With so many blockchains available today, new and experienced users alike can be overwhelmed by all the options available. One option you may have heard of is Polygon. But what exactly is it? Simply put, Polygon is a powerful scaling tool that makes the Ethereum blockchain faster and more affordable. Interested in learning more? Let’s take a deep dive into Polygon.

What is Polygon?

Before exploring Polygon, we must first discuss Ethereum—one of the most popular blockchain networks available. Ethereum’s platform is home to a range of decentralized applications (dApps) spanning virtual reality, games, art, decentralized finance (DeFi) services, and more. The only drawback is that the scale at which Ethereum operates has led to high transaction costs and traffic blocking issues.

Polygon was designed to solve Ethereum’s main challenges. As a layer two network, Polygon creates “sidechains” to work alongside Ethereum’s blockchain. This is then bridged back into Ethereum to help unclog the system. Where Ethereum could roughly process 17 transactions per second, Polygon can handle 65,000. Thus, applying Polygon makes Ethereum more efficient and affordable, even lowering the cost to less than a cent per transaction. Sidechains are created through various methods:

  • Proof of Stake (PoS) Sidechain – Participant's stake Polygon’s MATIC tokens to validate transactions.
  • Plasma Chains – Transactions are bundled into blocks and batched into a single submission on the central blockchain.
  • Zero Knowledge (ZK) Rollups – a bundle of transfers put into an all-in-one transaction.
  • Optimistic Rollups – Plasma chains with the added benefit of scaling Ethereum smart contracts.

Unlike other Ethereum compatible layer two networks, Polygon commits checkpoints to Ethereum during transactions. These checkpoints ensure all currently processed Polygon data is secure and valid for Ethereum’s blockchain. Environmentally-conscious organizations will also be happy to know that Polygon is a greener option that focuses on reducing its carbon footprint as much as possible. In fact, compared to Ethereum, Polygon produces fewer greenhouse emissions—making it 99.9% more carbon efficient.

Polygon users can also take advantage of its modular framework, Polygon Edge, which uses the IBFT (Istanbul Byzantine Fault Tolerant) consensus mechanism and is supported by PoS and PoA (Proof of Authority). Able to communicate with multiple blockchain networks, Polygon Edge utilizes a centralized bridge solution to enable transfers for ERC-20 and ERC-721.

Paving the Way for the Future

Polygon has benefited a vast array of business enterprises. Because of its “low fees, speed, integration with Ethereum, and compatibility with many wallets,” financial solutions company Stripe began using Polygon for cryptocurrency payments and Twitter users were the first to benefit from the newly offered service. Disney also selected Polygon to participate in their 2022 Acceleration Program to broaden their scope into augmented reality, NFTs, and AI experiences. In October 2022, the Indian Police in Firozabad started using Polygon to report crimes. These are just a few of the solutions Polygon was able to provide its users. As of today, Polygon has offered infrastructure to over 37,000 Web3 dApps in multiple categories including:

  • DeFi: 1inch Network, Bungee, Blocto
  • Games: Planet IX, Arc8 by GAMEE, Quadrant
  • NFTs: Dizzy Dinos NFT, Hangul NFT, Dododex

Get Started with Polygon Today

Polygon is the perfect solution for organizations wanting an efficient, cost-effective, and secure way to use Ethereum’s network and existing dApps. It’s also great for those looking for an option that is a hybrid of both private and public transactions, dApp development, and building high-security smart contracts. Want to learn how implementing Polygon can work for you? Contact SIMBA Chain to discover the endless possibilities.