Most of us are familiar with Ethereum, arguably the biggest smart contract ecosystem of its time, but few know about its limitations and scalability problems. Polygon not only recognized the most crucial flaws but also developed solutions that scale while synergizing with the Ethereum ecosystem — read on to find out all you need to know about the newest token listed on coinpass.
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 (read more)…
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