To address Ethereum’s scalability problems, a stack of protocols called Polygon was created. By managing transactions on a different Ethereum-compatible blockchain, the Polygon network resolves the network’s issues.
After post-processing, Polygon sends transactions back to the main Ethereum network. The strain on Ethereum’s network is reduced by this strategy. By doing this, Polygon can accelerate transactions and cut expenses to under a penny.
To put it another way, Polygon, formerly known as Matic network, offers a simple foundation for new and current blockchain projects to develop on Ethereum without experiencing scalability problems.
Users never have to worry about network congestion while interacting with any decentralized application DApp using Polygon. This DApp covers every aspect of the Polygon Matic network, how Polygon functions, and how this ground-breaking solution is making Ethereum more user-friendly.
Due to its extremely talented development team, Polygon has clearly established itself as the most promising Ethereum scalability project. The team’s collective experience continues to be the growth engine for Polygon.
The Matic network’s developers deserve praise for anticipating the demands of the modern crypto business. The following part looks at the people responsible for one of the projects with the quickest rate of expansion.
WHY This Matters
There are a certain number of transactions per second that the Ethereum network can handle. For the basic layer, the throughput rate is around 14 transactions per second. On Ethereum, there are transaction expenses known as gas fees for each transaction. When the network is congested, gas prices increase, and on Ethereum, they may soon reach $50 to $80 or more. This is a serious problem. Ethereum is completely out of reach for most people since each transaction requires a one-time payment of more than $50.Additionally slowed down by network congestion, the Ethereum blockchain discourages users from interacting with smart contracts.
How does Polygon do this then, cheaper? Scaling systems like Polygon handle transactions on side chains to save gas costs. Compared to Ethereum, which can only manage about 17 transactions per second, Polygon has the capacity to handle up to 65,000.
Additionally, Polygon can provide these fees to consumers for just a few cents. Compare that cost to Ethereum’s average transaction fee, which is about $15. Users can select the optimal scaling solution for their purpose since Polygon offers a range of protocols, including the zero-knowledge (zk) proof variant.