Monday, July 4

Polygon: un blokchain multichain para ethereum

One of the ailments that is usually found in some blockchains is the scalability. That is why the project was born Polygon, with the aim of making life easier for those projects based on Ethereum and its overloaded platform thanks to the Multichain possibilities it offers.

From 2017 that the problems in Ethereum became evident when facing a massive use by the boom of the ICOs or Initial Coin Offerings. From 2019 that the network has been at the limit and this has prompted the search for other alternatives such as Decentraland and Uniswap.

Polygon opens a door to this problem to avoid the migration towards other blockchains.

A little history

In 2018, Jaynti Kanani, Sandeep Nailwal and Anurag Arjun decided to tackle the scalability and usability issues in Ethereum.

Matic, which was the original name of the project, I wanted to create a back cover red the sidechain to handle Ethereum’s heavy transaction load. To achieve this, they would use the Plasma and a structure of nodes that would have control of a sidechain Proof of Stake (PoS). With this the DApps Ports to Matic would be on the sidechain, and their effects on Ethereum would be transferred in blocks through Plasma. Allowing a large number of transactions leaving behind the problems of Ethereum.

The April 26, 2019, Matic offered one seed investment round in which they were sold 209 million MATIC tokens worth $ 161,000. Along with this seed round, and on the same day, a round was also offered for early adopters y una IEO. In the early adopters investment round, a total of 171 million MATIC tokens worth $ 444,600. While the IEO put up for sale a total of 1,900,000,000 MATIC tokens and an amount of more than 4 million dollars was raised.

In May of the same year, the Matic smart contract audit for de side of the company Nomic Labs. This audit was added to a previous one carried out by Quanstamp, which was directed to review the Plasma smart contracts, which was carried out in March 2019.

The project came to light in May of last year where it launched its first block within its sidechain.

In February of this year they decided to change their name to Polygon but keeping the name of the token with a new roadmap to adapt technologies such as rollup y Validium to improve the experience of your network and your users.

How does Polygon Network work?

First use the consensus protocol of Proof of Stake (PoS) which enables high speed processing within Polygon. In a second step, it makes use of Plasma, a technology equivalent to Lightning Network (LN) which is compatible with Ethereum.

This creates bidirectional bridges with Ethereum allowing Polygon and Ethereum DApps to communicate seamlessly. In addition, this connection is also possible with other blockchains, as long as the connection structure with its sidechain is possible.

But this can grow exponentially and out of control if you connect multiple times. To avoid this inconvenience, a on-chain checkpoint system over your network, allowing a node within the network to only have to store a certain number of blocks, since the blocks prior to this point are already stored in their respective mainchains. In this way he solved two problems:

  • The uncontrolled increase in network storage needs
  • The cost of implementing a node, which would put people away from installing one, and which would lead to more centralization in the network

Why does Polygon use the “Proof of Stake”?

This protocol allows a high speed of block generation and therefore, a higher speed in the confirmation of transactions.

Thanks to Staking, which chooses validators and block generators, but has a special point. Each generated block generates a merkle tree That uniquely and unambiguously associates all transactions within that Polygon network block. This is the only data that is sent as information to the Ethereum network using Plasma, and it would be the fundamental proof that the action carried out on the Polygon network has been correctly recorded and is unalterable.

The transmission of data to Ethereum has a negligible cost compared to the on-chain costs of the aforementioned network. A transaction on Ethereum can cost 15 dollars and in Polygon they are $ 0.001 on average.

What is Polygon SDK?

This component is intended for developers to create applications and deploy them on the network. In turn, it also allows these to be compatible with Ethereum. Among the multiple chains that can be developed you have the following:

  • Sidechain networks connected by PoS and Plasma to Ethereum
  • Sidechains standalone.
  • Side chains with the use of ZK Rollups, a solution designed to offer the maximum possible privacy without sacrificing speed
  • Sidechains con uso de Optimistic Rollups
  • Closed chains and focused on institutions or companies.
  • Sidechains interoperables

With the following benefits:

  • Ethereum mainchain compatibility
  • Great scalability and processing speed
  • Security
  • Governance on-chain or off-chain as required
  • Interoperability
  • Ease of development
  • Modularity, allowing to add functions to each sidechain in a simple way

What are its main characteristics?

Among its main characteristics we can mention the following:

  • Use of a powerful Proof of Stake consensus algorithm for the sidechain. Additionally, the use of Plasma smart contracts, to link the sidechain network with the Ethereum mainnet
  • A complete development kit designed to improve the development and user experience for DApss created with Polygon
  • Network is public, permissionless and capable of supporting multiple consensus protocols and other blockchain networks
  • Substantial increase in network scalability, with a theoretical limit of at least 200 thousand transactions per second
  • Lower cost per transaction
  • Interoperability between the sidechains deployed in Polygon

What is your token?

The Polygon token take the name of the original project, MATIC, which has the function serve utility tokens for PoS operation. Also for mobilize value among its users and DApss.

The launch of its token was something curious, since it was through an IEO in Binance Launchpad on April 24, 2019. The sale was made indirectly with a ticket system, just like a lottery. This was done to prevent a person with a lot of money from getting the majority of the tokens.

Were created 16,666 tickets that had to be purchased and gave the winning user the ability to claim their rewards in MATIC tokens at the end of the day. They managed to capture 4 million dollars.

The Matic token is trading at $ 2.07.

Javier Molina: “Without a doubt we are going towards a Multichain system”

We consulted our expert and professor of the cryptocurrency investment course, Javier Molina, about the model proposed by Polygon.

-Besides Ethereum, what other blockchains could we highlight that work with Polygon?

It is a Layer 2 (L2) network that is intended to be a solution to achieve the scalability of Ethereum. On this platform, developers can launch their own Blockchains or decentralized protocols. They want to make it a Multichain system.

-What projects could we highlight within and for your own network?

NFT, Gaming or DeFi applications are being developed on Polygon. It currently has about 5,000 million TVL and some protocols that work with them are AAVE, QuickSwap, Balancer, SushiSwap or Curve.

-Is it more feasible for a blockchain to be more successful if it collaborates with others than competing against others?

Without a doubt we are going towards a Multichain system where, depending on the user’s needs, we will use one network or another. Ethereum will remain the safest but not the fastest or cheapest. And on that, we will see interesting developments.

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