Ethereum is a blockchain platform that allows the development of decentralized applications (dApps) and smart contracts, it was founded in 2015 and is the second-largest blockchain platform after Bitcoin, as well as Ethereum, has its own cryptocurrency, Ether (ETH), and it uses a proof-of-work consensus algorithm.
Polygon, formerly known as Matic Network, is an Ethereum Layer 2 scaling solution and Its goal is to provide a more scalable, secure, and cost-effective platform for dApps and DeFi applications.
Today, in this article, we will go over "Polygon" and "Matic" networks in detail, so let's get started!
What Is Polygon?
Polygon (previously known as Matic Network) is an Ethereum Layer 2 scaling solution that provides faster and less expensive transactions for decentralized applications (dApps) and it employs a sidechain system, which allows for greater scalability and lowers transaction fees when compared to the main Ethereum blockchain. Polygon acts as a link between Ethereum and the Ethereum ecosystem, providing a platform for developers to build and deploy dApps more quickly and efficiently.
What Is Matic?
Matic Network is an Ethereum Layer 2 scaling solution that was rebranded as Polygon in 2021 and it aims to address the Ethereum blockchain's scalability issues by providing a fast and cheap platform for decentralized applications (dApps) to run on.
Matic Network provides a secure and reliable infrastructure that is supported by Ethereum's validator network, making it an appealing option for developers and users. The network aims to improve the user experience for dApps by enabling faster and more efficient operations.
Polygon Vs. Matic: What’s the Difference
Matic and Polygon are the same networks; Matic was the previous name before being rebranded as Polygon in 2021. The terms Polygon and Matic Network are interchangeable because they refer to the same network.
Polygon and Matic are both Layer 2 scaling solutions for Ethereum that aim to address the Ethereum blockchain's scalability issues and they function as Ethereum sidechains, allowing for faster and cheaper transactions than the main Ethereum network.
Polygon and Matic use Ethereum-compatible blockchain technology, allowing decentralized applications (dApps) to easily interact with the Ethereum ecosystem and its existing dApps.
6 Key Polygon Network’s Scaling Elements
- ZK Rollups
- Optimistic Rollups
- Enterprise Chains
- Polygon Plasma
- Polygon POS
- Standalone Side Chains
Polygon Use cases
Polygon's key use cases include the following:
- Applications for Decentralized Finance (DeFi)
- Collectibles and video games
- Supply Chain Administration
- Identity Administration
What Makes Polygon So Special
Polygon (previously known as Matic Network) is unique for several reasons:
- Cost savings
How Do You Use the Polygon Network
The following are the steps to using the Polygon network:
Step 1: Set Up an Ethereum wallet: In order to use the Polygon network, you must first set up an Ethereum wallet that supports the network. MetaMask, MyEtherWallet, and Gnosis Safe are examples of such wallets.
Step 2: Fund your wallet: Transfer some Ethereum from your exchange or another wallet to your Ethereum wallet for use as gas in Polygon network transactions.
Step 3: Interact with decentralized applications (dApps): Once you have an Ethereum wallet and some funds, you can begin using decentralized applications (dApps) on the Polygon network. On the network, there are several dApps available, including DeFi protocols, gaming and collectible dApps, and others.
Step 4: Send transactions: To interact with dApps on the Polygon network, send transactions to the smart contract of the dApp. You can accomplish this by executing a dApp function or action, such as purchasing or selling an asset, transferring funds, or participating in a DeFi protocol.
Step 5: Wait for confirmation: After sending a transaction, you must wait for it to be confirmed on the Polygon network. Confirmation times on Polygon are typically much faster than on Ethereum, but the exact time will depend on network conditions.
Advantages of Polygon
Polygon has several advantages over Ethereum and other blockchain networks, including the following:
- Cost Savings
- Rapid Confirmation
Disadvantages of Polygon
Polygon, like other cryptocurrencies, has some drawbacks that should be considered:
- Less Adoption
- Limited Decentralization
- Compatibility Issues
- Lack of Integration
Polygon is an Ethereum Layer 2 scaling solution that provides fast, cheap, and secure transactions for decentralized applications. It is based on Ethereum-compatible technology and is protected by Ethereum validators. Polygon has some advantages over Ethereum, such as scalability and low transaction fees, but it also has some drawbacks, such as lower decentralization. Overall, it is a valuable solution for the Ethereum ecosystem and an excellent choice for dApp development and usage.