What is Polygon (MATIC)
Polygon was founded in 2017 and was originally called "MATIC Network". It was founded by four engineers named Mihailo Bjelic, Sandeep Nailwal, Anurag Arjun, and Jaynti Kanani.
Over 37,000+ dApps have used Polygon to scale their performance. Polygon can achieve transaction speeds up to 7,000 TPS (transactions per second). This makes Polygon extremely fast compared to Ethereum (20 TPS) and Bitcoin (7 TPS).
Polygon's price at the time of writing is $1.03 and its ATH (all-time high) was $2.7275.
Polygon has been growing on a massive scale and is said to be the better version of Ethereum. It is also a way to bridge Crypto assets. Bridging is transferring assets and information between layer 1 and layer 2 networks as well as between different blockchain networks.
Ethereum has extremely slow transactions and the gas fees are high compared to all of the other Crypto projects out there. Ethereum is working on fixing these issues and over the next couple of years, Ethereum should become more widely available and easy to use for people that deal in micro-transactions like me. I have heard that after the Sharding update we will see some major changes to Ethereum but until then people are moving to cheaper and faster Blockchain projects.
One example of Polygon growing is with Unstoppable Domains. At first Unstoppable Domains could only be minted on the Ethereum Blockchain but as time went on the fees for Ethereum were making it difficult for people to Mint their domains and change things on their domains. So now you can bridge your Domain to Polygon which allows you to mint and change settings for free.
This is only one example of platforms switching to faster and more convenient Blockchain projects.
The Pros of Polygon
Polygon has a scaling framework. This means that Polygon has a framework that allows developers to create their own scaling solutions. This makes it extremely easy to build on.
Polygon is decentralized. Decentralized means instead of one main group having control over something a bunch of smaller groups or individuals have control
Polygon has been adopted quickly by major exchanges and is endorsed by big names such as Binance and the creator of Ethereum Vitalik Buterin.
The Cons of Polygon
Polygon is not the only Crypto project that is fast and with scaling solutions. Scaling solutions is a method for allowing an expansion of a system by increasing efficiency and output while minimizing the impact on present operations.
Polygon is a second layer for Ethereum but as Ethereum evolves and upgrades there is a chance Polygon will no longer be needed. Once Ethereum goes through its upcoming upgrades like Shanghai and Sharding it will be capable of over 100,000 TPS (Transactions Per Second). This will mean transactions will become extremely faster and gas fees will drop. Which will make Ethereum become more widely adopted and eliminate its competition.
Conclusion
Polygon is an amazing project and it seems to have a bright future. There are a couple of Crypto projects out there that are capable of what Polygon is capable of but are not as widely adopted.
Even when Ethereum goes through its upgrades Polygon will still be around but I think a lot of the Ethereum users that switched over to Polygon will switch back once they see what Ethereum is truly capable of. Of course, this is just what I think. What are your thoughts about Polygon and Ethereum? Polygon has a huge user base and a strong community so who knows what the future holds.
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