Why we are stored on Polygon: A brief list of benefits

6 min readDec 23, 2021

There are a number of reasons why Ethereum relies on Polygon (MATIC) as an interoperability and scalability framework for Ethereum-compatible blockchains.

What does the term “Polygon” mean?

Polygon is a framework for creating linked blockchain networks, previously known as Matic Network.

It aims to overcome some of Ethereum’s fundamental constraints, such as its throughput, bad user experience (high speed and delayed transactions), and lack of community control, by implementing a revolutionary sidechain approach.

Developers may use Polygon to create blockchain networks that are suited to their specific needs. A increasing number of modules allow developers to construct sovereign blockchains with more specialized features, which may be further modified.

How it works?

There are four layers to Polygon’s structure: the Ethereum layer, the security layer, the Polygon networks and execution layers.

Ether is used to build various smart contracts, which are then exposed to the public through the Ethereum network. Using these smart contracts, Ethereum and the multiple Polygon chains may communicate with one other and finalize transactions. The “validators as a service” function provided by the security layer allows chains to benefit from an additional layer of security while running alongside Ethereum. There is no requirement to use Ethereum or Security.

There are two more layers that are required. The initial layer is Polygon networks, which is the ecosystem of Polygon-based blockchain networks. It’s up to each of these communities to handle local consensus and to provide blocks for the larger community. When a smart contract has been written, it may be executed using Polygon’s Ethereum Virtual Machine (EVM).

Because of Polygon’s arbitrary message transmission features, chains launched on Polygon may communicate with one other and with the Ethereum main chain. Decentralized applications (dapps) and the simple exchange of value between different platforms will be possible as a result of this: blockchain-internet.ethereum.com

Rather of operating in isolated silos, Polygon aims to create a network of interconnected blockchains.

An open, borderless world where consumers can interact with decentralized products and services without having to first pass through middlemen or walled gardens is its long-term objective. One of the goals of this project is to establish a hub where multiple blockchains may plug in while simultaneously overcoming some of their specific limitations — such as excessive fees, poor scalability, and restricted security — which are inherent in each of them.

For this extended perspective, Polygon employs a range of technologies, including:

As a sidechain to the Matic POS Chain, Polygon’s primary chain is built on the Ethereum virtual machine, which provides an additional layer of POS-based security.

To transport assets between the root chain and its children, Polygon uses a scaling mechanism called as Plasma.

ZK-rollups: An alternative scaling approach that uses zero-knowledge proofs for the final public record on the Ethereum main chain to bundle a large number of transactions off-chain into a single transaction.

Optimistic rollups: A system built on Ethereum that uses “fraud proofs” to allow for near-instantaneous transactions.

It’s possible that you’ve observed that Polygon aims to use more than one scaling solution in order to minimize transaction costs to the absolute minimum. Should another scaling solution fail to accomplish its goal, Polygon has taken the risky step of adopting a multi-pronged approach to the issue.

What’s so unique about Polygon?

A recent attempt at blockchain interoperability and scalability, Polygon is aimed to solve some of the apparent constraints of interoperability initiatives like as Polkadot and Cosmos.

The Ethereum Virtual Machine compatibility means it’s more accessible to developers who are already familiar with Ethereum and Solidity, as opposed to Cosmos, which relies on a WASM-based virtual machine.

Additionally, Polygon’s shared security approach is completely voluntary; sovereign platforms don’t have to give up any of their independence or flexibility in order to get extra protection. Any scaling solution — beyond Plasma chains, ZK-rollups, and optimistic rollups planned — is also said to be possible.

It has already been used in several projects, such as in the following examples:

Undercollateralized loans are supported by EasyFi, a decentralized lending and borrowing platform. This trade game is built on non-fungible tokens, and it is called Aavegotchi (NFTs).

What is a MATIC token, and how do I get one?

MATIC is still used as a utility token by Polygon even though its ambition has grown significantly since Matic Network’s inception.

This coin is used in many different ways in the Polygon ecosystem, including voting on Polygon Improvement Proposals, staking, as well as paying gas costs for transactions.

MATIC token is yet to be determined if it has any additional value in Polygon’s long-term strategy as of March 2021.

Where to purchase MATIC?

By market capitalization, the MATIC token is now one of the top 100 most valuable cryptocurrencies. Coinbase Pro, Binance, Huobi Global, and Poloniex, as well as the prominent decentralized exchange Uniswap, allow users to purchase and trade the coin.

Here’s how to buy MATIC on Binance, one of the exchanges with the greatest availability of the cryptocurrency. We’ll teach you how to buy MATIC using a debit or credit card in this guide.

The first step is to either register a Binance account or log in to your current account, depending on your preference.

Once logged in, hover over the ‘Buy Crypto’ option at the top of the site and pick the option to pay using a credit or debit card.

Your payment currency and how much you wish to spend on MATIC are on the right side of this page. In the drop-down menu, choose MATIC from the list of possible cryptocurrencies.

Select “Buy MATIC” if you are satisfied with your order information.

Identity verification is required if you haven’t previously done so. Please do so immediately. To verify your identification, follow the on-screen instructions.

As soon as you’ve completed this process, you’ll be sent to the payment page shown below.

Lastly, click the ‘Pay now’ option to complete your transaction. Your MATIC will be sent to your Binance account wallet when your order is processed at the best available rate.

And that is the end of the matter! MATIC is now yours to keep.

What will happen in the future?

Interoperability solutions are racing to be the first to go online. For now, Polygon’s Proof Of Stake Chain and Plasma Scaling Solution are online, but Polygon users can’t create their own independent or shared chain of trust. The only scaling option currently available on Polygon is Plasma, and ZK-rollups and optimistic rollups have yet to be implemented on the network.

Rivals of Polygon are also rushing to launch their products. While Cosmos’ Stargate update has seen the debut of its Interblockchain Communication Protocol (IBC), it will not be completely active until IBC transactions are enabled on the network. Until then, Polkadot’s public parachains will not be operational.

For now, there is no timeline for Polygon’s development or which features would be prioritized, because it was only announced in February 2021. There has been a flurry of activity on Polygon’s side, though, as it has forged relationships with companies like OpenPredict — which wants to launch its first speculation markets product on Polygon — and Mogul Productions.

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