Why Polygon Matic Is Important for Ethereum
Polygon Matic used to be called earlier as Matic Network. It is a layer 2 scaling solution of Ethereum which was renamed in February 2021 to deal with scaling and interoperability. The reason is to build a blockchain that has compatibility with the Ethereum blockchains. It has been formed to enable blockchains that are interconnected. Its goal is to deal with some of the ongoing restrictions or limitations such as governance, and experience of the users etc. for which it uses a solution which is called “novel sidechain solution”.
It does little more than its forerunner which is the Matic network. Polygon not only uses Plasma technology to process transactions but also is designed to include in its blockchain, interoperability. With this, they can also introduce blockchain networks to cater for their timely needs. Further, it can also be modified with modules through which unrestrained blockchains can be developed with specific functions by the developer. If you want to know more about bitcoin trading, then you can read more from here.
Talking about the making of this network it divides its working into four specific layers as mentioned below:
- Execution layer
- Ethereum layer
- Security layer
- Polygon network layer
Talking about these layers further, the Ethereum layer is designed to enable smart contracts that are executed on Ethereum itself. The work that these contracts handle is staking, communication between polygon and the Ethereum chains and transaction processing.
The security layer works parallel with the Ethereum network providing an additional layer of security to the network. The above two mentioned layers are discretionary in their operation. But the two which the topic is going to mention are the requisite and unavoidable layers.
The Polygon network layer is responsible for works such as keeping up with the consensus and creating new blocks by forming their own community. Lastly, talking about the execution layer which is also called polygon’s EVM (Ethereum virtual machine) is responsible for the execution of the above-mentioned smart contracts.
UNDERSTANDING POLYGON’S GOALS:
- First of all, it aims to work in an open and limitless atmosphere where one can transact and interact with each other without the need for a mediator.
- Secondly, it wants to create a platform where a group of distinguished blockchains can work altogether keeping aside their drawbacks.
- Further, it also tries to make up with the different Blochian where they can interoperate with each other without any outside or inside hindrances.
- To achieve all these above-mentioned goals, it has made it possible through the following thing including in its network:
- Optimistic rollups- It enables instant transactions by using fraud-proof features.
- Plasma chains- This technology is used for scaling purposes and is also known as scaling technology.
- Zk-rollups- It is an additional solution used for scaling to tie transfers that are larger in number into a sole transaction and are later made available in the Ethereum blockchain.
- POS chains- Matic POS chain is its main chain also known as Ethereum side chain. It is a proof of stake mechanism used for additionally securing the Polygons’ blockchain.
Even after the change in its name it still uses the same token known as MATIC. The usage of this token is diverse for example, network governance, PIPs, security etc.
The topic talks about the Polygon Matic network that is now a rebranded name given to the original name and why it matters for Ethereum cryptocurrency. The topic has provided all the required information relating to the respective topic and I hope my endeavors to disseminate the information to the crypto investors has served the purpose. Have a fruitful journey in the digital world.
Did you find this article helpful? Share your thoughts with friends...