Polygon Chain

Polygon (Matic) Chain

What is the Polygon chain?

Polygon network is a secondary scaling blockchain running alongside Ethereum blockchain which emphasizes primarily faster transaction speed and lower transaction fees. While the Ethereum blockchain can process a maximum of 14 transactions per second with each transaction costing up to $25 on average, the Polygon chain has done a better job by being capable of handling up to 65,000 transactions per second with fees lower than a slight of a cent. However, as Ethereum 2.0 approaches, we have to come back and compare these stats again later.

Moreover, Polygon’s consensus model is based on the Proof of Stake (POS) mechanism allowing network participants to stake Polygon’s native token “MATIC” to validate transactions and vote on future improvements.

The chain was first launched in 2017 as the Matic network and was co-founded by Anurag Arjun, Jaynti Kanani, and Sandeep Nailwal.

Is Polygon a Layer 2 chain?

The answer is definitely “Yes”. Let’s get to know a bit about what is a Layer 2 Chain.

Layer-2 refers to an off-chain network built on top of a Layer-1 network (Ethereum in this case) that helps extend the capabilities of the main network. Layer-2 networks can support any blockchain to introduce enhancements such as higher transaction throughputs.

How does a Polygon chain work?

Like any other blockchain, the Polygon chain bundles together batches of transactions and confirms them whole before returning them to the main chain. However, as mentioned, the Polygon network’s strengths lie in fast transaction speed, low transaction fees, and the Proof of Stake consensus model.

How do Polygon networks make money?

There might be various sources of income for a blockchain network like Polygon. However, the most straightforward way for these networks to make money is by earning transaction fees. They reach a small percentage cut out from every transaction made by users no matter how big or small the transaction.

Is Polygon better than Ethereum?

The answer to this question depends on your point of view. Each blockchain network has its own attributes which make it different from each others. However, specification-wise, Polygon claims faster transaction speed and lower transaction fees than Ethereum while Ethereum is claimed to be the most secure and has more users.

Interestingly, if the launch of Ethereum 2.0 is able to support all of its claims during development, Ethereum will outperform Polygon in almost every aspect!

Is Polygon better for NFT?

A Polygon network is more suitable to launch an NFT project with high-frequency and low-value transactions. On the other hand, Ethereum is more compatible with an NFT project with low-frequency and high-value transactions. Thus if you are launching between a huge number of NFTs, launching on the Polygon network will save you a lot of money on the gas fee.

Meanwhile, if it’s certain that your NFTs will sell out even if they are expensive, then Ethereum is more applicable for your NFT project since the high gas fees create a barrier of entry barring out insincere buyers