Polygon provides a secondary layer to the Ethereum network designed to mitigate the computational overheads that come with proof of work. It three main benefits are scalability, speed, cost. Through monitoring smart contracts on the Ethereum network Polygons StateSender’s monitor for changes, whilst StateSync is used to transfer data from Ethereum to Polygon
Polygon have great scalability with them processing around 7.5 million transactions per day with over 660k wallets in use and rather than provide a single utility they provide infrastructure to build and maintain large scale distributed ledge technologies. Additional security measures can be secured by Ethereum or pools of validators, when combined with a fast transaction times makes Polygon have potential to decentralize the metaverse further.
Polygon have developed a fast, secure and scalable network, that is both cost effective and highly compatible with Ethereum. Over time I would expect businesses to build parts of their Web3 infrastructure on the Polygon network.
Interoperability between decentralized networks is key to providing digital autonomy to people who use Web3 technologies, moving past the current age of centralized behemoths who have unlimited resources to regulate and control users.
Placing decentralization at the centre promotes real autonomy, technoligically people are positioned to regulate their own existence without banks being required to process transactions, as much of the legal system replaced by immutable public record keeping.
Polgon is a leading network for Ethereum scaling and provides infrastructure solutions for blockchain technologies. The underlying architecture is built around EVM Compatability along with faster and cheaper transactions.
Unstoppable Domains are using Polygon to prevent their users to pay high gas fees to claim ownership of domains, gas fees currently ranges in price from $33 up to $125, this has now been removed through the adoption of the Polygon network that builds infrastructure for companies that interact with the Ethereum network, whilst also being able to process transactions on their own networks.
The interoperability of networks using open source technologies secured using cryptography is the current road map for the fourth industrial revolution, how Unstoppable domains is implementing a Layer 2 solution will promote the utilization of MATIC which powers the Polygon network.