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Polygon’s modularity allows for customization, upgradeability, reduced time-to-market, and community cooperation.
Polygon is a decentralized platform that brings the benefit of Ethereum’s security and efficiency to a network with a low transaction fee. It utilizes a proof-of-stake consensus and is designed to support Defi protocols within the Ethereum ecosystem. The EVM compatibility makes it easy for developers to create apps and port them. Furthermore, the team has future plans to introduce interconnecting blockchain networks, which will create an ‘internet of blockchain’. Currently, as many as 7000 dApps are running on this network, which implies the platform is here to stay for a long time. Polygon’s price today is US$0.915766 with a 24-hour trading volume of US$666,042,756.
The American mass media and entertainment conglomerate will provide guidance to Polygon from its leadership team and offer dedicated mentorship. The main focus of Disney’s initiative is to build the future of immersive experiences in technologies such as augmented reality, non-fungible tokens, and artificial intelligence.
Ryan Watt, CEO of Polygon Studios, noted that Polygon was “the only blockchain selected” to participate in the program. He added that this “speaks volumes to the work being done [at Polygon], and where we’re going as a company.”
Polygon is self-described as a Layer 2 scaling solution, which means that the project doesn’t seek to upgrade its current basic blockchain layer any time soon. The project focuses on reducing the complexity of scalability and instant blockchain transactions.
Polygon uses a customized version of the Plasma framework which is built on proof-of-stake checkpoints that run through the Ethereum main chain. This unique technology allows each sidechain on Polygon to achieve up to 65,536 transactions per block.
Commercially, the sidechains of Polygon are structurally designed to support a variety of decentralized finance (Defi) protocols available in the Ethereum ecosystem.
While Polygon currently supports only the Ethereum base chain, the network intends to extend support for additional base chains, based on community suggestions and consensus. This would make Polygon an interoperable decentralized Layer 2 blockchain platform.
Polygon’s most compelling features
Polygon has specialized Wasm execution environments, customized blockchains, and scalable consensus algorithms. As a result, shorter transaction speeds and lower gas fees benefit both developers and participants.
Ethereum compatibility: Because of its lead in the industry, established tech stack, tools, languages, standards, and corporate acceptance, Polygon has interoperability with Ethereum and other blockchain networks for exchanging arbitrary messages.
Polygon’s modularity allows for customization, upgradeability, reduced time-to-market, and community cooperation. Developers can establish preset blockchain networks through Polygon with qualities specific to their needs. With community participation, there is a growing collection of modules for developing custom networks that enable great customizability, extensibility, upgradeability, and quick access to the market.
Polygon processes transactions off-chain before confirming them on Ethereum, using a technology called Plasma. Polygon is intended to be a complete framework for the development of interoperable blockchains. It comes with built-in support for arbitrary message passing (tokens, contract calls, and so on), allowing it to connect to external systems.
Polygon requires no protocol knowledge, token deposits, or approvals. Its modular design also makes it simple to create customized solutions or add new features. It also features low transaction costs (about 10,000 times lower per transaction than Ethereum) and fast transaction speeds (up to 7,000 tx/s).