Polygon is a cryptocurrency platform built on Ethereum that helps solve the problem of slow and expensive transactions. It does this by creating a network of connected sidechains, making transactions faster and cheaper. Developers can use Polygon to build decentralized applications, and its native cryptocurrency is called MATIC. Overall, Polygon aims to make using cryptocurrencies easier and more accessible for everyone. Read More
Development team of Polygon:
The core development team behind Polygon consists of individuals from various backgrounds and organisations, including the co-founders Jaynti Kanani, Sandeep Nailwal, Anurag Arjun and Mihailo Bjelic, who played instrumental roles in its creation.
Example:
Imagine you have a popular video game that runs on the Ethereum blockchain. Players can buy and sell in-game items using Ethereum tokens. However, due to the high fees and slow transaction times on Ethereum, it becomes challenging for players to trade items quickly and affordably.
Polygon comes in as a solution to this problem. It acts as a faster and cheaper layer built on top of Ethereum. It’s like having a special express lane for transactions, where things happen much quicker and at a lower cost.
In our example, Polygon creates a separate blockchain, called a sidechain, connected to the Ethereum mainnet. This sidechain, let’s call it “GameChain,” can handle transactions much faster and with lower fees compared to Ethereum.
Now, when players want to trade items within the game, they can transfer their tokens from Ethereum to GameChain using a bridge. It’s like moving their in-game items to the express lane. Once the tokens are on GameChain, players can trade them quickly and without spending a lot on fees.
To ensure security, GameChain periodically reports its transactions back to the Ethereum mainnet. It’s like taking a snapshot of the sidechain’s activity and storing it on Ethereum for transparency and validation.
Other applications:
In addition to gaming, Polygon can be used for various other applications. For instance, imagine a decentralized finance (DeFi) platform where people can lend, borrow, and trade cryptocurrencies. On Ethereum alone, these transactions can become slow and expensive during times of high demand.
With Polygon, a DeFi platform can create its own sidechain connected to Ethereum. This sidechain, let’s call it “DeFiChain,” allows users to perform transactions quickly and at a low cost. Users can move their assets from Ethereum to DeFiChain using a bridge, just like our previous example with the game.
By using Polygon, the DeFi platform can provide a seamless and efficient experience for its users. They can lend, borrow, and trade cryptocurrencies with minimal fees and fast transaction times, all thanks to the scalability and affordability provided by Polygon.
Polygon is like a special express lane on top of Ethereum, allowing faster and cheaper transactions. It creates sidechains connected to Ethereum, such as GameChain for gaming or DeFiChain for decentralized finance, which can process transactions quickly and at a lower cost. Users can transfer their assets from Ethereum to these sidechains using bridges, enabling them to transact efficiently within specific applications.
