polygon's robust architecture includes four layers -


  • Ethereum layer which is made up of smart contracts conducting core tasks on Ethereum such as executing transactions, staking, and channelizing communication between the main chain and Polygon chains
  • Security layer providing “validators as a service”, supervising validators, and managing validations upon Polygon chains
  • Polygon’s network layer comprises sovereign blockchains existing within the Polygon ecosystem with their own community and functionalities.
  • The Execution layer is made up of EVM, responsible for the execution of all validated transactions.

Key Features of Polygon

  • Polygon has modular and highly flexible architecture making it a developer-friendly platform rather than Ethereum
  • Polygon intends to become an interoperable bridge between sovereign blockchains and Ethereum and establish a multi-chain ecosystem like Cosmos and Polkadot
  • Polygon was designed with scalability in mind and is proven to be much faster than Ethereum. You are known to process 65000 transactions per second!
  • It enables quicker application development and deployment, enabling swift transactions with an almost negligible transaction fee, unlike Ethereum which charges astronomical amounts of Gas
  • It elevates the user experience by creating prompt Ethereum-based smart contracts, NFTs and DApps
  • MATIC remains the resident token even after rebranding to Polygon responsible for staking and governance, two key abilities that Ether lacks
  • Polygon provides a security blanket to its parent blockchain while being less susceptible to attacks or double-spending.
  • Polygon solves one of the biggest pain points of high transactional costs due to congestion on the Ethereum network. Gas fees can go up to $50 to $80 per transaction during high traffic when transaction processing is at its peak.
  • Polygon is EVM compatible sidechain making transferring applications process a walk in the park

How Polygon Can Help Ethereum

To answer this question, let's first understand why Polygon was created and the purpose behind it.


Polygon, originally known as the Matic network, was launched in 2017 by a team of three Indian programmers who worked aggressively to design a scaling solution for the Ethereum blockchain with interoperability features at its center.


They created Matic to be a decentralized network with its own currency, MATIC. In 2021, the founders of Matic decided to rebrand Matic and changed its name to Polygon whilst keeping the MATIC token intact.


The developers of Polygon, mindful of the laxities in Ethereum in its classic format, designed Polygon to be an Ethereum-centric multi-level protocol. The idea behind Polygon is not to replace Ethereum or obstruct its core functionalities. Nor is Polygon pitted against rather than intended as a side chain solution to the main chain Ethereum.


Polygon’s primary goal is to focus on scalability and introduce conventional solutions to Ethereum’s intrinsic drawbacks while enhancing the user experience. Furthermore, Polygon plays a dual role in being an interoperable protocol and an exclusive framework for sovereign blockchains building Ethereum-based projects, bringing them under one sustainable and scalable ecosystem.


Polygon’s vision is to eliminate blockchain silos and provide a decentralized habitat to the Polygon chains where they could freely communicate with each other and mainchain Ethereum.


Application developers can easily build Ethereum-backed projects on Polygon to avoid high congestion episodes on the mainchain. Moreover, projects created on Polygon can seamlessly communicate with the ones developed over Ethereum.


Ethereum is home to innumerable Defi projects. At Least 52 Defi projects have already shifted base to Polygon and AMM platforms like Aave, CurveFinance, Uniswap, and Balancer are leveraging Polygon to enjoy its many benefits like low transaction fees and quick and inexpensive application development. Polygon boasts of saving $140 million worth of Gas on a daily average basis.


NFT projects are another benefactor of Polygon's many perks. Instagram, Prada, and Adidas originals recently launched their NFT projects atop Polygon.

Polygon Node Deployment

To get the most out of Polygon and create long-term sustainable projects that are Ethereum Compatible, create an account on Polygon nodes. Doing so will enable you to build applications, execute smart contracts, and conduct tests on application functionality.


Hence, choose to host Polygon nodes that strive to improve the interoperability, liquidity, and security of the Ethereum platform. It aids the clustering and release of several decentralized applications through the Ethereum network.


The system entails programmers, application designers, developers, stakeholders in the industry, and users. Build scalable dApps with low transaction costs without compromising security using the Polygon network.

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Toby Kiernan HackerNoon profile picture
by Toby Kiernan @tobykiernan.I'm interested by human creativity and technology. Love to write and inspired by facts of technology.
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