Polygon - Web3 for All
What is Polygon (MATIC)?
Polygon (MATIC) is a decentralized scaling platform built on top of the Ethereum blockchain. It aims to provide users with a secure, fast, and cost-effective way to create their own applications on the Ethereum network.
Polygon combines the best of Ethereum and sovereign Blockchains into a full-fledged multi-chain system.
It is able to fully benefit from Ethereum’s network effects
It is inherently more secure
It is more open and powerful
Why does Polygon matter?
The current state of the Ethereum network is not ideal for developing dApps. In order to scale, the network requires a hard fork to increase its block size limit. However, this would result in a split between the ETH network and the ETC network. As a result, many dApp developers have been forced to choose between two networks. Polygon provides a solution to this problem. By using the Polygon protocol, dApp developers can use both the ETH and ETC networks while maintaining compatibility.
Over 37k+ dApps have used Polygon to scale their performance
Polygon is committed to fostering the growth of Web3 applications by providing the infrastructure needed for Web3.
Polygon makes Ethereum accessible to all.
ETH Compatibility
Industry dominance, established tech stack, tools, languages, standards, enterprise adoption
Scalability
Dedicated blockchains, scalable consensus algorithms, custom Wasm execution environments
Security
Modular ''security as a service'', provided either by Ethereum or by a pool of professional validators
Developer Experience
Equivalent to Ethereum, no protocol-level knowledge is required, and no token deposits, fees, or permissions
Check out the Polygon ecosystem.
The Web3 applications built on Polygon offers low fees and high scalability, and hold themselves to the highest standard of security.
Gas fees for Polygon are a lot lower than Ethereum which makes it more appealing to users and could be the reason people start moving from Ethereum to Polygon. Until we see a big change in Ethereum's gas fees I believe we will see a lot more people switching to projects like Polygon and Algorand for the benefit of lower gas fees. We might see a big change to Ethereum after the Shanghai and Sharding update but until then we are going to see more people switching over to the projects with the cheaper gas fees.
Polygon emphasized its growth data through the ongoing crypto market bear period, highlighting that the network's average cost per transaction fell 49% to $0.018 in Q2. JUST IN: Polygon $MATIC has reported 5.34 million unique addresses and 284 million network transactions for Q2 2022.
How does Polygon (MATIC) work?
Polygon uses a hybrid consensus mechanism called Proof of Stake (PoS) and Proof of Work (PoW). PoS ensures that only validators are able to stake tokens and validate transactions. PoW ensures that no single entity controls the majority of the network.
Polygon is also carbon-negative and is fighting to become climate positive.
Who is behind Polygon?
The Polygon team consists of experienced engineers who previously worked at major tech companies including Google, Microsoft, and Amazon. As you can see Polygon was built by developers for developers. Not only is it built for developers, it is also built for everyone. Anyone who does a little research can easily figure out how to use this amazing Blockchain to his/her advantage.
Cofounder Jaynti Kanani is the current CEO of Polygon. He developed the project alongside Sandeep Nailwal, co-founder and chief operating officer, and Anurag Arjun, cofounder, and chief product officer. The trio created Polygon in 2017.
Conclusion
Blockchain tech is still fairly young. Web 2.0 is only 18 years old. This shows you how fast this technology is growing. The term Web 3.0 was introduced about six years ago and is being widely adopted. There is no stopping this change and it is better to get involved in its early stages to benefit the most before it becomes widely used in our everyday lives. I am not a financial advisor in any way but I do have a good feeling when something is here to stay. I do not know what projects are going to make it but it seems to me Polygon might just be one of them.
If you decide You want to try to earn Polygon you can check out a play-to-earn website called PipeFlare.
I wrote about PipeFlare and a couple of other great play-to-earn sites and apps. The article is called "Play To Earn - Reviews and Thoughts".
You can also earn Polygon using an app called Crypto Sense. Crypto Sense allows you to play games or watch ads to earn Sense which you can exchange into multiple different types of Crypto. If you decide to check out these earning apps leave a comment and let me know what you think.
If you would like to see all of the Top Polygon Dapps, you can find them on DappRadar.
Polygon has a long way to go but it is growing at a fast rate. No one knows what the future holds but if Blockchain is the future then I believe Polygon will be a big part of it.
Algorand (ALGO) is another great climate-friendly, with low gas fees, and is a fast Blockchain Project. If you would like to know more about Algorand check out this article. "Why The Algorand Blockchain Could Be The Future Of Decentralized Applications"
Check out my website for all of my content and more ways to earn and learn about Crypto!
My next article is going to be about one of the best AI art creators. This project has recently been released to the public in beta mode. You get 50 free credits which means you get a bunch of free creations. You also get free credits every month. You can pay for a plan but if you are like me then you are investing everything you earn, which means you do not have any Crypto just laying around.
The smartest thing I believe a person can do is earn Crypto and keep investing that Crypto in high APY projects that you believe have a future and provide liquidity for projects you believe in. Over time you will start earning a passive income and all of this would be for something. Patience, dedication, and a love for what you do can change everything when earning and learning about Crypto.
Also being able to be a part of something bigger than anything in history seems worth it to me.
If you want to be connected with like-minded Crypto enthusiasts then check out some of these Social Blockchain Projects.
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