A Simple Introduction to Polygon

What is Polygon (MATIC)?

  • Layer-two scaling platform on ETH to solve the inherent issues today of ETH with high gas fees and low throughput of transactions
  • Sits on top of Ethereum and allows other ETH Dapps to connect to Polygon’s network instead of directly to Ethereum
  • Runs on the same codebase as Ethereum so it makes it easy for Dapps to move from Eth to Polygon
  • Not a replacement of Ethereum but complementary to the network
  • Runs on 4 layers: Ethereum Layer, Security Layer, Polygon Networks Layer, Execution Layer
  • Ethereum Layer: Made up of Ethereum smart contracts responsible for staking, transaction approval and interaction of Ethereum (optional)
  • Security Layer: Work alongside Ethereum to provide validator services giving chains an additional layer of security (optional)
  • Polygon Network Layer: Ecosystem of projects or apps developed on Polygon. Everyone project or blockchain developed on the Polygon network has its own community where local consensus is reached
  • Execution Layer (EVM): Main function is to execute smart contracts on the Polygon blockchain
  • Currently inflationary, but will eventually implement EIP1559 which means base transaction fees will be burned (similar to Ethereum as of 2022) and will cause the coin to be deflationary

Advantage of Polygon

  • Focus to equip developers with user friendly and flexible tools to improve adoption
  • It’s basically Ethereum, but with super cheap gas fees
  • 65,000 TPS

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Ricky Young

My belief is that financial freedom can only be achieved through a combination of smart investing and passive income. This is my journey to achieve financial freedom.

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