Polygon matic operates as a "layer two" or "sidechain" scalability remedy, functioning in tandem with the Ethereum blockchain. This setup enables swift transaction processing and economical fees. At the core of the network is Matic Crypto, the native cryptocurrency, serving purposes such as transaction fees and staking. The acquisition or sale of Matic Crypto is achievable through exchanges like Coinbase.
How Polygon works
The Ethereum blockchain has a limited capacity for processing transactions within a given timeframe, with the base layer managing approximately 14 transactions per second. These transactions are subject to gas fees, which are associated costs for utilizing the Ethereum network.
During periods of elevated network congestion, the gas fees on Ethereum experience a surge, sometimes escalating rapidly to levels between $50 and $80 per transaction. This issue presents a substantial barrier, as paying over $50 for a single transaction renders Ethereum impractical for the majority of users.
The congestion also impairs the speed at which the Ethereum blockchain operates, dissuading users from actively participating in smart contracts on the platform.
These challenges can amass considerable expenses, particularly for individuals engaging with decentralized finance (DeFi) applications, non-fungible token (NFT) trades, token swaps, and various Ethereum transactions.
So, how does polygon blockchain alleviate these concerns? Polygon crypto deploys scaling solutions that shift transaction processing onto side chains to reduce gas costs. With the capability to manage up to 65,000 transactions per second, polygon blockchain significantly surpasses Ethereum's base throughput of around 17 transactions per second.
Moreover, Polygon matic is able to offer these transaction fees at a fraction of a cent. This stands in stark contrast to Ethereum's average transaction fee, which hovers around $15. Polygon blockchain encompasses an array of protocols, including zero-knowledge (zk) proofs, enabling users to select the optimal scaling method for their specific needs.
Zero-knowledge proofs are cryptographic tools that enable one party to prove the validity of a statement to another party without divulging additional information beyond the statement's truthfulness.
Among the options that projects can integrate through polygon blockchain, the most favored include plasma sidechains, a proof-of-stake (PoS) blockchain bridge, zk rollups, and optimistic rollups. Matic, Polygon matic's precursor, initially embraced plasma sidechains due to their lightweight nature and enhanced security.
Similar to sidechains, plasma chains operate as separate blockchains running alongside the primary blockchain—in this context, Ethereum. These plasma chains are interconnected with the primary blockchain, facilitating secure asset transfers between the two.
Responding to the high demand from developers, polygon blockchain introduced a PoS blockchain bridge, permitting the creation of decentralized applications (DApps) on one platform without relinquishing the advantages of other platforms.
By processing batches of transactions on its independent PoS blockchain, polygon crypto reduces the load on Ethereum's main chain. This approach enhances Ethereum's efficiency and speed by offloading transaction processing.
Zk rollups handle groups of transactions off-chain while generating validity proofs to confirm the accuracy of each batch of data. These proofs are subsequently transmitted to the primary blockchain.
Each validity proof serves as a representative for the corresponding data batch, minimizing data congestion on the main chain. Consequently, this method decreases the time and gas fees required for validating a block of transactions.
Optimistic rollups deploy a distinct proof system called fraud proofs. When a fraudulent transaction is detected, a fraud-proof mechanism autonomously enacts the accurate transaction based on information available on the primary blockchain.
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