DeFi 10114 September 2021

Polygon Explained

Polygon Platform

Summary:

  • Polygon is an Ethereum scaling platform
  • Polygon simplifies transactions on blockchains
  • Has three major benefits over other blockchains

Polygon is an Ethereum scaling protocol that focuses on providing tools that improve speed, reduce cost and simplify transactions on the blockchain networks. Polygon is a layer-2 network, which means it is an add-on layer to Ethereum. It does not attempt to change the initial blockchain layer. Polygon has multiple shapes, sided and uses.

It has a simple framework for building networks that are all interconnected. Polygon’s native coin is called MATIC and is the standard payment unit between users interacting on the Polygon network.

Polygon seeks to solve most of the pain points in blockchains like slow speeds and high gas fees without compromising on security. The multichain system is similar to others like Avalanche, Polkadot or Cosmos, but has three advantages to it:

  • It fully benefits from Ethereum network
  • More secure
  • More powerful
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