Polygon (formerly known as Matic) is an Ethereum-based blockchain that allows for faster and cheaper transactions than the Ethereum mainnet. It was created by Matic Network Foundation, a Hong Kong-based company founded in 2017.
Key Features of Polygon Blockchain
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Sidechains
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Plasma
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Layered Architecture
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Proof-of-Stake (PoS)
How Polygon Blockchain Works?
Polygon blockchain works through a network of validators who are responsible for validating and processing transactions on the network. These validators are chosen based on their stake in the network, which is determined by the amount of Matic (the native token of the Polygon network) they hold.
Advantages of Polygon Blockchain
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Scalability
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Cost-effective
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Security
Case Studies and Real-life Examples
Polygon has been used in several case studies and real-life examples to demonstrate its potential as a scalable and cost-effective solution for businesses and individuals looking to build dApps on the Ethereum blockchain.
DeFi Lending Platforms
Several decentralized finance (DeFi) lending platforms have been built on the Polygon network, including Compound and Aave. These platforms allow users to borrow and lend cryptocurrencies in a secure and decentralized manner, without the need for intermediaries.
Gaming Platforms
Polygon has also been used in gaming applications, such as the popular game CryptoKitties. By using Polygon, CryptoKitties was able to significantly reduce transaction fees and improve performance, making it a more attractive platform for gamers looking to buy, sell, and breed unique digital cats.
Supply Chain Management
Polygon has been used in supply chain management applications, such as Tradefinex, which allows businesses to track and manage their inventory in real-time. By using Polygon, Tradefinex was able to reduce transaction fees and improve performance, making it a more attractive solution for businesses looking to manage their inventory in a decentralized manner.
FAQs
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How does Polygon differ from other blockchains?
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What is plasma technology?
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Is Polygon secure?