A long list of blockchain protocols is competing to be the best interoperability solution for the decentralized finance ecosystem. But
Polygon blockchain stands out among them. This article will help you better understand the Polygon blockchain, how it works, and how it solves the scalability issues in the Ethereum network.
So let’s have a walkthrough into the basics:
What is Polygon?
Polygon, popularly known as ‘ Ethereum’s internet of blockchains,’ is a blockchain scalability platform and framework that can connect and build blockchain networks compatible with Ethereum. The core aim of Polygon is to provide multiple tools to improve the speed and decrease the transaction cost on blockchain networks. Ethereum blockchain is central to this vision. Ethereum provides access to a varied range of decentralized applications, where users can play games, buy arts, join virtual worlds, and much more. However, increased activity on its blockchain leads to a clog in traffic and increases transmission costs, rendering Ethereum almost unusable.
Polygon acts as an add-on layer to Ethereum and helps expand its size, security, and efficacy. It’s categorized as a layer-2 aggregator that aims to create a multichain ecosystem of blockchains compatible with Ethereum and have superior interoperability. To use Polygon, users can ‘bridge’ some of their cryptos over to Polygon and then interact with several popular crypto applications previously exclusive to the main Ethereum blockchain.
Read more: What to know before implementing blockchain in your business?
What stands out about Polygon blockchain?
Polygon is considered a project that reshapes interoperability and scaling in the blockchain network. It gives developers a comprehensive set of tools to create high-performing and high-scaling blockchain protocols and dApps. Polygon is unique in the game because it is the only scalability solution that can fully support the Ethereum Virtual Machine. It also has an optional security protocol that gives blockchains the option to retain their self-sovereignty. As a result, the connected blockchains can fully operate with the Ethereum mainchain without choosing Polygon’s security-as-a-service model.
Prominent features of Polygon blockchain
Lastly, Polygon provides a well-rounded approach to scaling solutions. It offers multiple scaling mechanisms establishing the risk of one or more particular solutions becoming obsolete.
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The architecture behind Polygon blockchain
Polygon is a multi-layer ecosystem where each part takes a particular role:
Ethereum Layer: It’s a foundational layer implemented as a set of Ethereum smart contracts. This layer is responsible for staking, checkpoint, dispute solving, and interoperability with Ethereum and Polygon chains. Side-by-side Security Layer: An abstract layer that runs parallel (or side by side) to Ethereum. Execution Layer: This layer is the implementation of the Ethereum Virtual machine. It interprets and executes transactions and smart contracts on the Polygon network. The execution layer has two sublayers: Execution environment: It is a pluggable virtual machine implementation. Execution logic: It serves as the state transition function for a specific Polygon network.
Polygon Network: It’s a mandatory layer next to the execution layer, responsible for running block production, local consensus, and transaction collation.
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How does Polygon blockchain work?
Polygon is a complex DeFi ecosystem that offers developers a varied range of modules they can use and configure to create their custom Ethereum-compatible blockchains. Blockchains launched on Polygon are based on its PoS sidechain that leverages a network of validators off the blockchain and moves on to the Ethereum main chain to finalize the transactions.
Polygon supports two types of chains:
Stand-alone chains: These self-sovereign chains are directly compatible with Ethereum. Stand-alone chains are entirely responsible for their security. Secured chains: Secured chains bootstrap their security through professional validators. Instead of getting their validator pool, secured chains use “security as a service.
Polygon chains can communicate with each other and with the Ethereum main chain, allowing dApps to share on both protocols. The Polygon network’s core lies in the software development kit (SDK) used to build Ethereum-compatible dApps as sidechains and make them connect to the primary blockchain network.
Polygon supports three construction scalability methods to build sidechains:
Plasma Chains: These bundle transactions into blocks batched into a single submission on the Ethereum blockchain. Optimistic Rollups: They are similar to plasma chains but with the compatibility of scaling Ethereum smart contracts. The feature-rich rollup function assumes that most transactions are by default valid. However, other operators can highlight and revert the incorrect block in case of an invalid transaction. Zero-Knowledge (ZK)Rollups: ZKs bundle multiple transfers into a single transaction.
If you are planning to launch a scalable blockchain solution, make sure to consult with a reliable
blockchain development company to do a feasibility analysis for using Polygon blockchain for your project.
Read more: How to choose the right Blockchain as a Service provider?
How does Polygon solve the scalability issues in Ethereum?
The Polygon blockchain significantly improves the Ethereum blockchain’s functionality by increasing its network scalability and transaction speed. Polygon uses its PoS blockchain and Commit Chain connectivity to help scale the Ethereum network to solve the disorganization that might obstruct the widespread adoption of blockchain technology.
Polygon’s Proof-of-Stake blockchain serves as a Commit Chain to the Ethereum mainchain, enabling over 80 Ethereum dApps on its platform to transact without instances of network congestion.
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The Polygon network envisions a decentralized world where people can freely exchange value globally. It has increased interoperability in the industry. The solutions presented by the Polygon network are answers to some of the most pressing issues of Ethereum. More than a simple layer-scaling solution, Polygon can provide the infrastructure needed to develop a network of different blockchains that benefit from absolute interoperability.