A Free Beginner's Guide to Polygon

Introduction

Ethereum revolutionized the cryptocurrency industry with smart contracts as well as the decentralized applications. However, it is not without challenges such as poor throughput, complicated user interfaces, and limited development paths. This course explores Polygon, a blockchain platform that increases throughput, lowers transaction costs and expands development opportunities by utilizing Ethereum's advancements. Polygon's success provides a promising route for those who are keen to learn blockchain engineering for a thriving career in the industry.

Examining the Challenges

Ethereum has a maximum throughput of 30 transactions per second, which is low when compared to some of its competitors. For instance:

1. Cardano can handle up to 257 transactions per second.
2. Polkadot can manage up to 1,000 tractions per second.
3. Polygon can handle up to a massive 65,000 tractions per second.

Defining Polygon

Polygon (previously called Matic) is an Ethereum layer-2 scaling solution, enabling any Ethereum-compatible blockchain to benefit from side-chain infrastructure. It is the layer two solution that aims to boost the adoption of decentralized apps (DApps) and solve the high gas fee problem in Ethereum.

Overcoming Ethereum's Obstacles

Polygon provides increased development opportunities, lower transaction costs, and increased throughput, all of which help to successfully alleviate Ethereum's drawbacks. Polygon presents multiple scaling algorithms together with interconnected blockchains, building on the technology of Ethereum. Faster transaction processing, more scalability, and an easier-to-use interface are made possible by these advancements.

What Is the Connection Between Ethereum And Polygon?

Polygon runs on Ethereum. The reason: while it employs Ethereum's smart contract and security features, it also is built with linked chains that offer improved scalability and dexterity. As an additional layer two solution, Polygon strengthens and expands upon the Ethereum ecosystem.

What Benefits Does Polygon Offer?

Greater Throughput

While Ethereum can handle 30 transactions per second, Polygon manages to process up to 65,000 transactions per second.

Reduced Transaction Costs

The Polygon network offers significantly lower transaction fees than Ethereum, enabling users to do transactions for a far lower cost.

User-Friendly Experience

Polygon aims to increase the adoption of and experimentation with dApps by creating a more friendly and natural environment for both users and developers.

Flexibility for Developers

With Polygon, developers have several options for app expansion, such as creating separate chains like zk-rollups and optimistic roll-ups.

Working of Polygon

A structured four-layer framework—the Ethereum layer, security layer, Polygon networks layer, and execution layer—underpins Polygon's functionality. Fundamentally, the Ethereum layer manages smart contracts that are in charge of transaction confirmation, staking, and enabling communication between Polygon chains and Ethereum.

The security layer strengthens the ecosystem with added security layers by using validator services. Meanwhile, the Polygon networks layer includes a wide range of projects and blockchain networks built on top of Polygon. Each of these networks has its own community and uses a different consensus process.

Ultimately, smart contracts are carried out on the Polygon blockchain via the execution layer, also known as Polygon's Ethereum Virtual Machine (EVM), which guarantees smooth integration with Ethereum's current codebase.

Although Polygon is most often associated with its proof-of-stake chain—which functions as an Ethereum side chain—it goes beyond just one aspect. The proof-of-stake chain significantly increases the price and speed of transactions, making them more user-accessible. However, Polygon is more than just a single proof-of-stake chain; it's a complex ecology.

The Infrastructure of Polygon

In essence, Polygon is a framework for a chain of inter-connected blockchains aimed at boosting Ethereum’s scalability. This infrastructure, in turn, builds different scaling solutions like custom chains, such as optimistic roll-ups and zk-roll-ups, for increased throughput and scalability of Ethereum.

Framework for Operations:

Ethereum Layer:

This basic layer includes smart contracts built on Ethereum and manages essential operations like staking, transaction validation, and smooth communication with Polygon chains.

Security Layer:

Working closely with Ethereum, this layer strengthens the ecosystem by providing extra security via validator services, maintaining the Polygon network's integrity in the process.

Polygon Network Layer:

This layer contains a wide range of blockchain networks and initiatives built on the Polygon platform. Every project or network has a community of its own and uses a different consensus process.

Execution Layer:

The Ethereum Virtual Machine (EVM) compatibility layer allows the proposals to interact with chain code on the Polygon chain while still ensuring they are compatible with the codebase used by Ethereum (solidity, etc).

With this painstakingly designed four-layer structure, Polygon hopes to transform Ethereum's scalability and create a vibrant environment that encourages development and innovation.

Polygon: Unlocking Benefits

Using Polygon gives consumers access to a wide range of options. These consist of easy access to cutting-edge decentralized apps (dApps) and profitable, high-yield investments. In addition to taking advantage of lower transaction costs and faster transaction processing, users may fully immerse themselves in the growing network of projects and initiatives that are flourishing on the Polygon platform.

Is Polygon Suitable for Beginners?

Yes, in the decentralized finance (DeFi) space, Polygon and Binance Smart Chain stand out as the preferred choices for beginners entering the Bitcoin space. Because of its cheaper transaction fees and user-friendly interface, it is very accessible to novices and makes exploring a variety of applications and investment opportunities simple.

What Is The Polygon Network's Native Token?

Matic (MATIC) is the native token that drives the Polygon network. With its ability to facilitate transactions, staking, and network governance involvement, this token plays a crucial role in the ecosystem. Nearly 6.8 billion MATIC tokens, a significant quantity given the token's restricted supply of 10 billion, are now in use.

Originally, initial exchange offerings (IEOs) and private launches were used to distribute MATIC tokens. A sizeable amount of the token supply is retained by important stakeholders such as the Polygon foundation, the development team, advisers, staking incentives, and ecosystem projects.

At the moment, Matic's tokenomics seem to be inflationary. However, with the upcoming adoption of their version of EIP1559, a shift to a deflationary paradigm is rapidly approaching. Transaction fees will be burned as part of this update, gradually changing MATIC's supply dynamics in favor of deflation.