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Polygon (Matic) making major moves over Ethereum

Polygon matic token logo on green background image
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Founded in 2017, Polygon (previously known as Matic Network) is a cryptocurrency and Web3 platform designed to facilitate Ethereum use cases. Even though Ethereum was hot back then because it was newer, faster, and stronger than Bitcoin, Polygon still became necessary. Let us understand why as we discuss how Polygon (Matic) news took over the blockchain industry.

What is Polygon?

The Polygon technology essentially is a layer-two blockchain built on top of Ethereum’s layer-one nature. Why was that necessary? As Ethereum became more widely used, users and enthusiasts understood that the platform had started to succumb to the "blockchain trilemma".

The blockchain trilemma relates to the trade-off between;

  1. The potential for decentralization
  2. Security
  3. Scalability

This is important to understand because we already know that Ethereum became a hot pick. After all, it offered better scalability, better security, and better scope of decentralization than Bitcoin.

However, sometime between 2016 and 2017, Ethereum understood that it would soon face a challenger if it did not pick one (or max two) areas to specialize in.

Ethereum committed to better security and better decentralization owing to its founding principles. However, at the same time, Ethereum wanted to find a way to work on scalability, but with a new philosophy, i.e., a second layer. This was when Polygon technology was founded.

Recent Polygon MATIC news from around the world

In recent Polygon MATIC news, the number of whale transactions on the Polygon network increased by more than 200% in April, with several large transfers of MATIC tokens. This surge in activity is noteworthy, as it represents the largest token shift by whales on the network so far this year.

Could this Polygon MATIC news signal a shift in the grand scheme of things?

Experts suggest that several factors may have contributed to this increase in whale activity on the Polygon network. For one, Polygon has made significant improvements to its network, including implementing a new consensus algorithm and introducing new tools to help developers build on the network. Additionally, the MATIC token has been gaining popularity among investors, which may be driving up demand for Polygon, hence the news.

While the implications of this surge in whale activity on the Polygon network are not yet clear, it is an interesting development to watch.

As always, we will continue to monitor the latest Polygon MATIC news and all trends in blockchain technology and cryptocurrency and share our insights with you.

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Ethereum's PoS move

In recent Polygon MATIC news, an article on BeInCrypto suggested that Polygon may be the future of Ethereum as it transitions to a Proof-of-Stake (PoS) consensus algorithm.

As of now, Polygon has several advantages over Ethereum, including faster transaction times, lower gas fees, and improved scalability. These factors make Polygon an attractive option for developers and users looking for a more efficient and cost-effective alternative to Ethereum.

Polygon has been making significant strides in terms of adoption and partnerships. For example, several major Decentralized Finance (DeFi) projects have recently migrated to the Polygon network, a sign of growing confidence in its capabilities. Additionally, Polygon has formed partnerships with major players in the blockchain space, such as Chainlink and Aave.

As Ethereum prepares to transition to a PoS consensus algorithm, Polygon may become an even more important player in the blockchain ecosystem. Its ability to provide a scalable and cost-effective solution for decentralized applications (DApps) could make it a valuable complement to Ethereum, rather than a direct competitor.

Enter the Polygon

Riding on the back of a strongly integrated community and governing philosophy of "super interoperability", Polygon entered the market for blockchains. Regarded as the "Ethereum's Internet of Blockchains", Polygon vowed to make Ethereum's hefty and clunky operations easier.

Now that we know that Polygon technology is a scaling solution brought to the mix to make it easier for Ethereum and Ethereum-compatible projects to remain competitive, we can move on to how Polygon does what it does.

  • Polygon’s Software Development Kit (SDK) works exactly as it sounds. For a developer, it is a gold mine because it includes pre-existing guides on developing features that are key for most software being developed on the Polygon mainframe. These include modules for identity recognition, security frameworks, and consensus (for smart contracts).

  • The Polygon (PoS) Chain is the chief Polygon mainframe on the network. This chain is what makes it possible for Ethereum-compatible decentralized applications to run transactions at the speed and reliability with which they run. Moreover, it compiles PoS data for reference. It also runs a consensus algorithm responsible for the maintenance of the entire network. You can call it the Spine.

  • Polygon Plasma Chains are the layer-two support chains within the layer-two scaling chain. These are to Polygon what Polygon is to Ethereum. These chains run in tandem with the mainframe to provide extra cushioning and speed when required. They are also responsible for running transactions that are off-network. This is only made possible because Plasma chains are backed by a Plasma framework that helps them operate independently, as well as in complete cohesion with the spine.

  • Polygon's PoS Bridge is Polygon's two-directional link with the outside world. This bridge allows Polygon to communicate, interact, and operate with other blockchains, like Ethereum. A dedicated bridge is one of the major factors that allow Polygon to boast about its superior interoperability.

It is true that Polygon is not the only layer-two scaling solution on the market. With time, many blockchains have invested in their own proprietary layer-two blockchains or other specialized ones. Despite rising competition, Polygon has always been able to innovate and reinvent to stay ahead of the curve.

How is Polygon a scaling solution

The Ethereum mainnet is bound to struggle with scalability issues despite the fact that it can host more than a thousand transactions per second, simply because the ecosystem is constantly evolving and inducting heavier decentralized applications.

These scalability issues can be in the form of slow transaction processes and high gas fees (transaction fees). With Polygon, the Ethereum mainnet can take larger breaths of air. The acquisition of ZK-rollups and other optimistic rollups has also severely reduced the amount of time required per transaction.

Other than scalability, Polygon offers superior interoperability throughout Ethereum and Ethereum-compatible systems through the tools mentioned above. Aside from this level of interoperability, Ethereum makes it really easy for smaller DApps to enter the ecosystem through many tools, such as the development kit mentioned above.

This has made it easy to believe that the Polygon philosophy is sustainable as it disallows any unjust barriers to entry into the ecosystem.

Perhaps the greatest indication of Polygon's utility is provided by Polygon's community. The community constantly provides valuable feedback, reviews, and firsthand user perspective, which is vital for any blockchain trying to stay competitive. The community also gets innovative sometimes and offers groundbreaking discoveries within the system, which can help Polygon debug, or even discover a potent strategy.

Future Polygon MATIC news?

In the end, the market gets to decide whether Polygon has innovated enough to stay competitive or not.

That said, there is no denying that Polygon makes life easier for Ethereum and Ethereum-compatible projects. It is vital to note, however, that as the market makes larger leaps towards better user utility and more diverse use cases, future Polygon MATIC news might see Polygon looking to edge out Ethereum in the long run.

Polygon, in cahoots with other major platforms on Web3, should now start addressing security concerns. This crusade will go a long way in attracting genuine interest from the segments still sceptical of Web3 because of its seemingly insecure nature.

If these segments enter the Web3 space in the numbers they could, the blockchain market will enter a phase of genuine enrichment.

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osama shahid

Author: Osama Shahid

Osama Shahid is an experienced writer and editor, mainly writing about gaming and crypto. In his free time, he loves to game, playing FIFA 23 and Rocket League.

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