At its core, Polygon is an Ethereum scaling network that aims to improve performance in terms of transaction speed, security, and energy consumption, as well as to allow developers to build and deploy full-blown Decentralised Applications (DApps) easier and faster than before. Just to put Polygon’s popularity into perspective, the DApps that make use of its solutions include Aave, SushiSwap, Decentraland, 1inch, Curve Finance, and many more well-known protocols of the industry. MATIC, the native ERC-20 token of the ecosystem, is mainly used for paying transaction fees, staking, and being the general medium of exchange within Polygon.
Polygon’s Best Elements
Polygon’s ultimate goal is to scale Ethereum, and so all its features contribute to that in some way. The ecosystem is secured via its own Proof-of-Stake (PoS) consensus mechanism, which is said to unlock scalability without compromising on security.
With that, Polygon is able to turn Ethereum into a multichain ecosystem similar to Polkadot, which form is basically one of the most robust of blockchain networks. All combined, Polygon’s throughput can reportedly reach up to 65,000 transactions per second (TPS) on only one of its side chains, which is unheard of when considering Ethereum 1.0’s limitations.
Polygon also caters to the needs of developers with its built-in tools and fully Ethereum-compatible framework, which enable efficient DApp building without learning new programming languages, or adapting to unfamiliar environments.
Polygon vs. Competition
Solana offers a lot, but how does it compare to Ethereum, the alleged number one of the industry? First, the numbers: according to official sources, Solana’s transactions per second (TPS) indicator stands at around 2,500, while Ethereum 1.0 reaches around 14. Moving on to how these two giants are secured, Solana utilises its version of the popular Proof-of-Stake (PoS) consensus algorithm, while Ethereum 1.0 uses Proof-of-Work (PoW). In terms of costs, Solana is said to have its average transaction price around £0.00018, while Ethereum’s infamous gas fees can reach the hundreds per action.
Even though this contest seems to have a really obvious outcome, a few important points have to be mentioned before drawing conclusions. First off, the above features are those of Ethereum 1.0, and with the highly anticipated Ethereum 2.0 that is said to arrive in the near future, the race can equalise quicker than you’d think. Also, Ethereum’s ecosystem enjoys the benefits of wide adoption and countless powerful DApps, and token ecosystems built on top of it, while Solana still has to acquire more users to expand its world.
Final thoughts, and how to buy Polygon (MATIC)?
Polygon (MATIC) managed what Ethereum itself did not: created a set of solutions that, quite literally, brought the smart contract giant up to speed. Many renowned DApps, and countless users have already voted their trust to Polygon, and it will be interesting to see how it fulfils its ultimate vision of scaling Ethereum in the times ahead.
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