What is Polygon and why is it important
If you’ve dabbled at all into DeFi, you’ve likely heard of Polygon. It’s one of the essential
components of the Ethereum ecosystem as it helps address the long standing issue of scalability.
Many users refer to Polygon as an application, but in fact it’s a Layer2 protocol built on top of the
Ethereum network. It serves as a platform for building and connecting to a network of other
blockchains. What this does is critically speed up the transaction process, thereby improving
the user experience.
Polygon uses the same programming language as Ethereum but it doesn’t duplicate the network.
It instead acts as a fast lane to reduce traffic on the Mainnet and lower transaction costs. Think
of it like a highway connected to the main street by an exit ramp.
Polygon is home to thousands of dApps and NFTs
Polygon uses Solidity, which allows developers to write and deploy their own decentralized
applications (dApps) on the network. You may have even used some of the popular dApps on
Polygon, such as Planet IX, Sushi or QuickSwap.
Users can also create and mint their own NFTs (non-fungible tokens) on Polygon. The platform
supports ERC-721 and ERC-1155 standards so the process is the same as if you were creating
NFTs on Ethereum. You can also use the same tools available on the Ethereum network. So, if
you’d ever wanted to digitize your artistic endeavors, this might be the chance to do it.
Polygon has a native token called MATIC, which also happens to be the original name of the
blockchain when it was first created. This token provides utility on Polygon and can be used to pay
for things like gas fees.
Polygon uses the proof of stake (PoS) consensus
What makes Polygon even more attractive is that it utilizes the proof of stake validation system.
PoS allows users to stake their tokens as collateral for an opportunity to validate transactions on
the blockchain and make a small earning.
Proof of stake is a lot less clunkier than the traditional proof of work (PoW) that Ethereum (1.0)
uses. This created a major shift in preference for Ethereum users and developers alike.
On top of that, Polygon offers full interoperability with the Ethereum mainnet, allowing for easy
asset management between the networks. This is a game changer and has helped Polygon
become an indispensable part of the Ethereum ecosystem.
The reach of Polygon doesn’t appear to be slowing down, either. It’s considered one of today’s
top blockchain service providers, having partnered with some of the most popular brands,
such as Adidas, Disney, and even Starbucks – mostly in the Web3 payment system and
Polygon is in your Atato workspace
The Polygon Mainnet is built into your Atato workspace and is always available for quick
access. Simply log into your Atato app and select the network.
Staking your tokens may come with some security demand and having crypto custody will
provide you with the protection you need.
If you have other blockchains in mind, you can always go for the Bring Your Own Chain (BYOC) option.